Impact Minerals Ltd Annual Report 2023 57 Notes to the Consolidated Financial Statements continued NOTE 20: LOSS PER SHARE (CONTINUED) 2023 Number 2022 Number Weighted average number of ordinary shares used in calculating basic loss per share 2,537,114,848 2,093,716,040 Basic loss per share Basic loss per share is calculated by dividing the loss attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. The issue of potential ordinary shares is antidilutive when their conversion to ordinary shares would increase earnings per share or decrease loss per share from continuing operations. The calculation of diluted earnings per share has therefore not assumed the conversion, exercise, or other issue of potential ordinary shares that would have an antidilutive effect on earnings per share. NOTE 21: AUDITOR’S REMUNERATION Consolidated 2023 $ 2022 $ Audit services Hall Chadwick WA Audit Pty Ltd – Audit and review of the financial reports 35,000 35,500 Total remuneration 35,000 35,500 NOTE 22: CONTINGENT ASSETS AND LIABILITIES Contingent assets The Group had contingent assets in respect of: Future bonus and royalty payments In September 2018 the Company completed the sale of its wholly owned subsidiary Drummond East Pty Ltd, the holder of its seven Pilbara licences, to Pacton Gold Inc. (Pacton). Under the terms of the Sale Agreement Pacton must pay a CAD$500,000 Bonus to the Company upon publishing a measured, indicated or inferred gold resource of more than 250,000 ounces on the licences. The Company retains a 2% NSR royalty on the licences with Pacton retaining the right to buy back 1% of the royalty for CAD$500,000 at any time. During the prior financial year the completed the sale of tenement EL8632 and the northern part of block EL8505 in the Company’s Lachlan Fold Belt portfolio to Orange Minerals Pty Ltd (this company ultimately listed as Orange Minerals NL ASX:OMX) (“Orange”). Impact retains a 1% Net Smelter Royalty over the project.
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