Ann: Full Year Statutory Accounts, page-6

from Pages 77 + 78 re Dargues:

At 30 June 2022, a comprehensive impairment assessment was conducted and it was noted that indicators of impairment existed for the Dargues Mine. This led to the recognition of an impairment loss of $135.7 million in profit or loss with $125.6 million allocated to mine properties and the remaining balance to property, plant and equipment. There was no impairment for the CGUs of the Hera and Peak Mines.

Assessment of impairment (continued)
Dargues CGU
The recoverable amount determined for the Dargues Mine CGU at 30 June 2022 was $57.6 million, based on the current LOM which takes into account the reduced average gold head grade and production profile over the remaining mine life. The recoverable amount was determined by applying a discounted cash flow FVLCD model derived from the LOM model. The calculation of the recoverable amount is most sensitive to the inputs assumed for the discount rate, the USD Gold price and the USD/AUD exchange rate. Inputs into the FVLCD calculation for Dargues included: forecast payable production of approximately 72koz gold; near term average gold price of A$2,400 and cash flows discounted using an after-tax real discount rate of 7.5%.

farcical acquisition made under the leadership of Clifford, reeks of incompetence or something else...