| 8. | Long-term receivable | |||||||||||||||||||||||||||||||
In 2017, the Venture entered into an asset swap arrangement with Rustenburg Chrome Mine Proprietary Limited (RCM) through which the Venture's mineral rights were swopped for RCM's mineral rights. The resultant receivable arises as payment for the Venture's mineral rights through ore recovery and sale from mining in the rights area, expected to be concluded in 2032. No ECLs were recognised for this receivable as the debtor is revalued at each reporting period based on the latest mining plans and probabilities and measured at its fair value based on the inputs and forward-looking commodity prices. The following key assumptions were used in the calculation of the discounted cash flow model (10 years) at the reporting date:
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