Speciality Metals International Limited Annual Report 2020

52 Speciality Metals International Limited Annual Report 2020 Notes to the Consolidated Financial Statements continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page | 53 COMBINED DEFERRED EXPENDITURE, PLANT AND EQUIPMENT AND FINANCIAL ASSETS 2020 2019 Non-current assets $ $ Receivables 1,086,681 770,021 1,086,681 770,021 Plant and equipment Plant and equipment – at cost 3,637,769 1,776,719 Accumulated depreciation (1,382,828) (1,445,045) 2,254,941 331,674 Inventory Quarry Inventory 7,437,413 7,545,413 7,437,413 7,545,413 Deferred exploration and evaluation expenditure Exploration and evaluation expenditure 6,896,994 6,834,416 6,896,994 6,834,416 TOTAL 17,676,029 15,481,524 Reconciliation of the carrying amount of Mt Carbine assets at the beginning and end of the current and previous financial year: 2020 $ 2019 $ Combined assets carrying amount at the beginning of the year 15,481,524 1,371,448 Additions – Plant & Equipment 2,151,486 342,323 Additions – Inventory (Quarry) - 7,545,413 Increase in tenement & other security deposits 316,660 - Capitalised exploration and evaluation expenses 212,753 347,919 Capitalised portion of R&D Tax Offset (4,241) - Capitalised exploration and evaluation expenses recognised upon MCQ acquisition (5,079) 255,100 Impairment reversal - 5,635,331 Receivables reduction – in-active EPM financial assurance refund - (1,500) Current-asset recognition – Quarry inventory (108,000) - Plant and equipment WDV of disposals (8,564) - Exploration and evaluation expenditure written down (140,855) - Depreciation expense (219,655) (14,510) TOTAL 17,676,029 15,481,524