17 DEFERRED EXPLORATION COSTS Deferred exploration costs mainly relate to the Group’s coal reserves expansion plans. Management has carried out a review on the carrying amount of the deferred exploration costs. Based on the assessment, no impairment loss was required on the deferred exploration costs during the year. 18 INVESTMENT PROPERTY The fair value measurement of the Group and Company’s investment property at 31 December 2024 was determined on the basis of valuation under the direct comparison method carried out at the year end date by Savills Valuation and Professional Service(S) Pte Ltd, an independent valuer having appropriate recognised professional qualification and recent experience in the location and category of the properties being valued, and not related to the Group. The valuation conformed to International Valuation Standards. In December 2025, the investment property, measured under the fair value model in accordance with SFRS(I) 1-40 Investment Property, was transferred into property, plant and equipment at its carrying amount at the date of transfer. The property rental income earned by the Group and Company from its investment property, which was leased out under operating leases, amounted to US$0.5 million (2024 : US$0.2 million) (Note 32). 15 PROPERTY, PLANT AND EQUIPMENT (cont’d) Total depreciation of property, plant and equipment was allocated as follows: 16 RIGHT-OF-USE ASSETS In 2025, the Group leased its motor vehicles and land for overburden disposal areas, with remaining lease terms of between 1 to 3 years and between 2 to 3 years, respectively (2024 : remaining lease terms of 2 years and between 3 to 4 years, respectively). Motor vehicles Land Total US$ US$ US$ Group Cost: At 1 January 2024 295,539 55,523,248 55,818,787 Additions 131,560 - 131,560 Remeasurement (52,220) (1,127,640) (1,179,860) At 31 December 2024 374,879 54,395,608 54,770,487 Additions 99,945 168,732 268,677 At 31 December 2025 474,824 54,564,340 55,039,164 Accumulated depreciation: At 1 January 2024 37,035 10,903,199 10,940,234 Depreciation 69,639 11,695,714 11,765,353 Remeasurement (25,601) (1,600,346) (1,625,947) At 31 December 2024 81,073 20,998,567 21,079,640 Depreciation 84,177 11,737,240 11,821,417 At 31 December 2025 165,250 32,735,807 32,901,057 Carrying amount: At 31 December 2025 309,574 21,828,533 22,138,107 At 31 December 2024 293,806 33,397,041 33,690,847 NOTES TO FINANCIAL STATEMENTS 31 December 2025 Group 2025 2024 US$ US$ Charged to profit or loss (Note 36) 21,874,220 14,065,055 Capitalised as inventory 3,436,592 3,821,445 25,310,812 17,886,500 Less: Amount previously capitalised as inventory, charged to profit or loss during the year (3,821,445) (4,692,658) 21,489,367 13,193,842 Group 2025 2024 US$ US$ Carrying amount: At beginning of year 10,302,625 10,121,788 Additions 1,701,281 658,472 Exchange differences 263,379 (477,635) At end of year 12,267,285 10,302,625 Group and Company 2025 2024 US$ US$ At fair value: Balance at beginning of year 12,983,292 - Additions - 12,838,398 Increase in fair value during the year - 144,894 Reclassified as property, plant and equipment (12,983,292) - Balance at end of year - 12,983,292 98
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