Notes to the Consolidated Financial Statements continued ANNUAL Report June 2022 Notes to the Consolidated Financial Statements 41 Combined Deferred Expenditure, Plant and Equipment and Financial Assets 2022 $ 2021 $ Non-current assets Receivables 1,081,292 1,082,071 1,081,292 1,082,071 Plant and equipment Plant and equipment – at cost 9,652,194 4,589,521 Accumulated depreciation (2,636,199) (1,781,906) 7,015,995 2,807,615 Inventory Inventory – Quarry Material 7,603,863 7,708,190 Inventory – Workshop 85,450 107,010 7,689,313 7,815,200 Deferred exploration and evaluation expenditure Exploration and evaluation expenditure 10,876,719 8,456,391 Amortisation (72,745) (176,038) 10,803,974 8,280,353 TOTAL 26,590,574 19,985,239 Reconciliation of the carrying amount of Mt Carbine assets at the beginning and end of the current and previous financial year: 2022 $ 2021 $ Combined assets carrying amount at the beginning of the year 19,985,239 17,784,029 Receivables – prior year adjustment - (50) Plant and equipment – additions 5,111,648 1,070,670 Plant and equipment – WDV of disposals (36,421) (105,490) Plant and equipment – depreciation expense (866,847) (412,507) Inventory – increase / (depletion) (125,887) 269,787 Tenement & other security deposits – decrease (779) (4,560) Capitalised exploration and evaluation expenses 2,616,884 1,572,598 Capitalised exploration and evaluation expenses - R&D Tax Offset (20,518) (13,200) Capitalised exploration and evaluation – amortisation (72,745) (176,038) TOTAL 26,590,574 19,985,239 20. SUBSEQUENT EVENTS There have been no material events subsequent to 30 June 2022 that have not previously been reported other than: ▪ Queensland-based Golding Contractors signed for early-stage work on Mt Carbine Open Pit restart, with key outcomes of the early engagement including stakeholder engagement, equipment selection, final pit design and price finalisation (refer ASX announcement “EQR Early Engagement with Contract Miner” dated 4 July 2022. ▪ The release of an updated Resource Statement for the Mt Carbine Tungsten Project which added ~85% contained metal (in WO3) to Indicated resources (refer ASX Announcement “Increased Tungsten in Updated Mt Carbine Mineral Resource” dated 4 August 2022). 72 EQ Resources Limited Annual Report 2022
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