{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "res": "http://rml.com.au/20231231", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://rml.com.au/20231231/254900MP8JONT590XY28-2023-12-31.xsd" ] }, "facts": { "f-1": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-2": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-3": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-4": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-5": { "value": "company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-6": { "value": "Australia", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-7": { "value": "Australia", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-8": { "value": "The principal activities of entities within the consolidated entity during the year were:\u25aa gold mining\u25aa prospecting and exploration for minerals.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-9": { "value": "
The Financial Report of Resolute Mining Limited and its
controlled entities (\u201cResolute\u201d, \u201cconsolidated entity\u201d or \u201cthe
Group\u201d) for the year ended 31\u00a0December 2023 was authorized for
issue on 27 March 2024 in accordance with a resolution of the
Directors.
Resolute Mining Limited (the parent) is a for profit company
limited by shares incorporated and domiciled in Australia whose
shares are publicly traded on the Australian Securities Exchange
and the London Stock Exchange. The nature of the operations
and principal activities of the Group are described in the
Directors\u2019 Report and in the segment information in Note A.1.
Information on the Group\u2019s structure is provided in Note E.5.
Statement of Compliance
This general purpose Financial Report has been prepared in
accordance with Australian Accounting Standards, other
authoritative pronouncements of the Australian Accounting
Board and the Corporations Act 2001 (Cth). The Financial Report
complies with Australian Accounting Standards as issued by the
Australian Accounting Standards Board and International
Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board. The accounting
policies are consistent with those disclosed in the 31\u00a0December
2022 Financial Report, except for the impact of all new or
amended Standards and Interpretations as detailed in Note E.9.
The Financial Report includes financial information for Resolute
Mining Limited (\u201cResolute\u201d) as an individual entity and the
consolidated entity consisting of Resolute and its subsidiaries
(\u201cthe Group\u201d). Where appropriate, comparative information has
been reclassified to align to changes in presentation in the
current period to reflect more reliable and relevant information.
The Company has reclassified certain expense items to costs
of\u00a0production to better reflect the actual costs incurred at
our\u00a0operations.
Basis of Preparation
These financial statements have been prepared under the
historical cost convention, as modified by the revaluation of
certain financial assets and liabilities at fair value.
The Financial Report comprises of the financial statements of the
Group and its subsidiaries as at 31 December each year.
Subsidiaries are fully consolidated from the date on which
control is obtained by the Group and cease to be consolidated
from the date at which control is transferred out of the Group.
Profit or loss and each component of Other Comprehensive
Income (OCI) are attributed to the equity holders of the parent of
the Group and to the non-controlling interests, even if this results
in the non-controlling interests having a deficit balance. When
necessary, adjustments are made to the financial statements of
subsidiaries to bring their accounting policies into line with the
Group\u2019s accounting policies. All intra-group assets and liabilities,
equity, income, expenses and cash flows relating to transactions
between members of the Group are eliminated in full on
consolidation. Interests in associates are equity accounted and
are not part of the consolidated Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-10": { "value": "
The Financial Report of Resolute Mining Limited and its
controlled entities (\u201cResolute\u201d, \u201cconsolidated entity\u201d or \u201cthe
Group\u201d) for the year ended 31\u00a0December 2023 was authorized for
issue on 27 March 2024 in accordance with a resolution of the
Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-11": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-12": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-13": { "value": "Australia", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-14": { "value": "Australia", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-15": { "value": "The Financial Report
complies with Australian Accounting Standards as issued by the
Australian Accounting Standards Board and International
Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-16": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-17": { "value": "
Basis of Preparation
These financial statements have been prepared under the
historical cost convention, as modified by the revaluation of
certain financial assets and liabilities at fair value.
The Financial Report comprises of the financial statements of the
Group and its subsidiaries as at 31 December each year.
Subsidiaries are fully consolidated from the date on which
control is obtained by the Group and cease to be consolidated
from the date at which control is transferred out of the Group.
Profit or loss and each component of Other Comprehensive
Income (OCI) are attributed to the equity holders of the parent of
the Group and to the non-controlling interests, even if this results
in the non-controlling interests having a deficit balance. When
necessary, adjustments are made to the financial statements of
subsidiaries to bring their accounting policies into line with the
Group\u2019s accounting policies. All intra-group assets and liabilities,
equity, income, expenses and cash flows relating to transactions
between members of the Group are eliminated in full on
consolidation. Interests in associates are equity accounted and
are not part of the consolidated Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-18": { "value": "
Currency
Items in the financial statements of each of the Group\u2019s entities
are measured in their respective currencies. Resolute Mining
Limited\u2019s functional currency is Australian dollars (A$) and
presentation currency is US dollars ($).
Transactions in foreign currencies are initially recorded by the
Group\u2019s entities at their respective functional currency spot rates
at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies
are translated at the functional currency spot rates of exchange
at the reporting date. Differences arising on settlement or
translation of monetary items are recognised in profit or loss with
the exception of monetary items classified as net investment in a
foreign operation. These are recognised in OCI until the net
investment is disposed of, at which time, the cumulative amount
is reclassified to profit or loss. Tax charges and credits
attributable to exchange differences on those monetary items are
also recorded in OCI.
Non-monetary items that are measured in terms of historical
cost in a foreign currency are translated using the exchange
rates at the dates of the initial transactions. Non-monetary items
measured at fair value in a foreign currency are translated using
the exchange rates at the date when the fair value is determined.
The gain or loss arising on translation of non-monetary items
measured at fair value is treated in line with the recognition of
the gain or loss on the change in fair value of the item (i.e.
translation differences on items whose fair value gain or loss is
recognised in OCI or profit or loss are also recognised in OCI or
profit or loss, respectively).
The results and financial position of all the Group entities
(none of which has the currency of a hyperinflationary economy)
that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
\u25aa assets and liabilities for each consolidated statement of
financial position presented are translated at the closing rate
at the date of that consolidated statement of financial position
\u25aa income and expenses for each consolidated statement of
comprehensive income are translated at average exchange
rates (unless this is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are translated at
the dates of the transactions)
\u25aa all resulting exchange differences are recognised as
a\u00a0separate component of equity.
On consolidation, exchange differences arising from the
translation of any net investment in foreign entities, and of
borrowings and other currency instruments that form part of a
net investment in foreign operation designated as hedges of
such investments, are taken to shareholders\u2019 equity. When a
foreign operation is sold or borrowings repaid, a proportionate
share of such exchange differences are recognised in the
consolidated statement of comprehensive income as part of the
gain or loss on sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-19": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-20": { "value": "
Financial and Capital Risk Management
The Group\u2019s activities expose it to a variety of financial risks:
market risk (including diesel fuel price risk, currency risk and
interest rate risk), credit risk and liquidity risk. The Group\u2019s
overall risk management program focuses on the unpredictability
of financial markets and seeks, where considered appropriate, to
minimise potential adverse effects on the financial performance
of the Group.
The Group may use derivative financial instruments to manage
certain risk exposures. Derivatives have been used exclusively
for\u00a0managing financial risks, and not as trading or other
speculative instruments.
Risk management is carried out by the Group\u2019s Audit and Risk
Committee under policies approved by the Board of Directors.
The Audit and Risk Committee identifies, evaluates and manages
financial risks as deemed appropriate. The Board provides
guidance for overall risk management, including guidance on
specific areas, such as mitigating commodity price, foreign
exchange, interest rate and credit risks, and derivative financial
instrument risk.
Foreign Exchange Risk Management
The Group receives proceeds on the sale of its gold and silver
production in US dollars and Australian dollars and a large
portion of its costs at the Syama Gold Mine, Mako Gold Mine and
the Bibiani Gold Mine are denominated in Euro, US dollars and
local currencies, and as such movements within these currencies
expose the Group to exchange rate risk.
Foreign exchange risk arises from future commercial
transactions and recognised assets and liabilities denominated
in a currency that is not the entity\u2019s functional currency. The risk
can be measured by performing a sensitivity analysis that
quantifies the impact of different assumed exchange rates on the
Group\u2019s forecast cash flows.
The Group\u2019s Audit and Risk Committee continues to manage and
monitor foreign exchange currency risk. At present, the Group
does not specifically hedge its exposure to foreign currency
exchange rate movements.
Diesel Price Risk Management
The Group is exposed to movements in the diesel fuel price.
The costs incurred purchasing diesel fuel for use in the Group\u2019s
operations is significant. The Group\u2019s Audit and Risk Committee
continues to manage and monitor diesel fuel price risk.
At present, the Group does not specifically hedge its exposure to
diesel fuel price movements.
The below risks arise in the normal course of the Group\u2019s
business. Risk information can be found in the following sections:
\u25aa Section C Capital risk, Interest rate risk, Liquidity risk, Foreign
currency risk
\u25aa Section D Credit risk, Foreign currency risk.
Key financial and capital risks associated with Cash, Debt and Capital
Liquidity risk management
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities or having the availability of funding
through an adequate amount of undrawn committed credit facilities.
Interest rate risk management
Borrowings issued at variable rates expose the Group to cash flow interest rate risk. The Group constantly analyses its interest
rate\u00a0exposure. Within this analysis consideration is given to the potential renewals of existing positions, alternative financing,
alternative hedging positions and the mix of fixed and variable interest rates. There is no intention at this stage to enter into any
interest rate swaps.
Capital risk management
The Group\u2019s and the parent entity\u2019s objectives when managing capital are to safeguard their ability to continue as a going concern, so
that they can continue to provide returns for shareholders and benefits for other stakeholders and to maintain a capital structure that
is appropriate for the Group\u2019s current and/or projected financial position. In order to maintain or adjust the capital structure, the
Group may adjust the amount of dividends paid to shareholders (if any), returns of capital to shareholders, buybacks of its shares, the
issue of new shares, the level of borrowing from financiers or the sale of assets to reduce debt.
The Group monitors the adequacy of capital by analysing cash flow forecasts over the term of the Life of Mine for each of its projects.
To a lesser extent, gearing ratios are also used to monitor capital. Appropriate capital levels are maintained to ensure that all
approved expenditure programs are adequately funded. This funding is derived from an appropriate combination of debt and equity.
The gearing ratio at 31\u00a0December 2023 is 2% (31\u00a0December 2022: 8%). The Group is not subject to any externally imposed capital
management requirements.
The gearing ratio is calculated as net debt divided by total capital. Net debt is defined as interest bearing liabilities less cash, cash
equivalents and market value of bullion on hand. Total capital is calculated as \u2018equity\u2019 as shown in the Consolidated Statement of
Financial Position (including non\u2010controlling interest) plus net debt. The following table summarises the post-tax effect of the
sensitivity of the Group\u2019s cash and debt items on profit and equity at reporting date to movements that are reasonably possible in
relation to interest rate risk and foreign exchange currency risk.
Carrying
Amount
Interest rate1
Foreign exchange risk2
-1.00%
+1.00%
-10%
+10%
Profit
Equity
Profit
Equity
Profit
Equity
Profit
Equity
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2018000
$\u2019000
$\u2018000
31 December 2023
Cash
59,769
117
117
(117)
(117)
(6,221)
(6,221)
5,090
5,090
Interest bearing liabilities
71,594
147
147
(147)
(147)
(2)
(2)
2
2
Total (decrease)/increase
117
117
(117)
(117)
(6,221)
(6,221)
5,090
5,090
31 December 2022
Cash
80,873
(484)
(484)
484
484
5,213
5,213
(4,265)
(4,265)
Interest bearing liabilities
125,116
876
876
(876)
(876)
(6,222)
(6,222)
5,091
5,091
Total (decrease)/increase
392
392
(392)
(392)
(1,009)
(1,009)
826
826
1. The above analysis principally relates to the risks associated with movements in the 3-month US Dollar London Interbank Offered Rate.
2. The above analysis principally relates to the risks associated with movements in the Australian dollar against the US dollar.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-21": { "value": "
Financial and Capital Risk Management
The Group\u2019s activities expose it to a variety of financial risks:
market risk (including diesel fuel price risk, currency risk and
interest rate risk), credit risk and liquidity risk. The Group\u2019s
overall risk management program focuses on the unpredictability
of financial markets and seeks, where considered appropriate, to
minimise potential adverse effects on the financial performance
of the Group.
The Group may use derivative financial instruments to manage
certain risk exposures. Derivatives have been used exclusively
for\u00a0managing financial risks, and not as trading or other
speculative instruments.
Risk management is carried out by the Group\u2019s Audit and Risk
Committee under policies approved by the Board of Directors.
The Audit and Risk Committee identifies, evaluates and manages
financial risks as deemed appropriate. The Board provides
guidance for overall risk management, including guidance on
specific areas, such as mitigating commodity price, foreign
exchange, interest rate and credit risks, and derivative financial
instrument risk.
Capital risk management
The Group\u2019s and the parent entity\u2019s objectives when managing capital are to safeguard their ability to continue as a going concern, so
that they can continue to provide returns for shareholders and benefits for other stakeholders and to maintain a capital structure that
is appropriate for the Group\u2019s current and/or projected financial position. In order to maintain or adjust the capital structure, the
Group may adjust the amount of dividends paid to shareholders (if any), returns of capital to shareholders, buybacks of its shares, the
issue of new shares, the level of borrowing from financiers or the sale of assets to reduce debt.
The Group monitors the adequacy of capital by analysing cash flow forecasts over the term of the Life of Mine for each of its projects.
To a lesser extent, gearing ratios are also used to monitor capital. Appropriate capital levels are maintained to ensure that all
approved expenditure programs are adequately funded. This funding is derived from an appropriate combination of debt and equity.
The gearing ratio at 31\u00a0December 2023 is 2% (31\u00a0December 2022: 8%). The Group is not subject to any externally imposed capital
management requirements.
The gearing ratio is calculated as net debt divided by total capital. Net debt is defined as interest bearing liabilities less cash, cash
equivalents and market value of bullion on hand. Total capital is calculated as \u2018equity\u2019 as shown in the Consolidated Statement of
Financial Position (including non\u2010controlling interest) plus net debt. The following table summarises the post-tax effect of the
sensitivity of the Group\u2019s cash and debt items on profit and equity at reporting date to movements that are reasonably possible in
relation to interest rate risk and foreign exchange currency risk.
Carrying
Amount
Interest rate1
Foreign exchange risk2
-1.00%
+1.00%
-10%
+10%
Profit
Equity
Profit
Equity
Profit
Equity
Profit
Equity
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2018000
$\u2019000
$\u2018000
31 December 2023
Cash
59,769
117
117
(117)
(117)
(6,221)
(6,221)
5,090
5,090
Interest bearing liabilities
71,594
147
147
(147)
(147)
(2)
(2)
2
2
Total (decrease)/increase
117
117
(117)
(117)
(6,221)
(6,221)
5,090
5,090
31 December 2022
Cash
80,873
(484)
(484)
484
484
5,213
5,213
(4,265)
(4,265)
Interest bearing liabilities
125,116
876
876
(876)
(876)
(6,222)
(6,222)
5,091
5,091
Total (decrease)/increase
392
392
(392)
(392)
(1,009)
(1,009)
826
826
1. The above analysis principally relates to the risks associated with movements in the 3-month US Dollar London Interbank Offered Rate.
2. The above analysis principally relates to the risks associated with movements in the Australian dollar against the US dollar.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-22": { "value": "
Foreign Exchange Risk Management
The Group receives proceeds on the sale of its gold and silver
production in US dollars and Australian dollars and a large
portion of its costs at the Syama Gold Mine, Mako Gold Mine and
the Bibiani Gold Mine are denominated in Euro, US dollars and
local currencies, and as such movements within these currencies
expose the Group to exchange rate risk.
Foreign exchange risk arises from future commercial
transactions and recognised assets and liabilities denominated
in a currency that is not the entity\u2019s functional currency. The risk
can be measured by performing a sensitivity analysis that
quantifies the impact of different assumed exchange rates on the
Group\u2019s forecast cash flows.
The Group\u2019s Audit and Risk Committee continues to manage and
monitor foreign exchange currency risk. At present, the Group
does not specifically hedge its exposure to foreign currency
exchange rate movements.
Diesel Price Risk Management
The Group is exposed to movements in the diesel fuel price.
The costs incurred purchasing diesel fuel for use in the Group\u2019s
operations is significant. The Group\u2019s Audit and Risk Committee
continues to manage and monitor diesel fuel price risk.
At present, the Group does not specifically hedge its exposure to
diesel fuel price movements.
The below risks arise in the normal course of the Group\u2019s
business. Risk information can be found in the following sections:
\u25aa Section C Capital risk, Interest rate risk, Liquidity risk, Foreign
currency risk
\u25aa Section D Credit risk, Foreign currency risk.
Interest rate risk management
Borrowings issued at variable rates expose the Group to cash flow interest rate risk. The Group constantly analyses its interest
rate\u00a0exposure. Within this analysis consideration is given to the potential renewals of existing positions, alternative financing,
alternative hedging positions and the mix of fixed and variable interest rates. There is no intention at this stage to enter into any
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"concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:254900MP8JONT590XY28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-269": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-270": { "value": "4579000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForShareIssueCosts", "entity": "scheme:254900MP8JONT590XY28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-271": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-272": { "value": "5089000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:254900MP8JONT590XY28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-273": { "value": "2354000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-274": { "value": "3457000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:254900MP8JONT590XY28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-275": { "value": "-57354000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-276": { "value": "-97836000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:254900MP8JONT590XY28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-277": { "value": "-19688000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-278": { "value": "8240000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:254900MP8JONT590XY28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-279": { "value": "35459000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00", "unit": 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"decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-285": { "value": "59769000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashOnHand", "entity": "scheme:254900MP8JONT590XY28", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-286": { "value": "80873000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashOnHand", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-287": { "value": "46196000", "decimals": -3, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:254900MP8JONT590XY28", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-288": { "value": "45414000", "decimals": -3, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-289": { "value": "13573000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:254900MP8JONT590XY28", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-290": { "value": "35459000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-292": { "value": "
A.1\u00a0 Segment revenues and expenses
Operating segment information
The Group has identified two operating segments based on
the\u00a0internal reports that are reviewed and used by the
Chief\u00a0Executive Officer (the Chief Operating Decision Maker)
in\u00a0resources.
Operating segments are identified by management as being
operating mine sites and are managed separately and operate
in\u00a0different regulatory and economic environments.
Performance is measured based on gold poured and cost of
production per ounce of gold poured. The accounting policies
used by the Group in reporting segments are the same as those
used in the preparation of financial statements.
Recognition and measurement
Revenue from gold and other sales
Revenue from gold and other sales represents revenue from
contracts with customers and is recognised at the point in time
when the Group transfers control of products to a customer.
For\u00a0sales of gold bullion, control is obtained when the gold is
credited to the metals account of the customer. Revenue is
recognised at the amount to which the Group expects to
be\u00a0entitled.
Revenue from the sale of by-products such as silver is included
in sales revenue.
Interest
Interest revenue is recognised as interest accrues using the
effective interest method.
Key estimates and judgements
Revenue from contracts with customers \u2013 Judgement is required
to determine the point at which the customer obtains control of
gold. Factors including transfer of legal title, transfer of
significant risks and rewards of ownership and the existence of
a\u00a0present right to payment for the gold typically result in control
transferring on delivery of the gold.
A.1\u00a0 Segment revenues and expenses (continued)
31 December 2023
$'000
Syama
(Mali)
Mako
(Senegal)
Corporate/
Other (a)
Total
Gold and silver sales at spot to external customers
401,568
229,505
\u2014
631,073
Costs of production
(262,472)
(136,235)
(1,671)
(400,378)
Segment gross profit
139,096
93,270
(1,671)
230,695
Depreciation and amortisation
(34,121)
(44,491)
(2,432)
(81,044)
Royalties
(24,066)
(11,475)
(772)
(36,313)
Segment gross profit from operations
80,909
37,304
(4,875)
113,338
Interest income
22
\u2014
2,384
2,406
Other income (b)
(140)
(24)
23,691
23,527
Exploration expense
(7,832)
(4,455)
(2,433)
(14,720)
Administration and corporate expenses (c)
\u2014
\u2014
(18,450)
(18,450)
Share based payment expenses
\u2014
\u2014
(605)
(605)
Fair value movements and treasury transactions
28,749
(4,339)
(1,968)
22,442
Inventories net realisable value movements and obsolete consumables
(9,096)
(3,569)
\u2014
(12,665)
Finance costs
(5,062)
(1,793)
(6,727)
(13,582)
Indirect tax expense
(5,363)
(4)
\u2014
(5,367)
Segment profit/(loss) before tax from operations
82,187
23,120
(8,983)
96,324
Income tax expense
(20,250)
15,459
\u2014
(4,791)
Profit/(loss) for the 12 months to 31 December 2023
61,937
38,579
(8,983)
91,533
(a) This information does not represent an operating segment as defined by AASB 8, however this information is analysed in this format by the Chief Operating Decision maker,
and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.
(b) Other income includes the gain realised on remeasurement of the contingent consideration receivables from the sale of the Ravenswood mine.
(c) Administration and corporate expenses are no longer allocated to operating segments as stated in prior years.
A.1\u00a0 Segment revenues and expenses (continued)
31 December 2022
$'000
Syama
(Mali)
Mako
(Senegal)
Corporate/
Other (b)
Total
Revenue from contracts with customers for gold and silver sales
414,369
236,760
\u2014
651,129
Costs of production
(285,907)
(148,017)
\u2014
(433,924)
Segment gross profit
128,462
88,743
\u2014
217,205
Depreciation and amortisation
(41,208)
(42,673)
(2,013)
(85,894)
Royalties
(27,736)
(11,838)
\u2014
(39,574)
Segment gross profit from operations
59,518
34,232
(2,013)
91,737
Interest income
24
7
5,482
5,513
Other income
14
\u2014
4,535
4,549
Exploration expense
(9,578)
(4,018)
(1,019)
(14,615)
Administration and corporate expenses
(1,160)
(4,777)
(8,456)
(14,393)
Share based payment expenses
\u2014
\u2014
(457)
(457)
Fair value movements and treasury transactions
879
(163)
(15,538)
(14,822)
Inventories net realisable value movements and obsolete consumables
(29,073)
(7,004)
\u2014
(36,077)
Finance costs
(5,076)
(839)
(14,871)
(20,786)
Share of associates' losses
\u2014
\u2014
(1,305)
(1,305)
Indirect tax expense
(13,387)
(62)
\u2014
(13,449)
Segment profit/(loss) before tax from operations
2,161
17,376
(33,642)
(14,105)
Income tax expense
(4,178)
(13,411)
(2,971)
(20,560)
Profit/(Loss) for the 12 months to 31 December 2022
(2,017)
3,965
(36,613)
(34,665)
A.1\u00a0 Segment revenues and expenses (continued)
(a) Revenue from external sales for each reportable segment is derived from third parties. Bullion sales are conducted with third
parties at market spot prices or per the terms of forward sales contracts. Customers representing more than 10% of sales in 2023
were ING Bank 49.0% and Perth Mint 37.1% (2022 being ING 17.6%, Perth Mint 27.1%, BNP Paribas 14.7% and Citibank 31.1%).
(b) This information does not represent an operating segment as defined by AASB 8, however this information is analysed in this
format by the Chief Operating Decision maker, and forms part of the reconciliation of the results and positions of the operating
segments to the financial statements.
B.3\u00a0 Segment expenditure, assets and liabilities
Mako
(Senegal)
Syama
(Mali)
Corp/ Other
Total
31 December 2023
$'000
$'000
$'000
$'000
Capital expenditure
39,880
30,357
163
70,400
Segment assets
613,521
193,412
46,145
853,078
Segment liabilities
197,114
74,049
39,742
310,905
Mako
(Senegal)
Syama
(Mali)
Corp/ Other
Total
31 December 2022
$'000
$'000
$'000
$'000
Capital expenditure
21,966
44,662
2,116
68,744
Segment assets
260,949
551,377
56,467
868,793
Segment liabilities
142,045
211,916
43,338
397,299
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-291": { "value": "
A.1\u00a0 Segment revenues and expenses
Operating segment information
The Group has identified two operating segments based on
the\u00a0internal reports that are reviewed and used by the
Chief\u00a0Executive Officer (the Chief Operating Decision Maker)
in\u00a0resources.
Operating segments are identified by management as being
operating mine sites and are managed separately and operate
in\u00a0different regulatory and economic environments.
Performance is measured based on gold poured and cost of
production per ounce of gold poured. The accounting policies
used by the Group in reporting segments are the same as those
used in the preparation of financial statements.
Recognition and measurement
Revenue from gold and other sales
Revenue from gold and other sales represents revenue from
contracts with customers and is recognised at the point in time
when the Group transfers control of products to a customer.
For\u00a0sales of gold bullion, control is obtained when the gold is
credited to the metals account of the customer. Revenue is
recognised at the amount to which the Group expects to
be\u00a0entitled.
Revenue from the sale of by-products such as silver is included
in sales revenue.
Interest
Interest revenue is recognised as interest accrues using the
effective interest method.
Key estimates and judgements
Revenue from contracts with customers \u2013 Judgement is required
to determine the point at which the customer obtains control of
gold. Factors including transfer of legal title, transfer of
significant risks and rewards of ownership and the existence of
a\u00a0present right to payment for the gold typically result in control
transferring on delivery of the gold.
A.1\u00a0 Segment revenues and expenses (continued)
31 December 2023
$'000
Syama
(Mali)
Mako
(Senegal)
Corporate/
Other (a)
Total
Gold and silver sales at spot to external customers
401,568
229,505
\u2014
631,073
Costs of production
(262,472)
(136,235)
(1,671)
(400,378)
Segment gross profit
139,096
93,270
(1,671)
230,695
Depreciation and amortisation
(34,121)
(44,491)
(2,432)
(81,044)
Royalties
(24,066)
(11,475)
(772)
(36,313)
Segment gross profit from operations
80,909
37,304
(4,875)
113,338
Interest income
22
\u2014
2,384
2,406
Other income (b)
(140)
(24)
23,691
23,527
Exploration expense
(7,832)
(4,455)
(2,433)
(14,720)
Administration and corporate expenses (c)
\u2014
\u2014
(18,450)
(18,450)
Share based payment expenses
\u2014
\u2014
(605)
(605)
Fair value movements and treasury transactions
28,749
(4,339)
(1,968)
22,442
Inventories net realisable value movements and obsolete consumables
(9,096)
(3,569)
\u2014
(12,665)
Finance costs
(5,062)
(1,793)
(6,727)
(13,582)
Indirect tax expense
(5,363)
(4)
\u2014
(5,367)
Segment profit/(loss) before tax from operations
82,187
23,120
(8,983)
96,324
Income tax expense
(20,250)
15,459
\u2014
(4,791)
Profit/(loss) for the 12 months to 31 December 2023
61,937
38,579
(8,983)
91,533
(a) This information does not represent an operating segment as defined by AASB 8, however this information is analysed in this format by the Chief Operating Decision maker,
and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.
(b) Other income includes the gain realised on remeasurement of the contingent consideration receivables from the sale of the Ravenswood mine.
(c) Administration and corporate expenses are no longer allocated to operating segments as stated in prior years.
A.1\u00a0 Segment revenues and expenses (continued)
31 December 2022
$'000
Syama
(Mali)
Mako
(Senegal)
Corporate/
Other (b)
Total
Revenue from contracts with customers for gold and silver sales
414,369
236,760
\u2014
651,129
Costs of production
(285,907)
(148,017)
\u2014
(433,924)
Segment gross profit
128,462
88,743
\u2014
217,205
Depreciation and amortisation
(41,208)
(42,673)
(2,013)
(85,894)
Royalties
(27,736)
(11,838)
\u2014
(39,574)
Segment gross profit from operations
59,518
34,232
(2,013)
91,737
Interest income
24
7
5,482
5,513
Other income
14
\u2014
4,535
4,549
Exploration expense
(9,578)
(4,018)
(1,019)
(14,615)
Administration and corporate expenses
(1,160)
(4,777)
(8,456)
(14,393)
Share based payment expenses
\u2014
\u2014
(457)
(457)
Fair value movements and treasury transactions
879
(163)
(15,538)
(14,822)
Inventories net realisable value movements and obsolete consumables
(29,073)
(7,004)
\u2014
(36,077)
Finance costs
(5,076)
(839)
(14,871)
(20,786)
Share of associates' losses
\u2014
\u2014
(1,305)
(1,305)
Indirect tax expense
(13,387)
(62)
\u2014
(13,449)
Segment profit/(loss) before tax from operations
2,161
17,376
(33,642)
(14,105)
Income tax expense
(4,178)
(13,411)
(2,971)
(20,560)
Profit/(Loss) for the 12 months to 31 December 2022
(2,017)
3,965
(36,613)
(34,665)
A.1\u00a0 Segment revenues and expenses (continued)
(a) Revenue from external sales for each reportable segment is derived from third parties. Bullion sales are conducted with third
parties at market spot prices or per the terms of forward sales contracts. Customers representing more than 10% of sales in 2023
were ING Bank 49.0% and Perth Mint 37.1% (2022 being ING 17.6%, Perth Mint 27.1%, BNP Paribas 14.7% and Citibank 31.1%).
(b) This information does not represent an operating segment as defined by AASB 8, however this information is analysed in this
format by the Chief Operating Decision maker, and forms part of the reconciliation of the results and positions of the operating
segments to the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-294": { "value": "
Recognition and measurement
Revenue from gold and other sales
Revenue from gold and other sales represents revenue from
contracts with customers and is recognised at the point in time
when the Group transfers control of products to a customer.
For\u00a0sales of gold bullion, control is obtained when the gold is
credited to the metals account of the customer. Revenue is
recognised at the amount to which the Group expects to
be\u00a0entitled.
Revenue from the sale of by-products such as silver is included
in sales revenue.
Interest
Interest revenue is recognised as interest accrues using the
effective interest method.
Measurement
Basic earnings per share (\u201cEPS\u201d) is calculated as net profit/(loss) attributable to members, adjusted to exclude preference share
dividends, divided by the weighted average number of ordinary shares, adjusted for any bonus element.
Diluted EPS is calculated as the net (loss)/profit attributable to members, adjusted for:
\u2022 The after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised
as\u00a0expenses
\u2022 other non-discretionary changes in revenues or expenses during the year that would result from the dilution of potential
ordinary\u00a0shares
\u2022 divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus element.
Information on the classification of securities file
Options and performance rights granted to employees (including Key Management Personnel) as described in E.8 are considered to
be potential ordinary shares and have been included in the determination of diluted earnings per share to the extent they are dilutive.
These options and performance rights have not been included in the determination of basic loss per share.
Recognition and measurement
The income tax expense or revenue for the year is the tax
payable on the current year\u2019s taxable income based on the
applicable income tax rate for each jurisdiction adjusted by
changes in deferred tax assets and liabilities attributable to
temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements,
and by unused tax losses (if appropriate).
Deferred tax liabilities are recognised for all taxable temporary
differences. Deferred tax assets are recognised for deductible
temporary differences, unused tax losses and unused tax credits
only if it is probable that sufficient future taxable income will be
available to utilise those temporary differences and losses.
Deferred tax is not recognised if the temporary difference arises
from goodwill or from the initial recognition (other than in a
business combination) of assets and liabilities in a transaction
that affects neither taxable profit or loss; or the accounting profit
or loss arising from taxable differences related to investment in
subsidiaries, associates and interests in joint ventures to the
extent that:
\u25aa the Group is able to control the reversal of the temporary
difference
\u25aa the temporary difference is not expected to reverse in the
foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates
that are expected to apply in the year in which the liability is
settled or the asset is realised, based on tax rates (and tax laws)
that have been enacted or substantially enacted by the end of
the reporting year. Deferred tax assets and liabilities are offset
only if certain criteria are met. Income taxes relating to items
recognised directly in equity are recognised in equity.
Tax consolidation
Resolute and its wholly-owned Australian controlled entities
implemented the tax consolidation legislation as of 1 July 2002
and the entities in the tax consolidated group entered into a tax
sharing agreement, which limits the joint and several liability of
the wholly-owned entities in the case of a default by the head
entity, Resolute Mining Limited. The entities have also entered
into a tax funding agreement under which the wholly-owned
entities fully compensate Resolute Mining Limited for any current
tax payable assumed and are compensated by Resolute Mining
Limited for any current tax receivable.
Recognition and measurement
Stripping activity asset
The Group incurs waste removal costs (stripping costs) in the
creation of improved access and mining flexibility in relation to
ore to be mined in the future. The costs are capitalised as a
stripping activity asset, where certain criteria are met. Once the
Group has identified its production stripping for each surface
mining operation, it identifies the separate components for the
orebodies in each of its mining operations. An identifiable
component is a specific volume of the ore body that is made
more accessible by the stripping activity. The costs of each
component are amortised on a units of production basis in
applying a stripping ratio.
Development expenditure
(a) Areas in Development: Costs incurred in preparing mines
for\u00a0production including required plant infrastructure.
(b) Areas in Production: Represent the accumulation of all
acquired exploration, evaluation and development
expenditure in which economic mining of an Ore Reserve
has\u00a0commenced. Amortisation of costs is provided on the
unit\u00a0of production method.
Property, plant and equipment
Property, plant and equipment are stated at cost less any
accumulated depreciation and any impairment losses.
The cost of an item of property, plant and equipment comprises:
\u25aa Its purchase price, including import duties and non-refundable
purchase taxes, after deducting trade discounts and rebates
\u25aa Any costs directly attributable to bringing the asset to the
location and condition necessary for it to be capable of
operating in the manner intended by management
\u25aa The initial estimate of the costs of dismantling and removing
the item and restoring the site on which it is located.
Depreciation is provided on the following basis:
Life
Method
Motor vehicles
3-5 years
Straight line
Office equipment
3 years
Straight line
Plant and equipment
Life of mine years or
2-6 years
Straight line over
life of mine years
or straight line
Processing plant
Life of mine
production
Units of
production
Recognition and measurement
Exploration expenditure is expensed to the consolidated statement of comprehensive income as and when it is incurred and included
as part of cash flows from operating activities. Exploration costs are only capitalised to the consolidated statement of financial
position if they result from an acquisition.
Evaluation expenditure is capitalised to the consolidated statement of financial position. Evaluation is deemed to be activities
undertaken from the beginning of the pre-feasibility study conducted to assess the technical and commercial viability of extracting a
mineral resource before moving into the Development phase. The Company also capitalises any costs incurred from any joint venture
agreements it is a part of. The criteria for carrying forward the costs are:
\u25aa Such costs are expected to be recouped through successful development and exploitation of the area of interest, or alternatively
by\u00a0its sale
\u25aa Evaluation activities in the area of interest which has not yet reached a state which permits a reasonable assessment of the
existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area
are\u00a0continuing.
Costs carried forward in respect of an area of interest which is abandoned are written off in the year in which the abandonment
decision is made.
Exploration commitments
It is difficult to accurately forecast the nature or amount of future expenditure, although it is necessary to incur expenditure in order
to\u00a0retain present interests in mineral tenements. Expenditure commitments on mineral tenure can be reduced by selective
relinquishment of exploration tenure or by the renegotiation of expenditure commitments. The level of exploration and evaluation
expenditure expected in the 12 months ending 31\u00a0December 2024 for the consolidated entity is approximately $17.5 million (actual
expenditure for the year ended 31\u00a0December 2023: $18.2 million). This includes the minimum amounts required to retain tenure.
There\u00a0are no material exploration commitments further out than one year.
Recognition and measurement
Cash and cash equivalents in the statement of financial position comprise cash at bank and short-term deposits with an original
maturity of three months or less. Cash and cash equivalents are stated at face value in the statement of financial position.
Fair value and foreign exchange risk
The carrying amount of cash and cash equivalents approximates their fair value.
Recognition and measurement
All loans and borrowings are initially recognised at fair value less transaction costs and subsequently at amortised cost. Any
difference between the proceeds received and the redemption amount is recognised in the income statement over the year of the
borrowings using the effective interest method.
Resolute has a Security Trust Deed in place with various banks. The total assets of the entities over which security exists amounts
to\u00a0$853.1million (as at December 2022: $868.8 million). $160.9 million (as at December 2022: $234.5 million) of these assets relate
to\u00a0property, plant and equipment.
Interest bearing liabilities
The Group\u2019s interest bearing liabilities have a fair value equal to the carrying value.
Recognition and measurement
Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Terms and conditions of contributed equity
Ordinary shares have the right to receive dividends as declared and in the event of winding up the Company, to participate in the
proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares
entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
Rights of employee share-based payment recipients
Refer to E.9 for details of the employee share-based payment plans which includes option and performance rights plans. Each option
entitles the holder to purchase one share. The names of all persons who currently hold employee share options or performance rights,
granted at any time, are entered into the register kept by the Company, pursuant to Section 215 of the Corporations Act 2001 (Cth.).
Persons entitled to exercise these options and holders of performance rights have no right, by virtue of the options, to participate in
any share issue by the parent entity or any other body corporate.
Recognition and measurement
Trade receivables are initially recognised at fair value and subsequently at amortised cost less a provision for any expected credit
losses. Trade receivables are due for settlement no more than 30 days from the date of recognition.
Taxation receivables are considered statutory in nature and therefore not accounted for as financial assets under AASB 9. Taxation
receivables are initially recognised and subsequently measured at amortised cost.
Fair value and foreign exchange risk
The carrying amount of receivables determines their approximate fair value. The Group always recognises the lifetime expected credit
loss for trade receivables carried at amortised cost. The expected credit losses on these financial assets are estimated based on the
Group\u2019s historic credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an
assessment of both the current as well as forecast conditions at the reporting date.
For all other receivables measured at amortised cost, the Group recognises lifetime expected credit losses when there has been a
significant increase in credit risk since initial recognition. If the credit risk on the financial instrument has not increased significantly
since initial recognition, the Group measures the loss allowance for the financial instrument at an amount equal to expected credit
losses within the next 12 months.
Recognition and measurement
Finished goods (bullion), gold in circuit and stockpiles of unprocessed ore are stated at the lower of cost and estimated net realisable
value. Cost comprises of direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the
latter being allocated on the basis of normal operating capacity. Costs are assigned to ore stockpiles and gold in circuit items of
inventory on the basis of weighted average costs. Net realisable value is the estimated selling price in the ordinary course of business
(excluding derivatives) less the estimated costs of completion and the estimated costs necessary to make the sale. Inventory write offs
and net realisable value movements are presented in the Statement of Comprehensive Income in \u201cinventories write off and net realisable
value movements\u201d as these are non-cash and do not relate to cost of production for gold sales during the year. Consumables have been
valued at cost less an appropriate provision for obsolescence. Cost is determined on a weighted average basis.
Recognition and measurement
Liabilities for trade creditors and other amounts are carried at amortised cost which is the amount initially recognised, minus
repayments whether or not billed to the consolidated entity.
Payables to related parties are carried at the principal amount. Interest, when charged by the lender, is recognised as an expense on
an accruals basis. Payables are non-interest bearing and generally settled on 30-90 day terms. Due to the short-term nature of these
payables, their carrying value is assumed to approximate their fair value.
Recognition and measurement
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount
of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future
cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks
specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a
borrowing cost.
Employee benefits
The Group does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of each reporting date.
The Group recognises a liability for long service leave and annual leave measured as the present value of expected future payments
to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and
salary levels, experience of employee departures, and years of service. Expected future payments are discounted using market yields
at the reporting date on high quality corporate bonds with terms to maturity and currencies that match, as closely as possible, the
estimated future cash outflows.
Restoration obligations
The Group records the present value of the estimated cost of obligations, such as those under the consolidated entity\u2019s Environmental
Policy, to restore operating locations in the year in which the obligation is incurred. The nature of restoration activities includes
dismantling and removing structures, rehabilitating mines, dismantling operating facilities, closure of plant and waste sites and
restoration, reclamation and revegetation of affected areas.
The Group has lease contracts for various items of mining equipment and buildings used in its operations. Leases of mining
equipment generally have lease terms between three and seven years, while buildings generally have lease terms between three
and\u00a0five years. Generally, the Group is restricted from assigning and subleasing the leased assets.
The Group also has certain contracts which contain a lease with terms of 12 months or less and contracts which contain a lease
of\u00a0low value. Th e Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these.
Share-based payments
Equity-based compensation benefits are provided to employees via the Group\u2019s share option plan and performance rights plan.
The\u00a0Group determines the fair value of securities issued and recognises an expense in the profit and loss over the vesting year with
a\u00a0corresponding increase in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-293": { "value": "
Recognition and measurement
Revenue from gold and other sales
Revenue from gold and other sales represents revenue from
contracts with customers and is recognised at the point in time
when the Group transfers control of products to a customer.
For\u00a0sales of gold bullion, control is obtained when the gold is
credited to the metals account of the customer. Revenue is
recognised at the amount to which the Group expects to
be\u00a0entitled.
Revenue from the sale of by-products such as silver is included
in sales revenue.
Interest
Interest revenue is recognised as interest accrues using the
effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-295": { "value": "
Revenue from gold and other sales
Revenue from gold and other sales represents revenue from
contracts with customers and is recognised at the point in time
when the Group transfers control of products to a customer.
For\u00a0sales of gold bullion, control is obtained when the gold is
credited to the metals account of the customer. Revenue is
recognised at the amount to which the Group expects to
be\u00a0entitled.
Revenue from the sale of by-products such as silver is included
in sales revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-296": { "value": "
Interest
Interest revenue is recognised as interest accrues using the
effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-297": { "value": "
Key estimates and judgements
Revenue from contracts with customers \u2013 Judgement is required
to determine the point at which the customer obtains control of
gold. Factors including transfer of legal title, transfer of
significant risks and rewards of ownership and the existence of
a\u00a0present right to payment for the gold typically result in control
transferring on delivery of the gold.
Key estimates and judgements
The Group records its best estimate of these items
based upon the latest information available and
management\u2019s interpretation of enacted tax laws.
Whilst the Group believes it has adequately provided
for the outcome of these matters, future results may
include favourable or unfavourable adjustments as
assessments are made, or resolved.
The recognition basis of deductible temporary
differences and unused tax losses in the form of
deferred tax assets is reviewed at the end of each
reporting year and de- recognised to the extent that
it\u00a0is no longer probable that sufficient taxable profits
will be available to allow all or part of the asset to
be\u00a0recovered.
The deferred income tax asset recognised at
31\u00a0December 2023 is in relation to the MAKO mine.
The future benefit will only be obtained if:
(i) future assessable income is derived of a nature
and\u00a0an amount sufficient to enable the benefit to
be\u00a0realised
(ii) the conditions for deductibility imposed by
tax\u00a0legislation have been continued to be
complied\u00a0with
(iii) no changes in tax legislation adversely affect the
consolidated entity in realising the benefit.
Key estimates and judgements
Stripping activity assets
Judgement is required to identify a suitable production
measure to be used to allocate production stripping costs
between inventory and any stripping activity asset(s) for
each component. The Group considers that the ratio of the
expected volume of waste to be stripped for an expected
volume of ore to be mined for a specific component of the
orebody, to be the most suitable production measure.
An identifiable component is a specific volume of the
ore\u00a0body that is made more accessible by the
stripping\u00a0activity.
Judgement is also required to identify and define these
components, and also to determine the expected volumes
(e.g. tonnes) of waste to be stripped and ore to be mined
in each of these components. These assessments are
based on the information available in the mine plan which
will vary between mines for a number of reasons,
including, the geological characteristics of the ore body,
the geographical location and/or financial considerations.
Stripping ratio
The Group has adopted a policy of capitalising production
stage stripping costs and amortising them on a units of
production basis. Significant judgement is required in
determining the contained ore units for each mine.
Factors that are considered include:
\u25aa any proposed changes in the design of the mine;
\u25aa estimates of the quantities of ore reserves and mineral
resources for which there is a high degree of confidence
of economic extraction
\u25aa future production levels
\u25aa future commodity prices and
\u25aa future cash costs of production and capital expenditure.
Determining the beginning of production
The Group ceases capitalising pre-production costs and
begins depreciation and amortisation of mine property
assets at the point commercial production commences.
This is based on the specific circumstances of the project,
and considers when the specific asset becomes \u2018available
for use\u2019 as intended by management which includes
consideration of the following factors:
\u25aa completion of a reasonable period of testing of the mine
plant and equipment
\u25aa mineral recoveries, availability and throughput levels
at\u00a0or near expected/feasibility study levels
\u25aa the ability to produce gold into a saleable form (where
more than an insignificant amount is produced)
\u25aa the achievement of continuous production and
\u25aa estimation of mineral reserves and resources.
Key estimates and judgements
Taxation
The Group operates mainly in Australia, Senegal, and Mali, and has entities in several other countries. Accordingly, it is subject to,
and\u00a0pays taxes under the applicable tax regimes in those countries in which it operates. Significant judgement is required in the
interpretation or application of certain tax rules when determining the provision for taxes due to the complexity of the legislation
and\u00a0differing government practices.
The Group has recognised tax provisions with respect to current assessments received from the tax authorities in the jurisdictions
in\u00a0which it operates. The provisions for these assessments are based on management\u2019s and its advisor's best estimate of the outcome
of those assessments, based on the validity of the issues in the assessment, management's support for their position, and the
expectation with respect to any negotiations to settle the assessment.
Management re-evaluates the outstanding tax assessments regularly to update their estimates related to the outcome for those
assessments considering the criteria above. Management considers any other claims to be without merit or foundation and will
strongly defend its position in relation to these matters and follow the appropriate process to support its position. Accordingly, no
provision or further disclosure has been made as the likelihood of a material outflow of economic benefits in respect of those claims
whose outcome is considered to be remote. In forming this assessment, management has considered the professional advice
received, the mining conventions and tax laws in place in the various jurisdictions, and the facts and circumstances of each
individual\u00a0claim.
As at 31 December 2023, the Group had total tax exposures of up to $250.0 million reflecting new assessments received for which
a\u00a0provision of $112.1 million has been recognised in current liabilities prior to the application of tax offsets of $55.1 million. (As at
31\u00a0December 2022, the Group had total tax exposures of up to $200.0 million for which a net provision of $146.4 million prior to the
application of tax offsets of $53.5 million was recognised as tax payable included in current liabilities).
Restoration
In determining an appropriate level of provision, consideration is given to the expected future costs to be incurred, the timing of these
expected future costs (largely dependent on the life of the mine), and the estimated future level of inflation. The discount rate used in
the calculation of these provisions is consistent with the risk-free rate. The ultimate cost of decommissioning and restoration is
uncertain, and costs can vary in response to many factors including changes to the relevant legal requirements, the emergence of
new restoration techniques or experience at other mine sites. The expected timing of expenditure can also change, for example in
response to changes in reserves or to production rates. Changes to any of the estimates could result in significant changes to the
level of provisioning required, which would in turn impact future financial results.
Key estimates and judgements
Incremental borrowing rate
The Group cannot readily determine the interest rate implicit in its leases. Therefore, it uses the relevant incremental borrowing rate
(IBR) to measure lease liabilities. The IBR is the rate of interest that the lessee would have to pay to borrow over a similar term and
with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic
environment. The IBR, therefore, reflects what the lessee would have to pay, which requires estimation when no observable rates are
available and to make adjustments to reflect the terms and conditions of the lease. Lease liabilities were discounted using a weighted
average incremental borrowing rate for 31\u00a0December 2023 of 5.8% (December 2022: 8.1%).
Key estimates and judgements
Share-based payments
The Group measures the cost of equity settled share-based payment transactions with reference to the fair value at the grant date
using a Black Scholes formula or Monte Carlo simulation. The valuations take into account the terms and conditions upon which the
instruments were granted such as the exercise price, the term of the option or performance right, the vesting and performance
criteria, the impact of dilution, the non-tradeable nature of the option or performance right, the share price at grant date and expected
price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option or
performance right.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-299": { "value": "
A.1\u00a0 Segment revenues and expenses (continued)
31 December 2023
$'000
Syama
(Mali)
Mako
(Senegal)
Corporate/
Other (a)
Total
Gold and silver sales at spot to external customers
401,568
229,505
\u2014
631,073
Costs of production
(262,472)
(136,235)
(1,671)
(400,378)
Segment gross profit
139,096
93,270
(1,671)
230,695
Depreciation and amortisation
(34,121)
(44,491)
(2,432)
(81,044)
Royalties
(24,066)
(11,475)
(772)
(36,313)
Segment gross profit from operations
80,909
37,304
(4,875)
113,338
Interest income
22
\u2014
2,384
2,406
Other income (b)
(140)
(24)
23,691
23,527
Exploration expense
(7,832)
(4,455)
(2,433)
(14,720)
Administration and corporate expenses (c)
\u2014
\u2014
(18,450)
(18,450)
Share based payment expenses
\u2014
\u2014
(605)
(605)
Fair value movements and treasury transactions
28,749
(4,339)
(1,968)
22,442
Inventories net realisable value movements and obsolete consumables
(9,096)
(3,569)
\u2014
(12,665)
Finance costs
(5,062)
(1,793)
(6,727)
(13,582)
Indirect tax expense
(5,363)
(4)
\u2014
(5,367)
Segment profit/(loss) before tax from operations
82,187
23,120
(8,983)
96,324
Income tax expense
(20,250)
15,459
\u2014
(4,791)
Profit/(loss) for the 12 months to 31 December 2023
61,937
38,579
(8,983)
91,533
(a) This information does not represent an operating segment as defined by AASB 8, however this information is analysed in this format by the Chief Operating Decision maker,
and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.
(b) Other income includes the gain realised on remeasurement of the contingent consideration receivables from the sale of the Ravenswood mine.
(c) Administration and corporate expenses are no longer allocated to operating segments as stated in prior years.
A.1\u00a0 Segment revenues and expenses (continued)
31 December 2022
$'000
Syama
(Mali)
Mako
(Senegal)
Corporate/
Other (b)
Total
Revenue from contracts with customers for gold and silver sales
414,369
236,760
\u2014
651,129
Costs of production
(285,907)
(148,017)
\u2014
(433,924)
Segment gross profit
128,462
88,743
\u2014
217,205
Depreciation and amortisation
(41,208)
(42,673)
(2,013)
(85,894)
Royalties
(27,736)
(11,838)
\u2014
(39,574)
Segment gross profit from operations
59,518
34,232
(2,013)
91,737
Interest income
24
7
5,482
5,513
Other income
14
\u2014
4,535
4,549
Exploration expense
(9,578)
(4,018)
(1,019)
(14,615)
Administration and corporate expenses
(1,160)
(4,777)
(8,456)
(14,393)
Share based payment expenses
\u2014
\u2014
(457)
(457)
Fair value movements and treasury transactions
879
(163)
(15,538)
(14,822)
Inventories net realisable value movements and obsolete consumables
(29,073)
(7,004)
\u2014
(36,077)
Finance costs
(5,076)
(839)
(14,871)
(20,786)
Share of associates' losses
\u2014
\u2014
(1,305)
(1,305)
Indirect tax expense
(13,387)
(62)
\u2014
(13,449)
Segment profit/(loss) before tax from operations
2,161
17,376
(33,642)
(14,105)
Income tax expense
(4,178)
(13,411)
(2,971)
(20,560)
Profit/(Loss) for the 12 months to 31 December 2022
(2,017)
3,965
(36,613)
(34,665)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-298": { "value": "
A.1\u00a0 Segment revenues and expenses (continued)
31 December 2023
$'000
Syama
(Mali)
Mako
(Senegal)
Corporate/
Other (a)
Total
Gold and silver sales at spot to external customers
401,568
229,505
\u2014
631,073
Costs of production
(262,472)
(136,235)
(1,671)
(400,378)
Segment gross profit
139,096
93,270
(1,671)
230,695
Depreciation and amortisation
(34,121)
(44,491)
(2,432)
(81,044)
Royalties
(24,066)
(11,475)
(772)
(36,313)
Segment gross profit from operations
80,909
37,304
(4,875)
113,338
Interest income
22
\u2014
2,384
2,406
Other income (b)
(140)
(24)
23,691
23,527
Exploration expense
(7,832)
(4,455)
(2,433)
(14,720)
Administration and corporate expenses (c)
\u2014
\u2014
(18,450)
(18,450)
Share based payment expenses
\u2014
\u2014
(605)
(605)
Fair value movements and treasury transactions
28,749
(4,339)
(1,968)
22,442
Inventories net realisable value movements and obsolete consumables
(9,096)
(3,569)
\u2014
(12,665)
Finance costs
(5,062)
(1,793)
(6,727)
(13,582)
Indirect tax expense
(5,363)
(4)
\u2014
(5,367)
Segment profit/(loss) before tax from operations
82,187
23,120
(8,983)
96,324
Income tax expense
(20,250)
15,459
\u2014
(4,791)
Profit/(loss) for the 12 months to 31 December 2023
61,937
38,579
(8,983)
91,533
(a) This information does not represent an operating segment as defined by AASB 8, however this information is analysed in this format by the Chief Operating Decision maker,
and forms part of the reconciliation of the results and positions of the operating segments to the financial statements.
(b) Other income includes the gain realised on remeasurement of the contingent consideration receivables from the sale of the Ravenswood mine.
(c) Administration and corporate expenses are no longer allocated to operating segments as stated in prior years.
A.1\u00a0 Segment revenues and expenses (continued)
31 December 2022
$'000
Syama
(Mali)
Mako
(Senegal)
Corporate/
Other (b)
Total
Revenue from contracts with customers for gold and silver sales
414,369
236,760
\u2014
651,129
Costs of production
(285,907)
(148,017)
\u2014
(433,924)
Segment gross profit
128,462
88,743
\u2014
217,205
Depreciation and amortisation
(41,208)
(42,673)
(2,013)
(85,894)
Royalties
(27,736)
(11,838)
\u2014
(39,574)
Segment gross profit from operations
59,518
34,232
(2,013)
91,737
Interest income
24
7
5,482
5,513
Other income
14
\u2014
4,535
4,549
Exploration expense
(9,578)
(4,018)
(1,019)
(14,615)
Administration and corporate expenses
(1,160)
(4,777)
(8,456)
(14,393)
Share based payment expenses
\u2014
\u2014
(457)
(457)
Fair value movements and treasury transactions
879
(163)
(15,538)
(14,822)
Inventories net realisable value movements and obsolete consumables
(29,073)
(7,004)
\u2014
(36,077)
Finance costs
(5,076)
(839)
(14,871)
(20,786)
Share of associates' losses
\u2014
\u2014
(1,305)
(1,305)
Indirect tax expense
(13,387)
(62)
\u2014
(13,449)
Segment profit/(loss) before tax from operations
2,161
17,376
(33,642)
(14,105)
Income tax expense
(4,178)
(13,411)
(2,971)
(20,560)
Profit/(Loss) for the 12 months to 31 December 2022
(2,017)
3,965
(36,613)
(34,665)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-300": { "value": "
A.2\u00a0 Dividends paid or proposed
The company\u2019s dividend policy is, subject to board discretion, to pay a minimum of 2% of gold sales revenue as a dividend. A dividend
has not been declared for the year ended 31\u00a0December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-301": { "value": "
A.3\u00a0 Earnings/(loss) per share
31 December 2023
31 December 2022
Basic earnings/(loss) per share
Profit/(loss) attributable to ordinary equity holders for operations of the parent for
basic loss per share ($'000)
65,578
(34,083)
Weighted average number of ordinary shares outstanding during the year used in the
calculation of basic EPS and diluted EPS
2,129,006,569
1,196,856,518
cents
cents
Basic earnings/(loss) per share from operations (cents per share)
3.08
(2.85)
Diluted earnings/(loss) per share from operations (cents per share)1
3.08
(2.85)
1. At 31 December 2023, a total of 14,236,468 performance rights (10,916,506 at 31 December 2022) could potentially dilute basic earnings per share in the future, but were not
included in diluted earnings/(loss) per share as they are contingently issuable shares.
Measurement
Basic earnings per share (\u201cEPS\u201d) is calculated as net profit/(loss) attributable to members, adjusted to exclude preference share
dividends, divided by the weighted average number of ordinary shares, adjusted for any bonus element.
Diluted EPS is calculated as the net (loss)/profit attributable to members, adjusted for:
\u2022 The after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised
as\u00a0expenses
\u2022 other non-discretionary changes in revenues or expenses during the year that would result from the dilution of potential
ordinary\u00a0shares
\u2022 divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus element.
Information on the classification of securities file
Options and performance rights granted to employees (including Key Management Personnel) as described in E.8 are considered to
be potential ordinary shares and have been included in the determination of diluted earnings per share to the extent they are dilutive.
These options and performance rights have not been included in the determination of basic loss per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-302": { "value": "3.08", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-303": { "value": "3.08", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-304": { "value": "
Measurement
Basic earnings per share (\u201cEPS\u201d) is calculated as net profit/(loss) attributable to members, adjusted to exclude preference share
dividends, divided by the weighted average number of ordinary shares, adjusted for any bonus element.
Diluted EPS is calculated as the net (loss)/profit attributable to members, adjusted for:
\u2022 The after tax effect of dividends and interest associated with dilutive potential ordinary shares that have been recognised
as\u00a0expenses
\u2022 other non-discretionary changes in revenues or expenses during the year that would result from the dilution of potential
ordinary\u00a0shares
\u2022 divided by the weighted average number of ordinary shares and dilutive potential ordinary shares, adjusted for any bonus element.
Information on the classification of securities file
Options and performance rights granted to employees (including Key Management Personnel) as described in E.8 are considered to
be potential ordinary shares and have been included in the determination of diluted earnings per share to the extent they are dilutive.
These options and performance rights have not been included in the determination of basic loss per share.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-306": { "value": "
A.4\u00a0 Taxes
$'000
31 December 2023
31 December 2022
a) Income tax (benefit)/expense
Current tax expense
7,796
22,151
Deferred tax (benefit)/expense
(3,005)
(1,591)
Total tax expense
4,791
20,560
b) Numerical reconciliation of income tax (benefit)/expense to prima facie tax
(benefit)/expense
Profit/(loss) before income tax from operations
96,324
(14,105)
Total accounting gain/(loss)
96,324
(14,105)
Prima facie income tax expense/(benefit) at 30% (31 December 2022: 30%)
29,170
(4,232)
Add/(deduct):
- net movement in temporary differences and tax losses not recognised
23,091
9,649
- effect of different rates of tax on overseas income
(7,375)
(500)
- effect of income not subject to tax
(29,220)
\u2014
- effect of share based payments expense not deductible
182
134
- prior year tax losses recognised
\u2014
(1,569)
- prior year under / (over) provision
(14,422)
1,256
- other permanent differences
3,365
15,822
Income tax expense attributable to net profit
4,791
20,560
c) Tax losses (tax effected)
Revenue losses
\u2014
\u2014
- Australia
4,818
\u2014
- Mali
17,999
61,620
- Senegal
\u2014
\u2014
- UK
2,153
\u2014
- Ghana
\u2014
\u2014
24,970
61,620
Capital losses
- Australia
37,402
46,773
Total tax losses
62,372
108,393
Total tax losses \u2013 recognised
\u2014
\u2014
Total tax losses not used against deferred tax liabilities for which no deferred tax
asset has been recognised (potential tax benefit at the prevailing tax rates of the
respective jurisdictions) (tax effected)
62,372
108,393
A.4\u00a0 Taxes (continued)
$'000
31 December 2023
31 December 2022
d) Deferred tax assets
Balance at the beginning of the year
\u2014
\u2014
(Utilised)/recognised during the period
\u2014
\u2014
Foreign currency translation
\u2014
\u2014
Balance as at the end of the year
\u2014
\u2014
The deferred tax assets balance comprises temporary differences attributable to:
Receivables
30,734
42,924
Financial assets at fair value through other comprehensive income
\u2014
(681)
Mineral exploration and development interests
81,233
113,745
Investments in associates
\u2014
2,870
Property, plant and equipment
\u2014
27,740
Payables and provisions
6,597
3,778
Business related costs
\u2014
979
Financial derivative assets
\u2014
464
Temporary differences not recognised
(109,696)
(179,570)
Set off of deferred tax liabilities pursuant to set off provisions
(5,863)
(12,247)
Net deferred tax assets
3,005
\u2014
e) Deferred tax liabilities
The deferred tax liabilities balance comprises temporary differences attributable to:
Receivables
\u2014
1,176
Inventories
5,568
7,559
Mineral exploration and development interests
\u2014
1,350
Payables
361
1,705
Provision
(66)
457
Total
5,863
12,247
Set off of deferred tax assets pursuant to set off provisions
(5,863)
(12,247)
Net deferred tax liabilities
\u2014
\u2014
f) The equity balance comprises temporary differences attributable to:
Convertible notes equity reserve
\u2014
132
Option equity reserve
\u2014
1,750
Unrealised loss reserve
\u2014
44
Net temporary differences in equity
\u2014
1,926
Set off of deferred tax liabilities pursuant to set off provisions
\u2014
(44)
Total temporary differences in equity
\u2014
1,882
Franking credits
The amount of franking credits available for subsequent financial years is as
follows. The amount has been determined using a tax rate of 30%.
6,102
74
A.4\u00a0 Taxes (continued)
Recognition and measurement
The income tax expense or revenue for the year is the tax
payable on the current year\u2019s taxable income based on the
applicable income tax rate for each jurisdiction adjusted by
changes in deferred tax assets and liabilities attributable to
temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements,
and by unused tax losses (if appropriate).
Deferred tax liabilities are recognised for all taxable temporary
differences. Deferred tax assets are recognised for deductible
temporary differences, unused tax losses and unused tax credits
only if it is probable that sufficient future taxable income will be
available to utilise those temporary differences and losses.
Deferred tax is not recognised if the temporary difference arises
from goodwill or from the initial recognition (other than in a
business combination) of assets and liabilities in a transaction
that affects neither taxable profit or loss; or the accounting profit
or loss arising from taxable differences related to investment in
subsidiaries, associates and interests in joint ventures to the
extent that:
\u25aa the Group is able to control the reversal of the temporary
difference
\u25aa the temporary difference is not expected to reverse in the
foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates
that are expected to apply in the year in which the liability is
settled or the asset is realised, based on tax rates (and tax laws)
that have been enacted or substantially enacted by the end of
the reporting year. Deferred tax assets and liabilities are offset
only if certain criteria are met. Income taxes relating to items
recognised directly in equity are recognised in equity.
Tax consolidation
Resolute and its wholly-owned Australian controlled entities
implemented the tax consolidation legislation as of 1 July 2002
and the entities in the tax consolidated group entered into a tax
sharing agreement, which limits the joint and several liability of
the wholly-owned entities in the case of a default by the head
entity, Resolute Mining Limited. The entities have also entered
into a tax funding agreement under which the wholly-owned
entities fully compensate Resolute Mining Limited for any current
tax payable assumed and are compensated by Resolute Mining
Limited for any current tax receivable.
Key estimates and judgements
The Group records its best estimate of these items
based upon the latest information available and
management\u2019s interpretation of enacted tax laws.
Whilst the Group believes it has adequately provided
for the outcome of these matters, future results may
include favourable or unfavourable adjustments as
assessments are made, or resolved.
The recognition basis of deductible temporary
differences and unused tax losses in the form of
deferred tax assets is reviewed at the end of each
reporting year and de- recognised to the extent that
it\u00a0is no longer probable that sufficient taxable profits
will be available to allow all or part of the asset to
be\u00a0recovered.
The deferred income tax asset recognised at
31\u00a0December 2023 is in relation to the MAKO mine.
The future benefit will only be obtained if:
(i) future assessable income is derived of a nature
and\u00a0an amount sufficient to enable the benefit to
be\u00a0realised
(ii) the conditions for deductibility imposed by
tax\u00a0legislation have been continued to be
complied\u00a0with
(iii) no changes in tax legislation adversely affect the
consolidated entity in realising the benefit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-305": { "value": "
A.4\u00a0 Taxes
$'000
31 December 2023
31 December 2022
a) Income tax (benefit)/expense
Current tax expense
7,796
22,151
Deferred tax (benefit)/expense
(3,005)
(1,591)
Total tax expense
4,791
20,560
b) Numerical reconciliation of income tax (benefit)/expense to prima facie tax
(benefit)/expense
Profit/(loss) before income tax from operations
96,324
(14,105)
Total accounting gain/(loss)
96,324
(14,105)
Prima facie income tax expense/(benefit) at 30% (31 December 2022: 30%)
29,170
(4,232)
Add/(deduct):
- net movement in temporary differences and tax losses not recognised
23,091
9,649
- effect of different rates of tax on overseas income
(7,375)
(500)
- effect of income not subject to tax
(29,220)
\u2014
- effect of share based payments expense not deductible
182
134
- prior year tax losses recognised
\u2014
(1,569)
- prior year under / (over) provision
(14,422)
1,256
- other permanent differences
3,365
15,822
Income tax expense attributable to net profit
4,791
20,560
c) Tax losses (tax effected)
Revenue losses
\u2014
\u2014
- Australia
4,818
\u2014
- Mali
17,999
61,620
- Senegal
\u2014
\u2014
- UK
2,153
\u2014
- Ghana
\u2014
\u2014
24,970
61,620
Capital losses
- Australia
37,402
46,773
Total tax losses
62,372
108,393
Total tax losses \u2013 recognised
\u2014
\u2014
Total tax losses not used against deferred tax liabilities for which no deferred tax
asset has been recognised (potential tax benefit at the prevailing tax rates of the
respective jurisdictions) (tax effected)
62,372
108,393
A.4\u00a0 Taxes (continued)
$'000
31 December 2023
31 December 2022
d) Deferred tax assets
Balance at the beginning of the year
\u2014
\u2014
(Utilised)/recognised during the period
\u2014
\u2014
Foreign currency translation
\u2014
\u2014
Balance as at the end of the year
\u2014
\u2014
The deferred tax assets balance comprises temporary differences attributable to:
Receivables
30,734
42,924
Financial assets at fair value through other comprehensive income
\u2014
(681)
Mineral exploration and development interests
81,233
113,745
Investments in associates
\u2014
2,870
Property, plant and equipment
\u2014
27,740
Payables and provisions
6,597
3,778
Business related costs
\u2014
979
Financial derivative assets
\u2014
464
Temporary differences not recognised
(109,696)
(179,570)
Set off of deferred tax liabilities pursuant to set off provisions
(5,863)
(12,247)
Net deferred tax assets
3,005
\u2014
e) Deferred tax liabilities
The deferred tax liabilities balance comprises temporary differences attributable to:
Receivables
\u2014
1,176
Inventories
5,568
7,559
Mineral exploration and development interests
\u2014
1,350
Payables
361
1,705
Provision
(66)
457
Total
5,863
12,247
Set off of deferred tax assets pursuant to set off provisions
(5,863)
(12,247)
Net deferred tax liabilities
\u2014
\u2014
f) The equity balance comprises temporary differences attributable to:
Convertible notes equity reserve
\u2014
132
Option equity reserve
\u2014
1,750
Unrealised loss reserve
\u2014
44
Net temporary differences in equity
\u2014
1,926
Set off of deferred tax liabilities pursuant to set off provisions
\u2014
(44)
Total temporary differences in equity
\u2014
1,882
Franking credits
The amount of franking credits available for subsequent financial years is as
follows. The amount has been determined using a tax rate of 30%.
6,102
74
A.4\u00a0 Taxes (continued)
Recognition and measurement
The income tax expense or revenue for the year is the tax
payable on the current year\u2019s taxable income based on the
applicable income tax rate for each jurisdiction adjusted by
changes in deferred tax assets and liabilities attributable to
temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements,
and by unused tax losses (if appropriate).
Deferred tax liabilities are recognised for all taxable temporary
differences. Deferred tax assets are recognised for deductible
temporary differences, unused tax losses and unused tax credits
only if it is probable that sufficient future taxable income will be
available to utilise those temporary differences and losses.
Deferred tax is not recognised if the temporary difference arises
from goodwill or from the initial recognition (other than in a
business combination) of assets and liabilities in a transaction
that affects neither taxable profit or loss; or the accounting profit
or loss arising from taxable differences related to investment in
subsidiaries, associates and interests in joint ventures to the
extent that:
\u25aa the Group is able to control the reversal of the temporary
difference
\u25aa the temporary difference is not expected to reverse in the
foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates
that are expected to apply in the year in which the liability is
settled or the asset is realised, based on tax rates (and tax laws)
that have been enacted or substantially enacted by the end of
the reporting year. Deferred tax assets and liabilities are offset
only if certain criteria are met. Income taxes relating to items
recognised directly in equity are recognised in equity.
Tax consolidation
Resolute and its wholly-owned Australian controlled entities
implemented the tax consolidation legislation as of 1 July 2002
and the entities in the tax consolidated group entered into a tax
sharing agreement, which limits the joint and several liability of
the wholly-owned entities in the case of a default by the head
entity, Resolute Mining Limited. The entities have also entered
into a tax funding agreement under which the wholly-owned
entities fully compensate Resolute Mining Limited for any current
tax payable assumed and are compensated by Resolute Mining
Limited for any current tax receivable.
Key estimates and judgements
The Group records its best estimate of these items
based upon the latest information available and
management\u2019s interpretation of enacted tax laws.
Whilst the Group believes it has adequately provided
for the outcome of these matters, future results may
include favourable or unfavourable adjustments as
assessments are made, or resolved.
The recognition basis of deductible temporary
differences and unused tax losses in the form of
deferred tax assets is reviewed at the end of each
reporting year and de- recognised to the extent that
it\u00a0is no longer probable that sufficient taxable profits
will be available to allow all or part of the asset to
be\u00a0recovered.
The deferred income tax asset recognised at
31\u00a0December 2023 is in relation to the MAKO mine.
The future benefit will only be obtained if:
(i) future assessable income is derived of a nature
and\u00a0an amount sufficient to enable the benefit to
be\u00a0realised
(ii) the conditions for deductibility imposed by
tax\u00a0legislation have been continued to be
complied\u00a0with
(iii) no changes in tax legislation adversely affect the
consolidated entity in realising the benefit.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-308": { "value": "
Recognition and measurement
The income tax expense or revenue for the year is the tax
payable on the current year\u2019s taxable income based on the
applicable income tax rate for each jurisdiction adjusted by
changes in deferred tax assets and liabilities attributable to
temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements,
and by unused tax losses (if appropriate).
Deferred tax liabilities are recognised for all taxable temporary
differences. Deferred tax assets are recognised for deductible
temporary differences, unused tax losses and unused tax credits
only if it is probable that sufficient future taxable income will be
available to utilise those temporary differences and losses.
Deferred tax is not recognised if the temporary difference arises
from goodwill or from the initial recognition (other than in a
business combination) of assets and liabilities in a transaction
that affects neither taxable profit or loss; or the accounting profit
or loss arising from taxable differences related to investment in
subsidiaries, associates and interests in joint ventures to the
extent that:
\u25aa the Group is able to control the reversal of the temporary
difference
\u25aa the temporary difference is not expected to reverse in the
foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates
that are expected to apply in the year in which the liability is
settled or the asset is realised, based on tax rates (and tax laws)
that have been enacted or substantially enacted by the end of
the reporting year. Deferred tax assets and liabilities are offset
only if certain criteria are met. Income taxes relating to items
recognised directly in equity are recognised in equity.
Tax consolidation
Resolute and its wholly-owned Australian controlled entities
implemented the tax consolidation legislation as of 1 July 2002
and the entities in the tax consolidated group entered into a tax
sharing agreement, which limits the joint and several liability of
the wholly-owned entities in the case of a default by the head
entity, Resolute Mining Limited. The entities have also entered
into a tax funding agreement under which the wholly-owned
entities fully compensate Resolute Mining Limited for any current
tax payable assumed and are compensated by Resolute Mining
Limited for any current tax receivable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-307": { "value": "
Recognition and measurement
The income tax expense or revenue for the year is the tax
payable on the current year\u2019s taxable income based on the
applicable income tax rate for each jurisdiction adjusted by
changes in deferred tax assets and liabilities attributable to
temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements,
and by unused tax losses (if appropriate).
Deferred tax liabilities are recognised for all taxable temporary
differences. Deferred tax assets are recognised for deductible
temporary differences, unused tax losses and unused tax credits
only if it is probable that sufficient future taxable income will be
available to utilise those temporary differences and losses.
Deferred tax is not recognised if the temporary difference arises
from goodwill or from the initial recognition (other than in a
business combination) of assets and liabilities in a transaction
that affects neither taxable profit or loss; or the accounting profit
or loss arising from taxable differences related to investment in
subsidiaries, associates and interests in joint ventures to the
extent that:
\u25aa the Group is able to control the reversal of the temporary
difference
\u25aa the temporary difference is not expected to reverse in the
foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates
that are expected to apply in the year in which the liability is
settled or the asset is realised, based on tax rates (and tax laws)
that have been enacted or substantially enacted by the end of
the reporting year. Deferred tax assets and liabilities are offset
only if certain criteria are met. Income taxes relating to items
recognised directly in equity are recognised in equity.
Tax consolidation
Resolute and its wholly-owned Australian controlled entities
implemented the tax consolidation legislation as of 1 July 2002
and the entities in the tax consolidated group entered into a tax
sharing agreement, which limits the joint and several liability of
the wholly-owned entities in the case of a default by the head
entity, Resolute Mining Limited. The entities have also entered
into a tax funding agreement under which the wholly-owned
entities fully compensate Resolute Mining Limited for any current
tax payable assumed and are compensated by Resolute Mining
Limited for any current tax receivable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-309": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-310": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-311": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-312": { "value": "
B.1\u00a0 Mine properties and property, plant and
equipment
Recognition and measurement
Stripping activity asset
The Group incurs waste removal costs (stripping costs) in the
creation of improved access and mining flexibility in relation to
ore to be mined in the future. The costs are capitalised as a
stripping activity asset, where certain criteria are met. Once the
Group has identified its production stripping for each surface
mining operation, it identifies the separate components for the
orebodies in each of its mining operations. An identifiable
component is a specific volume of the ore body that is made
more accessible by the stripping activity. The costs of each
component are amortised on a units of production basis in
applying a stripping ratio.
Development expenditure
(a) Areas in Development: Costs incurred in preparing mines
for\u00a0production including required plant infrastructure.
(b) Areas in Production: Represent the accumulation of all
acquired exploration, evaluation and development
expenditure in which economic mining of an Ore Reserve
has\u00a0commenced. Amortisation of costs is provided on the
unit\u00a0of production method.
Property, plant and equipment
Property, plant and equipment are stated at cost less any
accumulated depreciation and any impairment losses.
The cost of an item of property, plant and equipment comprises:
\u25aa Its purchase price, including import duties and non-refundable
purchase taxes, after deducting trade discounts and rebates
\u25aa Any costs directly attributable to bringing the asset to the
location and condition necessary for it to be capable of
operating in the manner intended by management
\u25aa The initial estimate of the costs of dismantling and removing
the item and restoring the site on which it is located.
Depreciation is provided on the following basis:
Life
Method
Motor vehicles
3-5 years
Straight line
Office equipment
3 years
Straight line
Plant and equipment
Life of mine years or
2-6 years
Straight line over
life of mine years
or straight line
Processing plant
Life of mine
production
Units of
production
Key estimates and judgements
Stripping activity assets
Judgement is required to identify a suitable production
measure to be used to allocate production stripping costs
between inventory and any stripping activity asset(s) for
each component. The Group considers that the ratio of the
expected volume of waste to be stripped for an expected
volume of ore to be mined for a specific component of the
orebody, to be the most suitable production measure.
An identifiable component is a specific volume of the
ore\u00a0body that is made more accessible by the
stripping\u00a0activity.
Judgement is also required to identify and define these
components, and also to determine the expected volumes
(e.g. tonnes) of waste to be stripped and ore to be mined
in each of these components. These assessments are
based on the information available in the mine plan which
will vary between mines for a number of reasons,
including, the geological characteristics of the ore body,
the geographical location and/or financial considerations.
Stripping ratio
The Group has adopted a policy of capitalising production
stage stripping costs and amortising them on a units of
production basis. Significant judgement is required in
determining the contained ore units for each mine.
Factors that are considered include:
\u25aa any proposed changes in the design of the mine;
\u25aa estimates of the quantities of ore reserves and mineral
resources for which there is a high degree of confidence
of economic extraction
\u25aa future production levels
\u25aa future commodity prices and
\u25aa future cash costs of production and capital expenditure.
Determining the beginning of production
The Group ceases capitalising pre-production costs and
begins depreciation and amortisation of mine property
assets at the point commercial production commences.
This is based on the specific circumstances of the project,
and considers when the specific asset becomes \u2018available
for use\u2019 as intended by management which includes
consideration of the following factors:
\u25aa completion of a reasonable period of testing of the mine
plant and equipment
\u25aa mineral recoveries, availability and throughput levels
at\u00a0or near expected/feasibility study levels
\u25aa the ability to produce gold into a saleable form (where
more than an insignificant amount is produced)
\u25aa the achievement of continuous production and
\u25aa estimation of mineral reserves and resources.
B.1\u00a0 Mine properties and property, plant and equipment (continued)
Plant and Equipment
Mine Properties
31 December 2023
Buildings
Plant and Equipment
Motor Vehicles
Office Equipment
Assets Under Construction
Mine Properties
Striping Activity Asset
Total
$'000
Cost
Balance as at 1 January 2023
26,311
513,899
13,764
18,560
\u2014
746,061
51,876
1,370,471
Additions/expenditures
\u2014
\u2014
\u2014
70
26,892
13,654
36,678
77,294
Transfers/reallocations
(8,711)
(50,221)
492
2,013
36,894
(311,107)
330,640
\u2014
Change in estimate of environmental
rehabilitation provision
\u2014
\u2014
\u2014
\u2014
\u2014
10,619
\u2014
10,619
Disposals
\u2014
\u2014
(21)
\u2014
\u2014
\u2014
\u2014
(21)
Foreign currency translation
73
987
18
30
788
2,451
2,904
7,254
Balance as at 31 December 2023
17,673
464,665
14,253
20,673
64,574
461,679
422,099
1,465,617
Accumulated Depreciation
Balance as at 1 January 2023
(16,574)
(293,699)
(12,117)
(15,686)
\u2014
(552,290)
(23,252)
(913,618)
Depreciation/amortisation
(1,063)
(17,612)
(1,105)
(2,653)
\u2014
(38,280)
(31,488)
(92,199)
Transfers/reallocations
6,131
(69,599)
501
242
2,267
181,254
(120,796)
\u2014
Disposals
\u2014
\u2014
21
\u2014
\u2014
\u2014
\u2014
21
Balance as at 31 December 2023
(11,506)
(380,910)
(12,700)
(18,097)
2,267
(409,316)
(175,535)
(1,005,796)
Carrying Amounts
As at 1 January 2023
9,737
220,203
1,647
2,874
\u2014
193,771
28,624
456,856
Balance as at 31 December 2023
6,167
83,755
1,553
2,578
66,841
52,363
246,564
459,821
31 December 2022
Buildings
Plant and Equipment
Motor Vehicles
Office Equipment
Mine Properties
Striping Activity Asset
Total
$'000
Opening written down value
10,636
212,425
2,320
3,783
246,714
17,777
493,655
Additions
671
33,888
428
912
6,024
25,296
67,219
Transfers (to)/from areas in exploration and
development
(12)
463
(412)
78
\u2014
\u2014
117
Reallocations
\u2014
(351)
\u2014
351
\u2014
\u2014
\u2014
Disposals
\u2014
(223)
\u2014
\u2014
\u2014
\u2014
(223)
Depreciation expense
(1,009)
(16,645)
(556)
(1,989)
\u2014
\u2014
(20,199)
Amortisation expense
\u2014
\u2014
\u2014
\u2014
(49,472)
(16,233)
(65,705)
Adjustments to rehabilitation and restoration
obligations
\u2014
\u2014
\u2014
\u2014
(197)
\u2014
(197)
Foreign currency translation
(549)
(9,345)
(133)
(261)
(9,298)
1,784
(17,802)
At 31 December net of accumulated
depreciation
9,737
220,212
1,647
2,874
193,771
28,624
456,865
Cost
26,311
513,899
13,764
18,560
746,061
51,876
1,370,471
Accumulated depreciation and impairment
(16,574)
(293,696)
(12,117)
(15,686)
(552,290)
(23,252)
(913,615)
Net carrying amount
9,737
220,203
1,647
2,874
193,771
28,624
456,856
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-313": { "value": "
Recognition and measurement
Stripping activity asset
The Group incurs waste removal costs (stripping costs) in the
creation of improved access and mining flexibility in relation to
ore to be mined in the future. The costs are capitalised as a
stripping activity asset, where certain criteria are met. Once the
Group has identified its production stripping for each surface
mining operation, it identifies the separate components for the
orebodies in each of its mining operations. An identifiable
component is a specific volume of the ore body that is made
more accessible by the stripping activity. The costs of each
component are amortised on a units of production basis in
applying a stripping ratio.
Development expenditure
(a) Areas in Development: Costs incurred in preparing mines
for\u00a0production including required plant infrastructure.
(b) Areas in Production: Represent the accumulation of all
acquired exploration, evaluation and development
expenditure in which economic mining of an Ore Reserve
has\u00a0commenced. Amortisation of costs is provided on the
unit\u00a0of production method.
Property, plant and equipment
Property, plant and equipment are stated at cost less any
accumulated depreciation and any impairment losses.
The cost of an item of property, plant and equipment comprises:
\u25aa Its purchase price, including import duties and non-refundable
purchase taxes, after deducting trade discounts and rebates
\u25aa Any costs directly attributable to bringing the asset to the
location and condition necessary for it to be capable of
operating in the manner intended by management
\u25aa The initial estimate of the costs of dismantling and removing
the item and restoring the site on which it is located.
Depreciation is provided on the following basis:
Life
Method
Motor vehicles
3-5 years
Straight line
Office equipment
3 years
Straight line
Plant and equipment
Life of mine years or
2-6 years
Straight line over
life of mine years
or straight line
Processing plant
Life of mine
production
Units of
production
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-314": { "value": "
Stripping activity asset
The Group incurs waste removal costs (stripping costs) in the
creation of improved access and mining flexibility in relation to
ore to be mined in the future. The costs are capitalised as a
stripping activity asset, where certain criteria are met. Once the
Group has identified its production stripping for each surface
mining operation, it identifies the separate components for the
orebodies in each of its mining operations. An identifiable
component is a specific volume of the ore body that is made
more accessible by the stripping activity. The costs of each
component are amortised on a units of production basis in
applying a stripping ratio.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-316": { "value": "
Development expenditure
(a) Areas in Development: Costs incurred in preparing mines
for\u00a0production including required plant infrastructure.
(b) Areas in Production: Represent the accumulation of all
acquired exploration, evaluation and development
expenditure in which economic mining of an Ore Reserve
has\u00a0commenced. Amortisation of costs is provided on the
unit\u00a0of production method.
Recognition and measurement
Exploration expenditure is expensed to the consolidated statement of comprehensive income as and when it is incurred and included
as part of cash flows from operating activities. Exploration costs are only capitalised to the consolidated statement of financial
position if they result from an acquisition.
Evaluation expenditure is capitalised to the consolidated statement of financial position. Evaluation is deemed to be activities
undertaken from the beginning of the pre-feasibility study conducted to assess the technical and commercial viability of extracting a
mineral resource before moving into the Development phase. The Company also capitalises any costs incurred from any joint venture
agreements it is a part of. The criteria for carrying forward the costs are:
\u25aa Such costs are expected to be recouped through successful development and exploitation of the area of interest, or alternatively
by\u00a0its sale
\u25aa Evaluation activities in the area of interest which has not yet reached a state which permits a reasonable assessment of the
existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area
are\u00a0continuing.
Costs carried forward in respect of an area of interest which is abandoned are written off in the year in which the abandonment
decision is made.
Exploration commitments
It is difficult to accurately forecast the nature or amount of future expenditure, although it is necessary to incur expenditure in order
to\u00a0retain present interests in mineral tenements. Expenditure commitments on mineral tenure can be reduced by selective
relinquishment of exploration tenure or by the renegotiation of expenditure commitments. The level of exploration and evaluation
expenditure expected in the 12 months ending 31\u00a0December 2024 for the consolidated entity is approximately $17.5 million (actual
expenditure for the year ended 31\u00a0December 2023: $18.2 million). This includes the minimum amounts required to retain tenure.
There\u00a0are no material exploration commitments further out than one year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-315": { "value": "
Development expenditure
(a) Areas in Development: Costs incurred in preparing mines
for\u00a0production including required plant infrastructure.
(b) Areas in Production: Represent the accumulation of all
acquired exploration, evaluation and development
expenditure in which economic mining of an Ore Reserve
has\u00a0commenced. Amortisation of costs is provided on the
unit\u00a0of production method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-317": { "value": "
B.2\u00a0 Exploration and evaluation assets
31 December 2023
31 December 2022
Exploration and evaluation (at cost)
$'000
$'000
Balance at the beginning of the year
3,211
2,909
Evaluation expenditure during the year
3,111
1,524
Transfers to areas in exploration and development
\u2014
(117)
Foreign currency translation
32
(1,105)
Balance at the end of the year
6,354
3,211
Recognition and measurement
Exploration expenditure is expensed to the consolidated statement of comprehensive income as and when it is incurred and included
as part of cash flows from operating activities. Exploration costs are only capitalised to the consolidated statement of financial
position if they result from an acquisition.
Evaluation expenditure is capitalised to the consolidated statement of financial position. Evaluation is deemed to be activities
undertaken from the beginning of the pre-feasibility study conducted to assess the technical and commercial viability of extracting a
mineral resource before moving into the Development phase. The Company also capitalises any costs incurred from any joint venture
agreements it is a part of. The criteria for carrying forward the costs are:
\u25aa Such costs are expected to be recouped through successful development and exploitation of the area of interest, or alternatively
by\u00a0its sale
\u25aa Evaluation activities in the area of interest which has not yet reached a state which permits a reasonable assessment of the
existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area
are\u00a0continuing.
Costs carried forward in respect of an area of interest which is abandoned are written off in the year in which the abandonment
decision is made.
Exploration commitments
It is difficult to accurately forecast the nature or amount of future expenditure, although it is necessary to incur expenditure in order
to\u00a0retain present interests in mineral tenements. Expenditure commitments on mineral tenure can be reduced by selective
relinquishment of exploration tenure or by the renegotiation of expenditure commitments. The level of exploration and evaluation
expenditure expected in the 12 months ending 31\u00a0December 2024 for the consolidated entity is approximately $17.5 million (actual
expenditure for the year ended 31\u00a0December 2023: $18.2 million). This includes the minimum amounts required to retain tenure.
There\u00a0are no material exploration commitments further out than one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-318": { "value": "
C.1\u00a0 Cash
31 December 2023
31 December 2022
$'000
$'000
Cash at bank and on hand
59,769
80,873
Cash and cash equivalents
59,769
80,873
For the purpose of the cash flow statement, cash and cash equivalents comprise the
following at the end of each year:
Cash at bank and on hand
59,769
80,873
Bank overdraft \u2013 ref C.3
(46,196)
(45,414)
Total
13,573
35,459
The credit quality of cash and cash equivalents can be assessed by reference to external credit ratings (if available) or to historical
information about counterparty default rates:
31 December 2023
31 December 2022
Cash at bank and short-term deposits
$'000
$'000
Counterparties with external credit ratings (S&P and Fitch)
AA-
253
215
A
943
520
A+
48,396
68,997
BB
67
67
B
10,060
11,074
Counterparties without external credit ratings
50
\u2014
Total cash at bank and short term deposits
59,769
80,873
Recognition and measurement
Cash and cash equivalents in the statement of financial position comprise cash at bank and short-term deposits with an original
maturity of three months or less. Cash and cash equivalents are stated at face value in the statement of financial position.
Fair value and foreign exchange risk
The carrying amount of cash and cash equivalents approximates their fair value.
The Group held $59.8 million of cash and cash equivalents at 31\u00a0December 2023 (31\u00a0December 2022: $72.7 million) in currencies
other\u00a0than that of the functional currency of the company which holds the item. These exposures are predominantly US dollars
(December 2023: $47.2 million; December 2022: $66.7 million equivalent) and West African CFA franc (December 2023: $7.0 million;
31\u00a0December 2022: $4.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-319": { "value": "
Recognition and measurement
Cash and cash equivalents in the statement of financial position comprise cash at bank and short-term deposits with an original
maturity of three months or less. Cash and cash equivalents are stated at face value in the statement of financial position.
Fair value and foreign exchange risk
The carrying amount of cash and cash equivalents approximates their fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-320": { "value": "
C.2\u00a0 Financial liabilities
31 December 2023
31 December 2022
$'000
$'000
Current
Interest bearing liabilities
71,594
95,634
Financial derivative liabilities
2,472
1,546
Total financial liabilities
74,066
97,180
During 2022, the Group entered into zero-cashflow collar contracts whereby the Group purchased a total of 12,000 ounces of gold call
options and sold a total of 12,000 ounces of gold put options contracts with equal and offsetting values at inception. These contracts
are comprised of put options at an average of $1,600/oz and call options at an average of $1,873/oz.
All of these contracts were outstanding at 31\u00a0December 2023 and mature over the period January to March 2024. The gold zero-
cashflow collars are classified as level 2 in the fair value hierarchy valued at $2.5 million (31\u00a0December 2022: $1.5 million). These zero-
cashflow collar contracts are valued using valuation techniques, which employ the use of market observable inputs. The most
frequently applied valuation techniques include forward pricing using present value calculations.
Key financial risks associated with other assets and liabilities
Interest rate risk, diesel price risk and foreign exchange risk management
Refer to About this Report and Section C for details of how these risks are managed.
Credit risk management
The Group\u2019s exposure to credit risk arises from potential default of the counterparty, with a maximum exposure equal to the carrying
amount of the financial assets.
Credit risk is managed on a Group basis. Credit risk predominately arises from cash, cash equivalents (refer to C.1), gold bullion held
in metal accounts, derivative financial instruments, deposits with banks and financial institutions and trade and other receivables from
statutory authorities. For derivative financial instruments, management mitigates some credit risk by using a number of different
hedging counterparties. Credit risk further arises in relation to financial guarantees given to certain parties. Such guarantees are only
provided in exceptional circumstances and are subject to Audit and Risk Committee approval. With the exception of those items
disclosed in C.4, no guarantees have been provided to third parties as at the reporting date. The credit quality of financial assets that
are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or to historical information
about counterparty default rates.
With respect to credit risk arising from other financial assets for the Group, which comprise financial instruments, asset sale
receivables (refer to E.1) and contingent receivables (refer to E.1), the Group\u2019s exposure to credit risk arises from default of the
counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Group limits its counterparty credit
risk on these assets by dealing only with financial institutions with credit ratings of at least B or equivalent.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-321": { "value": "
Credit risk management
The Group\u2019s exposure to credit risk arises from potential default of the counterparty, with a maximum exposure equal to the carrying
amount of the financial assets.
Credit risk is managed on a Group basis. Credit risk predominately arises from cash, cash equivalents (refer to C.1), gold bullion held
in metal accounts, derivative financial instruments, deposits with banks and financial institutions and trade and other receivables from
statutory authorities. For derivative financial instruments, management mitigates some credit risk by using a number of different
hedging counterparties. Credit risk further arises in relation to financial guarantees given to certain parties. Such guarantees are only
provided in exceptional circumstances and are subject to Audit and Risk Committee approval. With the exception of those items
disclosed in C.4, no guarantees have been provided to third parties as at the reporting date. The credit quality of financial assets that
are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or to historical information
about counterparty default rates.
With respect to credit risk arising from other financial assets for the Group, which comprise financial instruments, asset sale
receivables (refer to E.1) and contingent receivables (refer to E.1), the Group\u2019s exposure to credit risk arises from default of the
counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Group limits its counterparty credit
risk on these assets by dealing only with financial institutions with credit ratings of at least B or equivalent.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-322": { "value": "
C.3\u00a0 Interest bearing liabilities
31 December 2023
31 December 2022
$'000
$'000
Interest bearing liabilities (current)
Bank overdraft
46,196
45,414
Insurance premium funding
180
\u2014
Bank borrowings
25,218
50,220
Total Interest bearing liabilities (current)
71,594
95,634
Interest bearing liabilities (non current)
Bank borrowings
\u2014
29
Total Interest bearing liabilities (non current)
71,594
125,116
Recognition and measurement
All loans and borrowings are initially recognised at fair value less transaction costs and subsequently at amortised cost. Any
difference between the proceeds received and the redemption amount is recognised in the income statement over the year of the
borrowings using the effective interest method.
Resolute has a Security Trust Deed in place with various banks. The total assets of the entities over which security exists amounts
to\u00a0$853.1million (as at December 2022: $868.8 million). $160.9 million (as at December 2022: $234.5 million) of these assets relate
to\u00a0property, plant and equipment.
Interest bearing liabilities
The Group\u2019s interest bearing liabilities have a fair value equal to the carrying value.
The Group held $71.6 million of interest bearing liabilities at 31\u00a0December 2023 (As at 31\u00a0December 2022: $125.1 million) in currencies
other than Australian dollars or a different currency to that of the functional currency of the company which holds the item.
The average interest rates charged on interest bearing liabilities for the year ended 31\u00a0December 2023 was 10.24% (2022: 6.79%).
The Group\u2019s main LIBOR exposure at 31\u00a0December 2023 was in relation to the Syndicate Borrowing Facility which was indexed to the
3-month US dollar LIBOR. The alternative reference rate for US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). All
newly transacted floating rate financial assets and liabilities are linked to an alternative benchmark rate, such as SOFR or if, linked to
LIBOR, include detailed fallback clauses clearly referencing the alternative benchmark rate and the trigger event on which the clause
is activated.
Maturity profile of interest-bearing liabilities
The maturity profile of the Group\u2019s interest-bearing liabilities in total and for finance leases is as follows:
31 December 2023
31 December 2022
$'000
$'000
Borrowings
Due within 1 to 3 months
71,594
76,712
Due within 4 months to one year
\u2014
26,122
Due between one and five years
\u2014
25,340
Total contractual repayments
71,594
128,174
Less future interest charges
\u2014
(3,057)
Total interest bearing liabilities
71,594
125,117
C.4\u00a0 Financing facilities
C.4.1\u00a0 Bank overdraft
The current overdraft facilities with the Bank Du Mali SA are in
place and are subject to an annual revision in May 2024. The
facilities total CFA 25.0 billion ($42.1 million) ($40.8 million as at
31 December 2022) and as at 31\u00a0December 2023, $12.2 million
($4.7 million at 31 December 2022) of the facility was undrawn.
The current overdraft facility with Orabank is subject to an
annual revision in March 2024. The facility totals CFA 7.0 billion
($11.8 million) and as at 31\u00a0December 2023, $11.8 million
($1.9\u00a0million at 31 December 2022) of the facility was undrawn.
C.4.2\u00a0 Syndicated facilities
On 25 March 2020, Resolute entered into a $300.0 million
Syndicated Facility Agreement (the \u201cSFA\u201d) comprising a three-
year $150.0 million revolving credit facility (Facility A) and a four-
year $150.0 million term loan facility (Facility C) with the
participation of Investec, BNP Paribas S.A, Citibank N.A, ING
Group, Societe Generale and Nedbank Limited. In addition,
Facility B is a three-year $5.0 million letter of credit facility which
relates mainly to lease guarantees. Facility C is scheduled to
mature on 25 March 2024.
As at 31\u00a0December 2023, $25.0 million of Facility C has
been\u00a0drawn.
The SFA and hedging facilities (which are also provided by
the\u00a0lenders or their affiliates) are secured and guaranteed by
the\u00a0following:
(i) Cross guarantee and indemnity given by Resolute Mining
Limited, Resolute (Treasury) Pty Ltd, Resolute (Somisy) Pty
Ltd, Carpentaria Gold Pty Ltd, Resolute Treasury UK
Limited, Resolute (Finkolo) Pty Ltd, Toro Gold Limited and
Bambuk Minerals Limited
(ii) Share Mortgage granted by Resolute Mining Limited over all
of its shares in Carpentaria Gold Pty Ltd
(iii) Specific security deed granted by Resolute Mining Limited
over all of its shares in Resolute (Somisy) Pty Ltd
(iv) Fixed and Floating Charge granted by Resolute (Treasury)
Pty Ltd over all its current and future assets including bank
accounts and an assignment of all Hedging Contracts
(v) Mining Mortgage and Fixed and Floating Charge granted by
Carpentaria Gold Pty Ltd over all the current and future
assets including bank accounts and an assignment of all
Hedging Contracts
(vi) Mortgage of Contractual Rights granted by Resolute Mining
Limited over a loan provided to Soci\u00e9t\u00e9 des Mines de
Syama SA to fund the development of the Syama Gold
project in Mali
(vii) Security Agreement granted by Resolute Treasury UK
Limited over all current and future assets including bank
accounts and assignment of all Hedging contracts
(viii) Specific Security Deed granted by Resolute Mining Limited
over all its share in Resolute (Finkolo) Pty Ltd and a
featherweight security over its assets not secured under
a\u00a0Security Document
(ix) Share Pledge Agreement granted by Toro Gold Limited over
all its shares in Bambuk Minerals Limited.
Pursuant to the Syndicated Facility Agreement, the following
ratios are required:
(i) Interest Cover Ratio: the ratio of EBITDA to Net Interest
Expense will be greater than 5.00 times
(ii) Net Debt to EBITDA: the ratio of Net Debt to EBITDA will be
less than 2.50 times
(iii) Consolidated Gearing: the ratio of Net Debt to Equity will be
less than 1.00 times
(iv) Reserve Tail Ratio: will exceed 30%
(v) Project Life Coverage Ratio: will be equal to or greater
than\u00a01.50:1
(vi) Tangible Net Worth: will be equal to or greater than
A$500,000,000
(vii) Minimum Liquidity Test: aggregate of Liquid Assets is more
than US$35.0 million.
There have been no breaches of these ratios.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-323": { "value": "
Recognition and measurement
All loans and borrowings are initially recognised at fair value less transaction costs and subsequently at amortised cost. Any
difference between the proceeds received and the redemption amount is recognised in the income statement over the year of the
borrowings using the effective interest method.
Resolute has a Security Trust Deed in place with various banks. The total assets of the entities over which security exists amounts
to\u00a0$853.1million (as at December 2022: $868.8 million). $160.9 million (as at December 2022: $234.5 million) of these assets relate
to\u00a0property, plant and equipment.
Interest bearing liabilities
The Group\u2019s interest bearing liabilities have a fair value equal to the carrying value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-324": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-325": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-326": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-327": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-328": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-330": { "value": "
C.5\u00a0 Contributed equity
31 December 2023
31 December 2022
$'000
$'000
Ordinary share capital:
2,129,050,013 ordinary fully paid shares (2022 2,129,006,569)
882,731
882,731
Movements in contributed equity, net of issuing costs:
Balance at the beginning of the year
882,731
777,021
Placement of shares
\u2014
110,289
Share issue costs
\u2014
(4,579)
Balance at the end of the year
882,731
882,731
Recognition and measurement
Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Terms and conditions of contributed equity
Ordinary shares have the right to receive dividends as declared and in the event of winding up the Company, to participate in the
proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares
entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
Rights of employee share-based payment recipients
Refer to E.9 for details of the employee share-based payment plans which includes option and performance rights plans. Each option
entitles the holder to purchase one share. The names of all persons who currently hold employee share options or performance rights,
granted at any time, are entered into the register kept by the Company, pursuant to Section 215 of the Corporations Act 2001 (Cth.).
Persons entitled to exercise these options and holders of performance rights have no right, by virtue of the options, to participate in
any share issue by the parent entity or any other body corporate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-329": { "value": "
C.5\u00a0 Contributed equity
31 December 2023
31 December 2022
$'000
$'000
Ordinary share capital:
2,129,050,013 ordinary fully paid shares (2022 2,129,006,569)
882,731
882,731
Movements in contributed equity, net of issuing costs:
Balance at the beginning of the year
882,731
777,021
Placement of shares
\u2014
110,289
Share issue costs
\u2014
(4,579)
Balance at the end of the year
882,731
882,731
Recognition and measurement
Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Terms and conditions of contributed equity
Ordinary shares have the right to receive dividends as declared and in the event of winding up the Company, to participate in the
proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares
entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
Rights of employee share-based payment recipients
Refer to E.9 for details of the employee share-based payment plans which includes option and performance rights plans. Each option
entitles the holder to purchase one share. The names of all persons who currently hold employee share options or performance rights,
granted at any time, are entered into the register kept by the Company, pursuant to Section 215 of the Corporations Act 2001 (Cth.).
Persons entitled to exercise these options and holders of performance rights have no right, by virtue of the options, to participate in
any share issue by the parent entity or any other body corporate.
C.6\u00a0 Other reserves
Reserve
Nature and purpose
Net unrealised gain/(loss) reserve
This reserve records fair value changes on financial assets at fair value through
other comprehensive income.
Convertible notes/Share options
equity reserve
This reserve records the value of the equity portion (conversion rights) of the
convertible notes and records the fair value of share options issued.
Employee benefits equity reserve
This reserve is used to recognise the fair value of options and performance rights
granted over the vesting year of the securities provided to employees.
Foreign currency translation reserve
Represents exchange differences arising on translation of foreign
controlled entities.
Non-controlling interests\u2019 reserve
This reserve records the difference between the fair value of the amount by which
the non-controlling interests were adjusted to record their initial relative interest
and the consideration paid for Resolute\u2019s acquisition for that share of the interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-331": { "value": "
Recognition and measurement
Issued and paid up capital is recognised at the fair value of the consideration received by the Company. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Terms and conditions of contributed equity
Ordinary shares have the right to receive dividends as declared and in the event of winding up the Company, to participate in the
proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares
entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
Rights of employee share-based payment recipients
Refer to E.9 for details of the employee share-based payment plans which includes option and performance rights plans. Each option
entitles the holder to purchase one share. The names of all persons who currently hold employee share options or performance rights,
granted at any time, are entered into the register kept by the Company, pursuant to Section 215 of the Corporations Act 2001 (Cth.).
Persons entitled to exercise these options and holders of performance rights have no right, by virtue of the options, to participate in
any share issue by the parent entity or any other body corporate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-332": { "value": "
C.6\u00a0 Other reserves
Reserve
Nature and purpose
Net unrealised gain/(loss) reserve
This reserve records fair value changes on financial assets at fair value through
other comprehensive income.
Convertible notes/Share options
equity reserve
This reserve records the value of the equity portion (conversion rights) of the
convertible notes and records the fair value of share options issued.
Employee benefits equity reserve
This reserve is used to recognise the fair value of options and performance rights
granted over the vesting year of the securities provided to employees.
Foreign currency translation reserve
Represents exchange differences arising on translation of foreign
controlled entities.
Non-controlling interests\u2019 reserve
This reserve records the difference between the fair value of the amount by which
the non-controlling interests were adjusted to record their initial relative interest
and the consideration paid for Resolute\u2019s acquisition for that share of the interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-333": { "value": "
Liquidity risk management
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities or having the availability of funding
through an adequate amount of undrawn committed credit facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-334": { "value": "
D.1\u00a0 Receivables
31 December 2023
31 December 2022
$'000
$'000
Current
Gold price contingent receivable
34,060
\u2014
Trade and other receivables
8,743
37
Taxation receivables\u00b9
17,299
48,756
Total
60,102
48,793
Non-current
Gold price contingent receivable
\u2014
13,636
Other receivables
29
\u2014
Promissory notes receivables
42,378
40,015
Taxation receivables\u00b9
12,049
\u2014
Total
54,456
53,651
1. The taxation receivables primarily relate to indirect taxes.
Trade and other receivables for $8.7 million relates to gold sales for which funds have not been received at 31 December 2023.
The tax receivable balance includes VAT receivables of $19.4 million (31 December 2022 $12.1 million) largely attributable to the Syama
operation and a VAT receivable of $9.9 million (31 December 2022 $34.9 million) due to the Mako\u2019s operations post exoneration. Resolute
continues to work with its advisors and the Malian and Senegalese Authorities on the timely release of VAT refunds. Refer to Note D.4.
Gold price contingent receivable of $34.1 million (31 December 2022 $13.6 million) relates to the notes receivable for the sale of the
Ravenswood mine have been moved to current assets in the 2023 period as all performance hurdles associated with the sale are
expected to be met, and payment is expected in the next twelve months.
The credit quality of receivables can be assessed by reference to external credit ratings (if available) or to historical information about
counterparty default rates:
31 December 2023
31 December 2022
$'000
$'000
Counterparties with external credit ratings
F1
8,743
\u2014
AA+
352
52
Counterparties without external credit ratings(*)
Group 1
51,003
34,912
Group 2
3
13,829
Total receivables
60,102
48,793
* Group 1 refers to existing counterparties with no defaults in the past. Group 2 refers to existing counterparties where difficulty in recovering these debts in the past has
been\u00a0experienced.
Recognition and measurement
Trade receivables are initially recognised at fair value and subsequently at amortised cost less a provision for any expected credit
losses. Trade receivables are due for settlement no more than 30 days from the date of recognition.
Taxation receivables are considered statutory in nature and therefore not accounted for as financial assets under AASB 9. Taxation
receivables are initially recognised and subsequently measured at amortised cost.
Fair value and foreign exchange risk
The carrying amount of receivables determines their approximate fair value. The Group always recognises the lifetime expected credit
loss for trade receivables carried at amortised cost. The expected credit losses on these financial assets are estimated based on the
Group\u2019s historic credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an
assessment of both the current as well as forecast conditions at the reporting date.
For all other receivables measured at amortised cost, the Group recognises lifetime expected credit losses when there has been a
significant increase in credit risk since initial recognition. If the credit risk on the financial instrument has not increased significantly
since initial recognition, the Group measures the loss allowance for the financial instrument at an amount equal to expected credit
losses within the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-335": { "value": "
D.1\u00a0 Receivables
31 December 2023
31 December 2022
$'000
$'000
Current
Gold price contingent receivable
34,060
\u2014
Trade and other receivables
8,743
37
Taxation receivables\u00b9
17,299
48,756
Total
60,102
48,793
Non-current
Gold price contingent receivable
\u2014
13,636
Other receivables
29
\u2014
Promissory notes receivables
42,378
40,015
Taxation receivables\u00b9
12,049
\u2014
Total
54,456
53,651
1. The taxation receivables primarily relate to indirect taxes.
Trade and other receivables for $8.7 million relates to gold sales for which funds have not been received at 31 December 2023.
The tax receivable balance includes VAT receivables of $19.4 million (31 December 2022 $12.1 million) largely attributable to the Syama
operation and a VAT receivable of $9.9 million (31 December 2022 $34.9 million) due to the Mako\u2019s operations post exoneration. Resolute
continues to work with its advisors and the Malian and Senegalese Authorities on the timely release of VAT refunds. Refer to Note D.4.
Gold price contingent receivable of $34.1 million (31 December 2022 $13.6 million) relates to the notes receivable for the sale of the
Ravenswood mine have been moved to current assets in the 2023 period as all performance hurdles associated with the sale are
expected to be met, and payment is expected in the next twelve months.
The credit quality of receivables can be assessed by reference to external credit ratings (if available) or to historical information about
counterparty default rates:
31 December 2023
31 December 2022
$'000
$'000
Counterparties with external credit ratings
F1
8,743
\u2014
AA+
352
52
Counterparties without external credit ratings(*)
Group 1
51,003
34,912
Group 2
3
13,829
Total receivables
60,102
48,793
* Group 1 refers to existing counterparties with no defaults in the past. Group 2 refers to existing counterparties where difficulty in recovering these debts in the past has
been\u00a0experienced.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-336": { "value": "54456000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:254900MP8JONT590XY28", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-337": { "value": "
Recognition and measurement
Trade receivables are initially recognised at fair value and subsequently at amortised cost less a provision for any expected credit
losses. Trade receivables are due for settlement no more than 30 days from the date of recognition.
Taxation receivables are considered statutory in nature and therefore not accounted for as financial assets under AASB 9. Taxation
receivables are initially recognised and subsequently measured at amortised cost.
Fair value and foreign exchange risk
The carrying amount of receivables determines their approximate fair value. The Group always recognises the lifetime expected credit
loss for trade receivables carried at amortised cost. The expected credit losses on these financial assets are estimated based on the
Group\u2019s historic credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an
assessment of both the current as well as forecast conditions at the reporting date.
For all other receivables measured at amortised cost, the Group recognises lifetime expected credit losses when there has been a
significant increase in credit risk since initial recognition. If the credit risk on the financial instrument has not increased significantly
since initial recognition, the Group measures the loss allowance for the financial instrument at an amount equal to expected credit
losses within the next 12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-338": { "value": "
Taxation receivables are considered statutory in nature and therefore not accounted for as financial assets under AASB 9. Taxation
receivables are initially recognised and subsequently measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-339": { "value": "
Fair value and foreign exchange risk
The carrying amount of receivables determines their approximate fair value. The Group always recognises the lifetime expected credit
loss for trade receivables carried at amortised cost. The expected credit losses on these financial assets are estimated based on the
Group\u2019s historic credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an
assessment of both the current as well as forecast conditions at the reporting date.
For all other receivables measured at amortised cost, the Group recognises lifetime expected credit losses when there has been a
significant increase in credit risk since initial recognition. If the credit risk on the financial instrument has not increased significantly
since initial recognition, the Group measures the loss allowance for the financial instrument at an amount equal to expected credit
losses within the next 12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-340": { "value": "
D.2\u00a0 Inventories
31 December 2023
31 December 2022
$'000
$'000
Dor\u00e9 bars
13,340
10,276
Gold in circuit1
50,837
41,755
Ore stockpiles2
47,523
60,747
Consumables, spare parts and supplies3
66,206
76,086
Total inventories
177,906
188,864
Less: Non-current metal inventories
(42,489)
(42,434)
Current portion of inventories
135,417
146,430
1. Includes a charge of $1.6 million to adjust the costs of gold in circuit to net realisable value (\"NRV\").
2. Includes a charge of $85.0 million to adjusts the costs of ore stockpiles to NRV.
3. Includes a charge of $13.0 million to adjust the costs of consumables, spare parts and supplies to NRV.
Recognition and measurement
Finished goods (bullion), gold in circuit and stockpiles of unprocessed ore are stated at the lower of cost and estimated net realisable
value. Cost comprises of direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the
latter being allocated on the basis of normal operating capacity. Costs are assigned to ore stockpiles and gold in circuit items of
inventory on the basis of weighted average costs. Net realisable value is the estimated selling price in the ordinary course of business
(excluding derivatives) less the estimated costs of completion and the estimated costs necessary to make the sale. Inventory write offs
and net realisable value movements are presented in the Statement of Comprehensive Income in \u201cinventories write off and net realisable
value movements\u201d as these are non-cash and do not relate to cost of production for gold sales during the year. Consumables have been
valued at cost less an appropriate provision for obsolescence. Cost is determined on a weighted average basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-341": { "value": "
Recognition and measurement
Finished goods (bullion), gold in circuit and stockpiles of unprocessed ore are stated at the lower of cost and estimated net realisable
value. Cost comprises of direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the
latter being allocated on the basis of normal operating capacity. Costs are assigned to ore stockpiles and gold in circuit items of
inventory on the basis of weighted average costs. Net realisable value is the estimated selling price in the ordinary course of business
(excluding derivatives) less the estimated costs of completion and the estimated costs necessary to make the sale. Inventory write offs
and net realisable value movements are presented in the Statement of Comprehensive Income in \u201cinventories write off and net realisable
value movements\u201d as these are non-cash and do not relate to cost of production for gold sales during the year. Consumables have been
valued at cost less an appropriate provision for obsolescence. Cost is determined on a weighted average basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-342": { "value": "
D.3\u00a0 Payables
31 December 2023
31 December 2022
$'000
$'000
Trade creditors
35,277
28,937
Accruals
32,025
34,763
Total payables
67,302
63,700
Recognition and measurement
Liabilities for trade creditors and other amounts are carried at amortised cost which is the amount initially recognised, minus
repayments whether or not billed to the consolidated entity.
Payables to related parties are carried at the principal amount. Interest, when charged by the lender, is recognised as an expense on
an accruals basis. Payables are non-interest bearing and generally settled on 30-90 day terms. Due to the short-term nature of these
payables, their carrying value is assumed to approximate their fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-343": { "value": "
Recognition and measurement
Liabilities for trade creditors and other amounts are carried at amortised cost which is the amount initially recognised, minus
repayments whether or not billed to the consolidated entity.
Payables to related parties are carried at the principal amount. Interest, when charged by the lender, is recognised as an expense on
an accruals basis. Payables are non-interest bearing and generally settled on 30-90 day terms. Due to the short-term nature of these
payables, their carrying value is assumed to approximate their fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-344": { "value": "
D.4\u00a0 Provisions
31 December 2023
31 December 2022
$'000
$'000
Current
Site restoration
626
1,220
Employee entitlements
5,744
4,336
Dividend payable
136
136
Provision for indirect taxes
57,021
92,936
Other provisions
2,661
1,749
Total provisions (current)
66,188
100,377
Non Current
Site restoration
85,570
70,874
Employee entitlements
293
670
Total provisions (non current)
85,863
71,544
The Group has reversed $66.7 million (comprised of $34.9 million VAT, $17.3 million indirect taxes, and $14.5 million income tax) of the
tax claim by the Senegalese tax authority as the exoneration dispute was settled for an amount of $5 million.
Recognition and measurement
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount
of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future
cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks
specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a
borrowing cost.
Employee benefits
The Group does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of each reporting date.
The Group recognises a liability for long service leave and annual leave measured as the present value of expected future payments
to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and
salary levels, experience of employee departures, and years of service. Expected future payments are discounted using market yields
at the reporting date on high quality corporate bonds with terms to maturity and currencies that match, as closely as possible, the
estimated future cash outflows.
Restoration obligations
The Group records the present value of the estimated cost of obligations, such as those under the consolidated entity\u2019s Environmental
Policy, to restore operating locations in the year in which the obligation is incurred. The nature of restoration activities includes
dismantling and removing structures, rehabilitating mines, dismantling operating facilities, closure of plant and waste sites and
restoration, reclamation and revegetation of affected areas.
31 December 2023
31 December 2022
$'000
$'000
Site restoration
Balance at the beginning of the year
72,094
73,967
Rehabilitation and restoration provision accretion
2,930
1,047
Change in scope of restoration provision
11,647
(996)
Utilised during the year
(1,139)
(630)
Foreign exchange translation
664
(1,294)
Balance at the end of the year
86,196
72,094
Reconciled as:
Current provision
626
1,220
Non current provision
85,570
70,874
Total provision
86,196
72,094
D.4\u00a0 Provisions (continued)
31 December 2023
31 December 2022
$'000
$'000
Balance at the beginning of the year
92,936
50,381
Reversal of prior year provisions
(53,121)
\u2014
Tax payments
(4,455)
(1,610)
Foreign exchange translation
440
1,965
Current year provisions
21,221
42,200
Closing Balance
57,021
92,936
Key estimates and judgements
Taxation
The Group operates mainly in Australia, Senegal, and Mali, and has entities in several other countries. Accordingly, it is subject to,
and\u00a0pays taxes under the applicable tax regimes in those countries in which it operates. Significant judgement is required in the
interpretation or application of certain tax rules when determining the provision for taxes due to the complexity of the legislation
and\u00a0differing government practices.
The Group has recognised tax provisions with respect to current assessments received from the tax authorities in the jurisdictions
in\u00a0which it operates. The provisions for these assessments are based on management\u2019s and its advisor's best estimate of the outcome
of those assessments, based on the validity of the issues in the assessment, management's support for their position, and the
expectation with respect to any negotiations to settle the assessment.
Management re-evaluates the outstanding tax assessments regularly to update their estimates related to the outcome for those
assessments considering the criteria above. Management considers any other claims to be without merit or foundation and will
strongly defend its position in relation to these matters and follow the appropriate process to support its position. Accordingly, no
provision or further disclosure has been made as the likelihood of a material outflow of economic benefits in respect of those claims
whose outcome is considered to be remote. In forming this assessment, management has considered the professional advice
received, the mining conventions and tax laws in place in the various jurisdictions, and the facts and circumstances of each
individual\u00a0claim.
As at 31 December 2023, the Group had total tax exposures of up to $250.0 million reflecting new assessments received for which
a\u00a0provision of $112.1 million has been recognised in current liabilities prior to the application of tax offsets of $55.1 million. (As at
31\u00a0December 2022, the Group had total tax exposures of up to $200.0 million for which a net provision of $146.4 million prior to the
application of tax offsets of $53.5 million was recognised as tax payable included in current liabilities).
Restoration
In determining an appropriate level of provision, consideration is given to the expected future costs to be incurred, the timing of these
expected future costs (largely dependent on the life of the mine), and the estimated future level of inflation. The discount rate used in
the calculation of these provisions is consistent with the risk-free rate. The ultimate cost of decommissioning and restoration is
uncertain, and costs can vary in response to many factors including changes to the relevant legal requirements, the emergence of
new restoration techniques or experience at other mine sites. The expected timing of expenditure can also change, for example in
response to changes in reserves or to production rates. Changes to any of the estimates could result in significant changes to the
level of provisioning required, which would in turn impact future financial results.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-345": { "value": "
Recognition and measurement
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount
of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future
cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks
specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a
borrowing cost.
Employee benefits
The Group does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of each reporting date.
The Group recognises a liability for long service leave and annual leave measured as the present value of expected future payments
to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and
salary levels, experience of employee departures, and years of service. Expected future payments are discounted using market yields
at the reporting date on high quality corporate bonds with terms to maturity and currencies that match, as closely as possible, the
estimated future cash outflows.
Restoration obligations
The Group records the present value of the estimated cost of obligations, such as those under the consolidated entity\u2019s Environmental
Policy, to restore operating locations in the year in which the obligation is incurred. The nature of restoration activities includes
dismantling and removing structures, rehabilitating mines, dismantling operating facilities, closure of plant and waste sites and
restoration, reclamation and revegetation of affected areas.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-346": { "value": "
Employee benefits
The Group does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of each reporting date.
The Group recognises a liability for long service leave and annual leave measured as the present value of expected future payments
to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and
salary levels, experience of employee departures, and years of service. Expected future payments are discounted using market yields
at the reporting date on high quality corporate bonds with terms to maturity and currencies that match, as closely as possible, the
estimated future cash outflows.
Share-based payments
Equity-based compensation benefits are provided to employees via the Group\u2019s share option plan and performance rights plan.
The\u00a0Group determines the fair value of securities issued and recognises an expense in the profit and loss over the vesting year with
a\u00a0corresponding increase in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-347": { "value": "
Restoration obligations
The Group records the present value of the estimated cost of obligations, such as those under the consolidated entity\u2019s Environmental
Policy, to restore operating locations in the year in which the obligation is incurred. The nature of restoration activities includes
dismantling and removing structures, rehabilitating mines, dismantling operating facilities, closure of plant and waste sites and
restoration, reclamation and revegetation of affected areas.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-348": { "value": "
D.5\u00a0 Leases
The Group has lease contracts for various items of mining equipment and buildings used in its operations. Leases of mining
equipment generally have lease terms between three and seven years, while buildings generally have lease terms between three
and\u00a0five years. Generally, the Group is restricted from assigning and subleasing the leased assets.
The Group also has certain contracts which contain a lease with terms of 12 months or less and contracts which contain a lease
of\u00a0low value. Th e Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these.
Buildings
Plant and
Equipment
Total
31 December 2023
$'000
$'000
$'000
Lease assets
At 1 January 2023
1,609
11,844
13,453
Additions
168
\u2014
168
Lease Termination
(277)
\u2014
(277)
Depreciation
(540)
(2,960)
(3,500)
Foreign currency translation
(12)
274
262
Balance at the end of the year
948
9,158
10,106
At 31 December 2023
Historical cost
4,006
36,652
40,658
Accumulated depreciation
(3,058)
(27,494)
(30,552)
Net carrying amount
948
9,158
10,106
Lease liabilities
At 1 January 2023
1,710
14,199
15,909
Additions
168
\u2014
168
Lease Termination
(334)
\u2014
(334)
Repayments
(620)
(3,408)
(4,028)
Accreretion of interest
65
817
882
Foreign currency translation
137
(39)
98
Balance at the end of the year
1,126
11,569
12,695
At 31 December 2023
Current
278
2,792
3,070
Non current
848
8,777
9,625
Carrying amount at 31 December 2023
1,126
11,569
12,695
D.5\u00a0 Leases (continued)
Buildings
Plant and
Equipment
Total
31 December 2022
$'000
$'000
$'000
Lease assets
At 1 January 2022
1,057
6,651
7,708
Additions
1,137
7,371
8,508
Depreciation
(550)
(1,904)
(2,454)
Foreign currency translation
(35)
(273)
(308)
Balance at the end of the year
1,609
11,845
13,453
At 31 December 2022
Historical cost
3,839
36,422
40,261
Accumulated depreciation
(2,230)
(24,578)
(26,808)
Net carrying amount
1,609
11,844
13,453
Lease liabilities
At 1 January 2022
1,219
9,858
11,077
Additions
1,137
7,371
8,508
Repayments
(614)
(3,084)
(3,698)
Accretion of interest
39
447
486
Foreign currency translation
(71)
(393)
(464)
Balance at the end of the year
1,710
14,199
15,909
At 31 December 2022
Current
645
2,728
3,373
Non current
1,065
11,471
12,536
Carrying amount at 31 December 2022
1,710
14,199
15,909
Maturity profile of lease liabilities
The table below presents the contractual undiscounted cash flows associated with the Group\u2019s lease liabilities, representing principal
and interest. The figures will not necessarily reconcile with the amounts disclosed in the consolidated statement of financial position.
31 December 2023
31 December 2022
$'000
$'000
Due for payment in:
1 year or less
3,346
4,299
1-2 years
3,323
3,848
2-3 years
826
3,421
3-4 years
625
860
4-5 years
625
796
More than 5 years
5,784
6,216
Total
14,529
19,440
D.5\u00a0 Leases (continued)
Key estimates and judgements
Incremental borrowing rate
The Group cannot readily determine the interest rate implicit in its leases. Therefore, it uses the relevant incremental borrowing rate
(IBR) to measure lease liabilities. The IBR is the rate of interest that the lessee would have to pay to borrow over a similar term and
with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic
environment. The IBR, therefore, reflects what the lessee would have to pay, which requires estimation when no observable rates are
available and to make adjustments to reflect the terms and conditions of the lease. Lease liabilities were discounted using a weighted
average incremental borrowing rate for 31\u00a0December 2023 of 5.8% (December 2022: 8.1%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-349": { "value": "
The Group has lease contracts for various items of mining equipment and buildings used in its operations. Leases of mining
equipment generally have lease terms between three and seven years, while buildings generally have lease terms between three
and\u00a0five years. Generally, the Group is restricted from assigning and subleasing the leased assets.
The Group also has certain contracts which contain a lease with terms of 12 months or less and contracts which contain a lease
of\u00a0low value. Th e Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-350": { "value": "
D.6\u00a0 Financial instruments
Foreign exchange risk management
The following table summarises the sensitivity to a reasonably possible change in foreign exchange rates with all other variables
held\u00a0constant:
Foreign exchange risk1
+10%
-10%
Carrying
Amount
Profit
Equity
Profit
Equity
$'000
$'000
$'000
$'000
$'000
31 December 2023
Other financial assets
1,412
128
128
(157)
(157)
Loans to subsidiaries
570,625
51,875
51,875
(63,403)
(63,403)
Payables
67,302
16,157
16,157
14,024
14,024
Total increase/(decrease)
68,160
68,160
(49,536)
(49,536)
31 December 2022
Loans to subsidiaries
691,630
62,876
62,876
(76,848)
(76,848)
Payables
63,700
137
137
(168)
(168)
Total increase/(decrease)
63,013
63,013
(77,016)
(77,016)
1. The above analysis principally relates to the risks associated with movements in the Australian dollar against the US dollar.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-351": { "value": "
E.1\u00a0 Ravenswood receivables
On 15 January 2020, Resolute signed a definitive agreement for the sale of the Ravenswood Gold Mine in Queensland to a consortium
comprising of a fund managed by private equity manager EMR Capital and energy and mining company Golden Energy and
Resources Limited. The consideration for the sale comprised A$50.0 million of cash up front, A$50.0 million promissory note and up
to\u00a0A$200.0 million potential payments. The asset sale was completed on 31 March 2020 and was reported in the comparative period
as a discontinued operation.
Gold Price Contingent Payment Instrument
A Gold Price Contingent Payment is payable to Resolute for years following Financial Close based on the following bands:
\u25aa A$10m if the average gold price is greater than A$1,900/oz
\u25aa A$20m if the average gold price is greater than A$1,975/oz
\u25aa A$30m if the average gold price is greater than A$2,050/oz
\u25aa A$40m if the average gold price is greater than A$2,075/oz
\u25aa A$50m if the average gold price is greater than A$2,100/oz.
Payment of the Gold Price Contingent Payment is subject to the cumulative ounces produced from Ravenswood exceeding
500,000oz of gold over the four-year period and is subject to adjustment if the production adopted by the buyer is reduced or lower
than expected.
For the Gold Price Contingent Payment Instrument, we have assessed the likelihood of the production target being met as well as the
likely weighted average gold price to be achieved over the four-year period. We have used the following assumptions in the
determination of this variable consideration:
\u25aa Resolute assumed that the 500,000oz of gold production over the four-year period will be met.
\u25aa Resolute used forecast gold prices submitted by reputable banks and brokerage firms and forecast out to a period of up to 5 years.
\u25aa Resolute assessed that the occurrence of a liquidity event (defined as a completion of a disposal, an initial public offering where
control is not maintained or a winding up of the company) within the 4-year period to be unlikely.
The Gold Price Contingent Payment Instrument is valued at a net present value of A$50.0 million ($34.0 million) at 31\u00a0December 2023
and 31\u00a0December 2022, based on the most likely amount method.
The Promissory Note is initially valued at net present value of A$50.0 million and subsequently measured at amortised cost under
AASB 9 of A$62.2 million ($42.4 million) as at 31\u00a0December 2023 ( $58.7 million/ $40.0 million at 31 December 2022).
31 December 2023
31 December 2022
$'000
$'000
Financial Instruments
Due between one and five years
51,213
51,259
Total contractual receipts
51,213
51,259
Less future interest charges
(8,835)
(11,244)
Total promissory notes receivable
42,378
40,015
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-354": { "value": "
E.2\u00a0 Commitments
Other commitments not disclosed elsewhere in this report include:
Randgold/Syama Royalty
Pursuant to the terms of the Syama Sale and Purchase Agreement, Randgold Resources Limited (now Barrick Gold Corporation)
receive a royalty on Syama production, where the gold price exceeds US$350 per ounce, of US$10 per ounce on the first million
ounces of gold production attributable to Resolute Mining Limitedand US$5 per ounce on the next three million attributable ounces
of\u00a0gold production. As at 31\u00a0December 2023, Resolute\u2019s 80% attributable share of Syama\u2019s project to date gold production was
1,729,336 ounces of gold, therefore the royalty is currently US$5 per ounce.
Gold contracts
As part of its risk management policy, the Group enters into gold forward contracts to manage the gold price for a proportion
of\u00a0anticipated sales of gold. As at 31\u00a0December 2023, 48,500 ounces were hedged.
The gold forward contracts disclosed below did not meet the criteria of financial instruments for accounting purposes on the basis
that they met the normal purchase/sale exemption because physical gold would be delivered into the contract. Accordingly, the
contracts were accounted for as sale contracts with revenue recognised in the year in which the gold commitment was met.
Gold for Physical
Contracted Gold
Sale Price
Value of
Committed Sales
31 December 2023
Delivery Ounces
per Ounce
$'000
US$
Within one year
48,500
1,995
94,818
Total
48,500
1,995
94,818
Gold for Physical
Contracted Gold
Sale Price
Value of
Committed Sales
31 December 2022
Delivery Ounces
per Ounce
$'000
US$
Within one year
155,000
1,890
292,950
Between one and five years
17,500
1,849
32,358
Total
172,500
1,886
325,308
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-353": { "value": "
E.2\u00a0 Commitments
Other commitments not disclosed elsewhere in this report include:
Randgold/Syama Royalty
Pursuant to the terms of the Syama Sale and Purchase Agreement, Randgold Resources Limited (now Barrick Gold Corporation)
receive a royalty on Syama production, where the gold price exceeds US$350 per ounce, of US$10 per ounce on the first million
ounces of gold production attributable to Resolute Mining Limitedand US$5 per ounce on the next three million attributable ounces
of\u00a0gold production. As at 31\u00a0December 2023, Resolute\u2019s 80% attributable share of Syama\u2019s project to date gold production was
1,729,336 ounces of gold, therefore the royalty is currently US$5 per ounce.
Gold contracts
As part of its risk management policy, the Group enters into gold forward contracts to manage the gold price for a proportion
of\u00a0anticipated sales of gold. As at 31\u00a0December 2023, 48,500 ounces were hedged.
The gold forward contracts disclosed below did not meet the criteria of financial instruments for accounting purposes on the basis
that they met the normal purchase/sale exemption because physical gold would be delivered into the contract. Accordingly, the
contracts were accounted for as sale contracts with revenue recognised in the year in which the gold commitment was met.
Gold for Physical
Contracted Gold
Sale Price
Value of
Committed Sales
31 December 2023
Delivery Ounces
per Ounce
$'000
US$
Within one year
48,500
1,995
94,818
Total
48,500
1,995
94,818
Gold for Physical
Contracted Gold
Sale Price
Value of
Committed Sales
31 December 2022
Delivery Ounces
per Ounce
$'000
US$
Within one year
155,000
1,890
292,950
Between one and five years
17,500
1,849
32,358
Total
172,500
1,886
325,308
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-352": { "value": "
E.2\u00a0 Commitments
Other commitments not disclosed elsewhere in this report include:
Randgold/Syama Royalty
Pursuant to the terms of the Syama Sale and Purchase Agreement, Randgold Resources Limited (now Barrick Gold Corporation)
receive a royalty on Syama production, where the gold price exceeds US$350 per ounce, of US$10 per ounce on the first million
ounces of gold production attributable to Resolute Mining Limitedand US$5 per ounce on the next three million attributable ounces
of\u00a0gold production. As at 31\u00a0December 2023, Resolute\u2019s 80% attributable share of Syama\u2019s project to date gold production was
1,729,336 ounces of gold, therefore the royalty is currently US$5 per ounce.
Gold contracts
As part of its risk management policy, the Group enters into gold forward contracts to manage the gold price for a proportion
of\u00a0anticipated sales of gold. As at 31\u00a0December 2023, 48,500 ounces were hedged.
The gold forward contracts disclosed below did not meet the criteria of financial instruments for accounting purposes on the basis
that they met the normal purchase/sale exemption because physical gold would be delivered into the contract. Accordingly, the
contracts were accounted for as sale contracts with revenue recognised in the year in which the gold commitment was met.
Gold for Physical
Contracted Gold
Sale Price
Value of
Committed Sales
31 December 2023
Delivery Ounces
per Ounce
$'000
US$
Within one year
48,500
1,995
94,818
Total
48,500
1,995
94,818
Gold for Physical
Contracted Gold
Sale Price
Value of
Committed Sales
31 December 2022
Delivery Ounces
per Ounce
$'000
US$
Within one year
155,000
1,890
292,950
Between one and five years
17,500
1,849
32,358
Total
172,500
1,886
325,308
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-355": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-356": { "value": "
E.3\u00a0 Auditor remuneration
31 December 2023
31 December 2022
$
$
EY Australia
225,921
133,522
Total amounts received or due and receivable for an audit or review of the
parents financial statements
225,921
133,522
EY Australia
133,227
193,954
Other EY firms
87,500
109,375
Other non-EY firms
113,348
75,234
Total amounts received or due and receivable for an audit or review of any
controlled entities financial statements
334,075
378,563
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-359": { "value": "
E.4\u00a0 Subsidiaries and non-controlling interests
Material subsidiaries
The following were materially controlled entities during the year and have been included in the consolidated accounts. All entities in
the consolidated entity carry on business in their place of incorporation.
Name of Controlled Entity and Country of
Incorporation
Consolidated Entity
Company Holding the Investment
Percentage of Shares Held by
Consolidated Entity
31 December 2023
31 December 2022
%
%
Bambuk Minerals Limited, Mauritius
Toro Gold Limited
100
100
Carpentaria Gold Pty Ltd, Australia
Resolute Mining Limited
100
100
Petowal Mining Company S.A., Senegal
Bambuk Minerals Limited
90
90
Resolute Corporate
Services Pty Ltd, Australia
Resolute (Treasury) Pty Ltd
100
100
Resolute Corporate Services UK Limited, UK
Toro Gold Limited
100
100
Resolute UK 1 Limited, UK
Resolute Mining Limited
100
100
Resolute UK 2 Limited, UK
Resolute UK 1 Limited
100
100
Soci\u00e9t\u00e9 des Mines de Finkolo S.A., Mali
Resolute (Finkolo) Pty Ltd
90
90
Soci\u00e9t\u00e9 des Mines de Syama S.A., Mali
Resolute (SOMISY) Pty Ltd
80
80
31 December 2023
31 December 2022
Material partly-owned subsidiaries
$'000
$'000
Accumulated share of (deficiency)/equity attributable to material Non-
Controlling Interest:
Soci\u00e9t\u00e9 des Mines de Syama SA (\"SOMISY\")
(58,199)
(77,412)
Soci\u00e9t\u00e9 des Mines de Finkolo SA (\"Finkolo\")
(4,043)
(3,538)
Petowal Mining Company SA (\"Mako\")
14,269
9,010
Total Non-Controlling Interest
(47,973)
(71,940)
Profit/(loss) allocated to material Non-Controlling Interest:
SOMISY
21,079
(163)
Finkolo
(382)
(1,722)
Mako
5,259
1,303
Total Non-Controlling Interest
25,956
(582)
E.4\u00a0 Subsidiaries and non-controlling interests (continued)
The summarised financial information of subsidiaries with non-controlling interests is provided below. This information is based
on\u00a0amounts before inter-company eliminations.
31 December
2023
31 December
2022
31 December
2023
31 December
2022
31 December
2023
31 December
2022
$'000
$'000
$'000
$'000
$'000
$'000
SOMISY
Finkolo
Mako
Statement of Comprehensive Income
Revenue
370,429
350,687
31,140
63,682
229,298
236,760
Gain/(loss) for the year
106,114
(3,967)
(14,955)
(18,388)
30,610
4,027
Total comprehensive (loss)/income for the year
109,130
(26,059)
(15,073)
(19,271)
25,351
4,470
Summarised Statement of Financial Position
Current assets
183,115
221,905
61,917
12,716
58
76,394
Non current assets
312,649
295,899
15,606
20,139
801
135,422
Current Liabilities
(133,808)
(143,749)
(3,273)
(16,785)
(122)
(97,083)
Non current liabilities \u2013 External
\u2014
(42,279)
\u2014
(9,103)
\u2014
(25,951)
Non current liabilities \u2013 Intra Resolute Mining
Limited Group
(538,162)
(695,606)
(65,286)
(48,054)
5,500
3,739
Net asset/(deficiency)
(176,206)
(363,830)
8,964
(41,087)
6,237
92,521
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-358": { "value": "
E.4\u00a0 Subsidiaries and non-controlling interests
Material subsidiaries
The following were materially controlled entities during the year and have been included in the consolidated accounts. All entities in
the consolidated entity carry on business in their place of incorporation.
Name of Controlled Entity and Country of
Incorporation
Consolidated Entity
Company Holding the Investment
Percentage of Shares Held by
Consolidated Entity
31 December 2023
31 December 2022
%
%
Bambuk Minerals Limited, Mauritius
Toro Gold Limited
100
100
Carpentaria Gold Pty Ltd, Australia
Resolute Mining Limited
100
100
Petowal Mining Company S.A., Senegal
Bambuk Minerals Limited
90
90
Resolute Corporate
Services Pty Ltd, Australia
Resolute (Treasury) Pty Ltd
100
100
Resolute Corporate Services UK Limited, UK
Toro Gold Limited
100
100
Resolute UK 1 Limited, UK
Resolute Mining Limited
100
100
Resolute UK 2 Limited, UK
Resolute UK 1 Limited
100
100
Soci\u00e9t\u00e9 des Mines de Finkolo S.A., Mali
Resolute (Finkolo) Pty Ltd
90
90
Soci\u00e9t\u00e9 des Mines de Syama S.A., Mali
Resolute (SOMISY) Pty Ltd
80
80
31 December 2023
31 December 2022
Material partly-owned subsidiaries
$'000
$'000
Accumulated share of (deficiency)/equity attributable to material Non-
Controlling Interest:
Soci\u00e9t\u00e9 des Mines de Syama SA (\"SOMISY\")
(58,199)
(77,412)
Soci\u00e9t\u00e9 des Mines de Finkolo SA (\"Finkolo\")
(4,043)
(3,538)
Petowal Mining Company SA (\"Mako\")
14,269
9,010
Total Non-Controlling Interest
(47,973)
(71,940)
Profit/(loss) allocated to material Non-Controlling Interest:
SOMISY
21,079
(163)
Finkolo
(382)
(1,722)
Mako
5,259
1,303
Total Non-Controlling Interest
25,956
(582)
E.4\u00a0 Subsidiaries and non-controlling interests (continued)
The summarised financial information of subsidiaries with non-controlling interests is provided below. This information is based
on\u00a0amounts before inter-company eliminations.
31 December
2023
31 December
2022
31 December
2023
31 December
2022
31 December
2023
31 December
2022
$'000
$'000
$'000
$'000
$'000
$'000
SOMISY
Finkolo
Mako
Statement of Comprehensive Income
Revenue
370,429
350,687
31,140
63,682
229,298
236,760
Gain/(loss) for the year
106,114
(3,967)
(14,955)
(18,388)
30,610
4,027
Total comprehensive (loss)/income for the year
109,130
(26,059)
(15,073)
(19,271)
25,351
4,470
Summarised Statement of Financial Position
Current assets
183,115
221,905
61,917
12,716
58
76,394
Non current assets
312,649
295,899
15,606
20,139
801
135,422
Current Liabilities
(133,808)
(143,749)
(3,273)
(16,785)
(122)
(97,083)
Non current liabilities \u2013 External
\u2014
(42,279)
\u2014
(9,103)
\u2014
(25,951)
Non current liabilities \u2013 Intra Resolute Mining
Limited Group
(538,162)
(695,606)
(65,286)
(48,054)
5,500
3,739
Net asset/(deficiency)
(176,206)
(363,830)
8,964
(41,087)
6,237
92,521
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-357": { "value": "
E.4\u00a0 Subsidiaries and non-controlling interests
Material subsidiaries
The following were materially controlled entities during the year and have been included in the consolidated accounts. All entities in
the consolidated entity carry on business in their place of incorporation.
Name of Controlled Entity and Country of
Incorporation
Consolidated Entity
Company Holding the Investment
Percentage of Shares Held by
Consolidated Entity
31 December 2023
31 December 2022
%
%
Bambuk Minerals Limited, Mauritius
Toro Gold Limited
100
100
Carpentaria Gold Pty Ltd, Australia
Resolute Mining Limited
100
100
Petowal Mining Company S.A., Senegal
Bambuk Minerals Limited
90
90
Resolute Corporate
Services Pty Ltd, Australia
Resolute (Treasury) Pty Ltd
100
100
Resolute Corporate Services UK Limited, UK
Toro Gold Limited
100
100
Resolute UK 1 Limited, UK
Resolute Mining Limited
100
100
Resolute UK 2 Limited, UK
Resolute UK 1 Limited
100
100
Soci\u00e9t\u00e9 des Mines de Finkolo S.A., Mali
Resolute (Finkolo) Pty Ltd
90
90
Soci\u00e9t\u00e9 des Mines de Syama S.A., Mali
Resolute (SOMISY) Pty Ltd
80
80
31 December 2023
31 December 2022
Material partly-owned subsidiaries
$'000
$'000
Accumulated share of (deficiency)/equity attributable to material Non-
Controlling Interest:
Soci\u00e9t\u00e9 des Mines de Syama SA (\"SOMISY\")
(58,199)
(77,412)
Soci\u00e9t\u00e9 des Mines de Finkolo SA (\"Finkolo\")
(4,043)
(3,538)
Petowal Mining Company SA (\"Mako\")
14,269
9,010
Total Non-Controlling Interest
(47,973)
(71,940)
Profit/(loss) allocated to material Non-Controlling Interest:
SOMISY
21,079
(163)
Finkolo
(382)
(1,722)
Mako
5,259
1,303
Total Non-Controlling Interest
25,956
(582)
E.4\u00a0 Subsidiaries and non-controlling interests (continued)
The summarised financial information of subsidiaries with non-controlling interests is provided below. This information is based
on\u00a0amounts before inter-company eliminations.
31 December
2023
31 December
2022
31 December
2023
31 December
2022
31 December
2023
31 December
2022
$'000
$'000
$'000
$'000
$'000
$'000
SOMISY
Finkolo
Mako
Statement of Comprehensive Income
Revenue
370,429
350,687
31,140
63,682
229,298
236,760
Gain/(loss) for the year
106,114
(3,967)
(14,955)
(18,388)
30,610
4,027
Total comprehensive (loss)/income for the year
109,130
(26,059)
(15,073)
(19,271)
25,351
4,470
Summarised Statement of Financial Position
Current assets
183,115
221,905
61,917
12,716
58
76,394
Non current assets
312,649
295,899
15,606
20,139
801
135,422
Current Liabilities
(133,808)
(143,749)
(3,273)
(16,785)
(122)
(97,083)
Non current liabilities \u2013 External
\u2014
(42,279)
\u2014
(9,103)
\u2014
(25,951)
Non current liabilities \u2013 Intra Resolute Mining
Limited Group
(538,162)
(695,606)
(65,286)
(48,054)
5,500
3,739
Net asset/(deficiency)
(176,206)
(363,830)
8,964
(41,087)
6,237
92,521
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-360": { "value": "
E.5\u00a0 Subsequent events
On 25 March 2024 the Company repaid the remaining $25.0 million outstanding on the Syndicated Debt Facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-361": { "value": "
E.6\u00a0 Related party disclosures
Resolute is the ultimate Australian holding company and there is no controlling entity of Resolute at 31\u00a0December 2023. No related
party transactions occurred during the period other than payments to KMP as disclosed in E.8.
E.7\u00a0 Parent entity information
31 December 2023
31 December 2022
$'000
$'000
Current assets
76,583
77,242
Total assets
544,342
477,319
Current liabilities
(2,169)
(5,825)
Total liabilities
(2,169)
(5,825)
Net assets
542,173
471,494
Issued capital
882,731
882,731
Accumulated losses
(423,245)
(469,485)
Reserve
82,687
58,248
Total shareholders\u2019 equity
542,173
471,494
Total comprehensive profit/(loss) of Resolute Mining Limited
71,980
(177,694)
Refer to E.2 for the commitments of Resolute Mining Limited. The parent company guarantees provided by Resolute Mining Limited
are outlined in C.4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-362": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-363": { "value": "Resolute Mining Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-365": { "value": "
E.8\u00a0 Employee benefits and share-based payments
31 December 2023
31 December 2022
$'000
$'000
Salaries
44,918
47,036
Superannuation and oncosts
10,324
9,942
Share-based payments expense
1,763
634
Total employee benefits charged to profit and loss
57,005
57,612
Share-based payments
Equity-based compensation benefits are provided to employees via the Group\u2019s share option plan and performance rights plan.
The\u00a0Group determines the fair value of securities issued and recognises an expense in the profit and loss over the vesting year with
a\u00a0corresponding increase in equity.
Key management personnel
Details of remuneration provided to key management personnel are as follows:
31 December 2023
31 December 2022
$
$
Short-term employee benefits
2,743,244
2,426,172
Post-employment benefits
107,016
91,143
Long-term employment benefits
(6,006)
(5,905)
Share-based payments
540,940
(50,053)
Total
3,385,194
2,461,357
Key estimates and judgements
Share-based payments
The Group measures the cost of equity settled share-based payment transactions with reference to the fair value at the grant date
using a Black Scholes formula or Monte Carlo simulation. The valuations take into account the terms and conditions upon which the
instruments were granted such as the exercise price, the term of the option or performance right, the vesting and performance
criteria, the impact of dilution, the non-tradeable nature of the option or performance right, the share price at grant date and expected
price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option or
performance right.
E.8\u00a0 Employee benefits and share-based payments (continued)
Performance rights plan
Performance Rights Plan Category
Type of employee
Band A0
Managing Director and CEO
Band A1 and A2
CFO
COO
Executive General Manager \u2013 Exploration
General Counsel & Company Secretary
Band B1
General Managers
Plan category
Grant and frequency
Performance measures
Performance period
Band AO
Annually set at 100% of
fixed remuneration for
the Managing Director
and CEO
The rights will be performance tested against the relative total
shareholder return (\u201cRTSR\u201d) measure over a 3 year period
3 years
Band A1 and
A2
Annually set at 65% of
fixed remuneration
The rights will be performance tested against the RTSR measure
over a 3 year period
3 years
Band B1
Annually set at 40% of
fixed remuneration
The rights will be performance tested against the RTSR measure
over a 3 year period
3 years
Issue Date
Total Number
Fair Value per
Right at Grant
Date
A$
Vesting Date
Performance rights on issue
Band A1 and A2
26/10/2018
13,550
$0.92
30/6/2021
Band A1 and A2
21/5/2019
73,377
$0.93
31/12/2021
Band A0
22/6/2022
1,958,147
$0.26
31/12/2024
Band A1, A2 and B1
22/6/2022
3,307,957
$0.26
31/12/2024
Band A0
16/5/2023
3,548,554
$0.40
31/12/2025
Band A1, A2 and B1
16/5/2023
5,334,883
$0.40
31/12/2025
As at 31 December 2023
14,236,468
E.8\u00a0 Employee benefits and share-based payments (continued)
Issue Date
Total Number
Fair Value
per Right at
Grant Date
A$
Vesting Date
Opening number of performance rights1
10,916,506
Decrease through lapsing of performance rights
(Band A0)
22/5/2020
(194,352)
$0.56
31/12/2022
Decrease through conversion of shares upon
vesting of performance rights (Band A1 to A2)
22/5/2020
(863,792)
$0.85
31/12/2022
Decrease through lapsing of performance rights
(Band A1 to A2)
14/7/2021
(443,716)
$0.43
31/12/2023
Decrease through lapsing of performance rights
(Band A1, A2 and B1)
14/7/2021
(1,398,849)
$0.57
31/12/2023
Decrease through lapsing of performance rights
(Band A1)
6/12/2021
(211,276)
$0.37
31/12/2023
Decrease through lapsing of performance rights
(Band B1)
6/12/2021
(219,942)
$0.31
31/12/2023
Decrease through lapsing of performance rights
(Band A1 to A2)
6/12/2021
(264,171)
$0.32
31/12/2023
Decrease through lapsing of performance rights
(Band A1, A2, B1)
16/5/2023
(3,932,077)
$0.40
31/12/2025
Increase through issue of performance rights to
eligible employees (Band A0)
16/5/2023
3,548,554
$0.40
31/12/2025
Increase through issue of performance rights to
eligible employees (Band A1, A2 and B1)
16/5/2023
9,266,960
$0.40
31/12/2025
Closing number of performance rights
14,236,468
1. All performance rights have an exercise price of $nil.
E.8\u00a0 Employee benefits and share-based payments (continued)
The following tables list the key variables used in the valuation of each performance rights granted to key management personnel
during the year ended 31\u00a0December 2023:
1 January 2023 Grant
Band A0
1 January 2023 Grant
Band A1,A2 and B1
Hurdle
RTSR rights
RTSR rights
Number of performance rights issued
3,548,554
9,266,960
Underlying share price ($)
0.20
0.20
Exercise price ($)
0.00
0.00
Risk free rate
3.79%
3.79%
Volatility factor
68.50%
68.50%
Dividend yield
\u2014%
\u2014%
Period of the rights from grant date (years)
3.00
3.00
Effect of performance hurdles
Fair value of performance rights granted
Value of performance right at grant date (Band A0)
$0.40
Value of performance right at grant date (Band A1, A2 and B1)
$0.40
The following tables list the key variables used in the valuation of each performance rights granted to key management personnel
during the year ended 31\u00a0December 2022:
22 June 2022 Grant
Hurdle
RTSR rights
Number of performance rights issued
$8,516,376
Underlying share price ($)
0.28
Exercise price ($)
0.00
Risk free rate
79.00%
Volatility factor
58.30%
Dividend yield
91.00%
Period of the rights from grant date (years)
3.00
Effect of performance hurdles
Fair value of performance rights granted
Value of performance right at grant date (Band A0)
0.19
Value of performance right at grant date (Band A1, A2 and B1)
0.19
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-364": { "value": "
E.8\u00a0 Employee benefits and share-based payments
31 December 2023
31 December 2022
$'000
$'000
Salaries
44,918
47,036
Superannuation and oncosts
10,324
9,942
Share-based payments expense
1,763
634
Total employee benefits charged to profit and loss
57,005
57,612
Share-based payments
Equity-based compensation benefits are provided to employees via the Group\u2019s share option plan and performance rights plan.
The\u00a0Group determines the fair value of securities issued and recognises an expense in the profit and loss over the vesting year with
a\u00a0corresponding increase in equity.
Key management personnel
Details of remuneration provided to key management personnel are as follows:
31 December 2023
31 December 2022
$
$
Short-term employee benefits
2,743,244
2,426,172
Post-employment benefits
107,016
91,143
Long-term employment benefits
(6,006)
(5,905)
Share-based payments
540,940
(50,053)
Total
3,385,194
2,461,357
Key estimates and judgements
Share-based payments
The Group measures the cost of equity settled share-based payment transactions with reference to the fair value at the grant date
using a Black Scholes formula or Monte Carlo simulation. The valuations take into account the terms and conditions upon which the
instruments were granted such as the exercise price, the term of the option or performance right, the vesting and performance
criteria, the impact of dilution, the non-tradeable nature of the option or performance right, the share price at grant date and expected
price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option or
performance right.
E.8\u00a0 Employee benefits and share-based payments (continued)
Performance rights plan
Performance Rights Plan Category
Type of employee
Band A0
Managing Director and CEO
Band A1 and A2
CFO
COO
Executive General Manager \u2013 Exploration
General Counsel & Company Secretary
Band B1
General Managers
Plan category
Grant and frequency
Performance measures
Performance period
Band AO
Annually set at 100% of
fixed remuneration for
the Managing Director
and CEO
The rights will be performance tested against the relative total
shareholder return (\u201cRTSR\u201d) measure over a 3 year period
3 years
Band A1 and
A2
Annually set at 65% of
fixed remuneration
The rights will be performance tested against the RTSR measure
over a 3 year period
3 years
Band B1
Annually set at 40% of
fixed remuneration
The rights will be performance tested against the RTSR measure
over a 3 year period
3 years
Issue Date
Total Number
Fair Value per
Right at Grant
Date
A$
Vesting Date
Performance rights on issue
Band A1 and A2
26/10/2018
13,550
$0.92
30/6/2021
Band A1 and A2
21/5/2019
73,377
$0.93
31/12/2021
Band A0
22/6/2022
1,958,147
$0.26
31/12/2024
Band A1, A2 and B1
22/6/2022
3,307,957
$0.26
31/12/2024
Band A0
16/5/2023
3,548,554
$0.40
31/12/2025
Band A1, A2 and B1
16/5/2023
5,334,883
$0.40
31/12/2025
As at 31 December 2023
14,236,468
E.8\u00a0 Employee benefits and share-based payments (continued)
Issue Date
Total Number
Fair Value
per Right at
Grant Date
A$
Vesting Date
Opening number of performance rights1
10,916,506
Decrease through lapsing of performance rights
(Band A0)
22/5/2020
(194,352)
$0.56
31/12/2022
Decrease through conversion of shares upon
vesting of performance rights (Band A1 to A2)
22/5/2020
(863,792)
$0.85
31/12/2022
Decrease through lapsing of performance rights
(Band A1 to A2)
14/7/2021
(443,716)
$0.43
31/12/2023
Decrease through lapsing of performance rights
(Band A1, A2 and B1)
14/7/2021
(1,398,849)
$0.57
31/12/2023
Decrease through lapsing of performance rights
(Band A1)
6/12/2021
(211,276)
$0.37
31/12/2023
Decrease through lapsing of performance rights
(Band B1)
6/12/2021
(219,942)
$0.31
31/12/2023
Decrease through lapsing of performance rights
(Band A1 to A2)
6/12/2021
(264,171)
$0.32
31/12/2023
Decrease through lapsing of performance rights
(Band A1, A2, B1)
16/5/2023
(3,932,077)
$0.40
31/12/2025
Increase through issue of performance rights to
eligible employees (Band A0)
16/5/2023
3,548,554
$0.40
31/12/2025
Increase through issue of performance rights to
eligible employees (Band A1, A2 and B1)
16/5/2023
9,266,960
$0.40
31/12/2025
Closing number of performance rights
14,236,468
1. All performance rights have an exercise price of $nil.
E.8\u00a0 Employee benefits and share-based payments (continued)
The following tables list the key variables used in the valuation of each performance rights granted to key management personnel
during the year ended 31\u00a0December 2023:
1 January 2023 Grant
Band A0
1 January 2023 Grant
Band A1,A2 and B1
Hurdle
RTSR rights
RTSR rights
Number of performance rights issued
3,548,554
9,266,960
Underlying share price ($)
0.20
0.20
Exercise price ($)
0.00
0.00
Risk free rate
3.79%
3.79%
Volatility factor
68.50%
68.50%
Dividend yield
\u2014%
\u2014%
Period of the rights from grant date (years)
3.00
3.00
Effect of performance hurdles
Fair value of performance rights granted
Value of performance right at grant date (Band A0)
$0.40
Value of performance right at grant date (Band A1, A2 and B1)
$0.40
The following tables list the key variables used in the valuation of each performance rights granted to key management personnel
during the year ended 31\u00a0December 2022:
22 June 2022 Grant
Hurdle
RTSR rights
Number of performance rights issued
$8,516,376
Underlying share price ($)
0.28
Exercise price ($)
0.00
Risk free rate
79.00%
Volatility factor
58.30%
Dividend yield
91.00%
Period of the rights from grant date (years)
3.00
Effect of performance hurdles
Fair value of performance rights granted
Value of performance right at grant date (Band A0)
0.19
Value of performance right at grant date (Band A1, A2 and B1)
0.19
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-366": { "value": "
Share-based payments
Equity-based compensation benefits are provided to employees via the Group\u2019s share option plan and performance rights plan.
The\u00a0Group determines the fair value of securities issued and recognises an expense in the profit and loss over the vesting year with
a\u00a0corresponding increase in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-367": { "value": "
Key management personnel
Details of remuneration provided to key management personnel are as follows:
31 December 2023
31 December 2022
$
$
Short-term employee benefits
2,743,244
2,426,172
Post-employment benefits
107,016
91,143
Long-term employment benefits
(6,006)
(5,905)
Share-based payments
540,940
(50,053)
Total
3,385,194
2,461,357
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-371": { "value": "
New and amended Accounting Standards and Interpretations issued but not yet effective
A number of new Standards, amendment of Standards and interpretations have recently been issued but are not yet effective and
have not been adopted by the Group as at the financial reporting date. The potential effect of these Standards is yet to be fully
determined. However, it is not expected that the new or amended standards will significantly affect the Group\u2019s accounting policies,
financial position or performance, except for the following:
Title
Application Date for Group
Detail
Amendments to AASB 101:
Classification of Liabilities as
Current or Non-current
1 January 2024
In January 2020, the IASB issued amendments to paragraphs 69 to 76 of
AASB 101 to specify the requirements for classifying liabilities as current
or non-current. The amendments clarify:
\u25aa what is meant by a right to defer settlement
\u25aa that a right to defer must exist at the end of the reporting year
\u25aa that classification is unaffected by the likelihood that an entity will
exercise its deferral right
\u25aa that only if an embedded derivative is a convertible liability is itself an
equity instrument would the terms of a liability not impact its
classification.
The Group is currently assessing the impact the amendments will have on
current practice and whether existing loan agreements may require
renegotiation.
Amendments to AASs \u2013
Lack of Exchangeability
1 January 2025
In August 2023, the International Accounting Standards Board (IASB)
issued Lack of Exchangeability, which amended IAS 21 The Effects of
Changes in Foreign Exchange Rates.
The amendments require a consistent approach to determining:
\u25aa Whether a currency is exchangeable into another currency
\u25aa The spot exchange rate to use when it is not exchangeable.
The amendments are not expected to have a material impact on
the\u00a0Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-370": { "value": "
New and amended Accounting Standards and Interpretations issued but not yet effective
A number of new Standards, amendment of Standards and interpretations have recently been issued but are not yet effective and
have not been adopted by the Group as at the financial reporting date. The potential effect of these Standards is yet to be fully
determined. However, it is not expected that the new or amended standards will significantly affect the Group\u2019s accounting policies,
financial position or performance, except for the following:
Title
Application Date for Group
Detail
Amendments to AASB 101:
Classification of Liabilities as
Current or Non-current
1 January 2024
In January 2020, the IASB issued amendments to paragraphs 69 to 76 of
AASB 101 to specify the requirements for classifying liabilities as current
or non-current. The amendments clarify:
\u25aa what is meant by a right to defer settlement
\u25aa that a right to defer must exist at the end of the reporting year
\u25aa that classification is unaffected by the likelihood that an entity will
exercise its deferral right
\u25aa that only if an embedded derivative is a convertible liability is itself an
equity instrument would the terms of a liability not impact its
classification.
The Group is currently assessing the impact the amendments will have on
current practice and whether existing loan agreements may require
renegotiation.
Amendments to AASs \u2013
Lack of Exchangeability
1 January 2025
In August 2023, the International Accounting Standards Board (IASB)
issued Lack of Exchangeability, which amended IAS 21 The Effects of
Changes in Foreign Exchange Rates.
The amendments require a consistent approach to determining:
\u25aa Whether a currency is exchangeable into another currency
\u25aa The spot exchange rate to use when it is not exchangeable.
The amendments are not expected to have a material impact on
the\u00a0Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-369": { "value": "
New and amended Accounting Standards and Interpretations issued but not yet effective
A number of new Standards, amendment of Standards and interpretations have recently been issued but are not yet effective and
have not been adopted by the Group as at the financial reporting date. The potential effect of these Standards is yet to be fully
determined. However, it is not expected that the new or amended standards will significantly affect the Group\u2019s accounting policies,
financial position or performance, except for the following:
Title
Application Date for Group
Detail
Amendments to AASB 101:
Classification of Liabilities as
Current or Non-current
1 January 2024
In January 2020, the IASB issued amendments to paragraphs 69 to 76 of
AASB 101 to specify the requirements for classifying liabilities as current
or non-current. The amendments clarify:
\u25aa what is meant by a right to defer settlement
\u25aa that a right to defer must exist at the end of the reporting year
\u25aa that classification is unaffected by the likelihood that an entity will
exercise its deferral right
\u25aa that only if an embedded derivative is a convertible liability is itself an
equity instrument would the terms of a liability not impact its
classification.
The Group is currently assessing the impact the amendments will have on
current practice and whether existing loan agreements may require
renegotiation.
Amendments to AASs \u2013
Lack of Exchangeability
1 January 2025
In August 2023, the International Accounting Standards Board (IASB)
issued Lack of Exchangeability, which amended IAS 21 The Effects of
Changes in Foreign Exchange Rates.
The amendments require a consistent approach to determining:
\u25aa Whether a currency is exchangeable into another currency
\u25aa The spot exchange rate to use when it is not exchangeable.
The amendments are not expected to have a material impact on
the\u00a0Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-368": { "value": "
New and amended Accounting Standards and Interpretations issued but not yet effective
A number of new Standards, amendment of Standards and interpretations have recently been issued but are not yet effective and
have not been adopted by the Group as at the financial reporting date. The potential effect of these Standards is yet to be fully
determined. However, it is not expected that the new or amended standards will significantly affect the Group\u2019s accounting policies,
financial position or performance, except for the following:
Title
Application Date for Group
Detail
Amendments to AASB 101:
Classification of Liabilities as
Current or Non-current
1 January 2024
In January 2020, the IASB issued amendments to paragraphs 69 to 76 of
AASB 101 to specify the requirements for classifying liabilities as current
or non-current. The amendments clarify:
\u25aa what is meant by a right to defer settlement
\u25aa that a right to defer must exist at the end of the reporting year
\u25aa that classification is unaffected by the likelihood that an entity will
exercise its deferral right
\u25aa that only if an embedded derivative is a convertible liability is itself an
equity instrument would the terms of a liability not impact its
classification.
The Group is currently assessing the impact the amendments will have on
current practice and whether existing loan agreements may require
renegotiation.
Amendments to AASs \u2013
Lack of Exchangeability
1 January 2025
In August 2023, the International Accounting Standards Board (IASB)
issued Lack of Exchangeability, which amended IAS 21 The Effects of
Changes in Foreign Exchange Rates.
The amendments require a consistent approach to determining:
\u25aa Whether a currency is exchangeable into another currency
\u25aa The spot exchange rate to use when it is not exchangeable.
The amendments are not expected to have a material impact on
the\u00a0Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-372": { "value": "Level 17, Australia2 EsplanadePerth,Western Australia 6000", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-373": { "value": "Level 17, Australia2 EsplanadePerth,Western Australia 6000", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:254900MP8JONT590XY28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }