Note 12 - Contingent Liabilities and Contingent assets, page-9

Consistent with the position at 30 June 2016, Group assessed
impairment indicators under AASB 6 Exploration for and
Evaluation of Mineral Resources (AASB 6) were present during
the year ended 30 June 2017 and tested for impairment under
AASB 136 Impairment of Assets (AASB 136).
The Group determined recoverable amount of the BBM
project using the Fair Value Less Cost of Disposal (FVLCD)
methodology considering the entity as a single cash
generating unit (consistent with the Group’s primary focus
on the BBM project and this being the only asset is respect
of which E&E is carried forward). The FVLCD was determined
using Enterprise Value (EV). EV is implied by Cokal’s market
capitalisation plus a control premium. The fair value
measurement is categorised under Level 2 fair value hierarchy
(refer note 1 (v)).
Measurement of the BBM project’s recoverable amount
with reference to the Group’s EV resulted an amount of E&E
asset $9,177,568 being de-recognised in the statement of
comprehensive income at 31 December 2016 (30 June 2016:
$25,655,222). At 30 June 2017, the Group again assessed the
BBM project's recoverable amount and determined no further​

impairment or impairment reversal was required.