ALLUP SILICA LIMITED NOTES TO THE FINANCIAL STATEMENTS 49 FINANCIAL REPORT ALLUP SILICA Year Ending 30 June 2023 Note 6: Receivables 2023 $ 2022 $ Current At amortised cost Sundry debtors 18,208 23,137 GST refundable 44,942 57,654 63,150 80,791 The carrying amounts of trade and other receivables are assumed to be the same as their fair values, due to their short-term nature. There is no expected credit loss. Note 7: Other Assets Other Current Assets Prepayments 43,273 129,515 Other assets 40,466 76,965 83,739 206,480 Other assets represent non-license application costs incurred on mineral exploration tenements, still in the process of being granted at balance date. Other Non-current Assets Prepayments 41,160 - Security deposit – Office lease rental 27,035 - 68,195 - Note 8: Mineral Exploration and Evaluation Non-current Mineral exploration and evaluation costs 890,366 598,193 Exploration and evaluation phase: Movement: Opening balance exploration and evaluation 598,193 172,041 Exploration and evaluation capitalised 542,115 426,152 Exploration and evaluation capitalised, written off (249,942) - Closing balance exploration and evaluation 890,366 598,193 The Company’s title to certain tenements is subject to statutory approval and may be subject to outcomes of Native Title Issues. The recoupment of costs carried forward in relation to areas of interest in exploration and evaluation phase is dependent on the successful development and commercial exploitation or sale of the respective area.
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