93 Westgold Resources Limited Annual Report 2022 30.COMMITMENTS (a) Capital commitments At 30 June 2022, the Group has capital commitments that relate principally to the purchase and maintenance of plant and equipment for its mining operations. Capital expenditure commitments 2022 2021 - Within one year 17,715,233 19,360,999 (b) Mineral tenement lease commitments The Company has commercial leases over the tenements in which the mining operations are located. These tenement leases have a life of between six months and twenty-one years. In order to maintain current rights to explore and mine the tenements, the Group is required to performminimum exploration work to meet the expenditure requirements specified by the relevant state governing body. There are no restrictions placed on the lessee by entering into these contracts. 2022 2021 Mineral tenement leases: - Within one year 4,395,253 4,158,593 - After one year but not more than five years 17,132,795 16,361,419 - After more than five years 23,423,341 25,743,066 44,951,389 46,263,078 (c) Other commitments The Group has obligations for various expenditures such as royalties, production-based payments and exploration expenditure. Such expenditures are predominantly related to the earning of revenue in the ordinary course of business. 2022 2021 Royalties paid under contractual arrangements 23,537,397 21,922,481 31. CONTINGENT ASSETS AND LIABILITIES (i) Bank guarantees and rental deposits The Group has a number of bank guarantees and rental deposits in favour of various government authorities and service providers. These primarily relate to office leases and environmental and rehabilitation bonds at the various projects. The total amount of these guarantees at the reporting date is $1,930,033 (2021: $1,149,449). The bank guarantees are fully secured by term deposits (refer to Note 14).
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