Impact Minerals Ltd Annual Report 2023 51 Notes to the Consolidated Financial Statements continued NOTE 8: OTHER CURRENT ASSETS Consolidated 2023 $ 2022 $ Prepayments 29,312 43,929 Deposits 32,249 32,084 61,561 76,013 NOTE 9: ASSETS HELD FOR SALE Consolidated 2023 $ 2022 $ Tenements held for sale 3,277,513 3,482,942 3,277,513 3,482,942 In April 2022, the Company announced that it had sold Mining Lease ML 2386 to Peter Campbell FT Pty Ltd (“PCFT”) an unrelated Company for $30,000. The Company also granted PCFT an option (“Option”) to buy all of the shares in Blackridge Exploration Pty Ltd (“Blackridge” a wholly owned subsidiary of Impact). The assets of Blackridge are three exploration licences EPM26806, EPM27410 and EPM27571. PCFT paid the non-refundable Option Fee of $50,000 in August 2022 and has two years to exercise the Option. Upon exercise of the Option, PCFT will pay $350,000 for the shares in Blackridge and the Company will retain a 1% gross gold royalty after the first 5,000 ounces have been recovered from any of the tenements. At 30 June 2023 the Blackridge tenements were held at their fair value ($342,942) In August 2022 the Company announced that it had agreed to implement a Share Purchase Agreement (“SPA”) with Burrendong Minerals Limited (“Burrendong”) whereby Burrendong would acquire 75% of the shares in Impact’s wholly owned subsidiary Endeavour Minerals Pty Ltd (“Endeavour”). The principal assets of Endeavour are the Commonwealth Project tenements (EL8504, EL8505, EL5874, EL8212 and EL8252). Burrendong intends to list on the ASX. At 30 June 2022 the Company’s 75% interest in the Commonwealth tenements was held at their fair value ($3,140,000). In August 2023 the Company agreed revised terms for the sale of up to 75% of its interest in the Commonwealth Project to Burrendong (ASX:IPT 16th August 2023). The revised terms value 100% of the Commonwealth Project at $3,912,762. Therefore, at 30 June 2023, the Company’s 75% interest in the Commonwealth tenements was held at their fair value of $2,934,571, a write down to the amount held in assets held for sale of $205,429. NOTE 10: FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Consolidated 2023 $ 2022 $ Opening balance 222,500 145,000 Additions – 50,000 Change in fair value (Note 18(b)) (96,250) 27,500 Closing balance 126,250 222,500 During the reporting period no changes in the holdings of financial assets at fair value were made. The Group holds 250,000 shares in Orange Minerals NL (ASX:OMX) and 1,000,000 shares in Australasian Metals Ltd (ASX:A8G). Financial assets are recognised and derecognised on settlement date where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned. They are initially measured at fair value, net of transaction costs, except for those financial assets classified as fair value through profit or loss, which are initially measured at fair value. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.
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