AEV Management, page-40

This spooked me from the Annual report:

"SRK Consulting conducted an update to the valuation of the Wonarah Project as at 30 June 2021. In SRK’s opinion, the valuation of the Wonarah Project has not materially changed since the effective date of the 2019 SRK Report. As such the valuation summary outlined in the 2019 SRK Report and the 2019 Report Update is effective as at 30 June 2021.The 2019 report revealed fair values for the Wonarah Project ranging from $6,010,000 to $16,020,000, based on a range of resource multiples derived from recent transactions and enterprise values of market participants with defined phosphate mineral resources (level 3 in the fair value hierarchy).The directors consider that the low end of the independent expert’s range is most representative of the fair value less costs of disposal of the Wonarah Project. As a result, during the reporting period an amount of $92,924 (30 June 2020:$596,960) was impaired and recognised in the Statement of Profit or Loss and Other Comprehensive Income. There coverable amount is calculated as $5,889,800 after allowing for estimated costs of disposal."