Speciality Metals International Limited Annual Report 2020

50 Speciality Metals International Limited Annual Report 2020 Notes to the Consolidated Financial Statements continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page | 51 The details of the business combination are as follows: Fair value of consideration transferred: 2019 $ Amount settled in cash 8,130,000 Total 8,130,000 Recognised amounts of identifiable net assets Plant & Equipment 329,487 Capitalised exploration & evaluation costs 255,100 Total non-current assets 584,587 Inventory 7,545,413 Total current assets 7,545,413 Identifiable net assets 8,130,000 Net cash outflow on acquisition 8,130,000 Acquisition costs charged to expenses 588,740 Net cash paid relating to the acquisition 8,718,740 Consideration transferred The acquisition of Mt Carbine Quarries Pty Ltd was settled in cash for $8,130,000. Acquisition-related costs amounting to $588,741 are not included as part of the consideration transferred and have been recognised as an expense in the consolidated statement of profit or loss and other comprehensive income, as part of consultants’ expenses. This amount also includes the costs associated with the establishment of the unincorporated joint venture between the Company and CRONIMET Australia Pty Ltd for the development of the Mt Carbine Retreatment Projects. No adjustment under AASB 3 Business Combinations has been made during the reporting period. Identifiable net assets The fair value of the estimated 7 million tonnes of stockpiled inventory as part of the business combination amounted to $7,545,413. Mt Carbine Quarries Pty Ltd’s contribution to the Group results As the acquisition took place ‘just before the end of the Group’s full year reporting period the impact on the Group’s revenue and consolidated profit/(loss) for the period ending 30 June 2019 has been fully taken into account.