71 Westgold Resources Limited Annual Report 2022 5. REVENUE 2022 2021 Sale of gold at spot 336,730,400 386,888,429 Sale of gold under forward contracts(1) 310,846,218 184,212,700 Mining and contracting services – 69,069 Total revenue from contracts with customers 647,576,618 571,170,198 Disaggregated revenue per segment has been disclosed in Note 33. No revenue was recognised during the year for performance obligations satisfied in previous periods. 1. Gold sold under forward contracts The Group’s operations are exposed to commodity price fluctuations. The Group has a commodity risk management hedging policy that authorises management to enter into price protection contracts to ensure revenue streams up to 60% of gold sales for up to three years of forecast production. At the end of the financial year, the Group had unrecognised sales contracts for 148,000 ounces at an average price of $2,396 per ounce ending in July 2023, under which the Group will deliver physical gold to settle. The transaction price allocated to remaining performance obligations under forward contracts not recognised at the balance sheet date at 30 June 2022 is as follows: 2022 2021 Gold forward contracts - Within 1 year 330,707,005 179,148,738 - 1 to 2 years 23,964,276 153,556,062 354,671,281 332,704,800 The amounts due are for delivery of gold which will be paid within 3 days of delivery. 6. OTHER INCOME 2022 2021 Interest income calculated using the effective interest rate method 266,150 334,738 Net gain on sale of assets 1,316,434 – Other income 3,080,833 1,957,496 Total other income 4,663,417 2,292,234
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