FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2025 110 WESTGOLD RESOURCES LIMITED 24. ISSUED CAPITAL (CONTINUED) (e) Performance Rights on issue 2025 Unissued ordinary shares of the Company under performance rights at the date of this report are as follows: Type Vesting Date Exercise Price Number of performance rights Unlisted - Tranche 6(i) 30/06/2025 Nil 1,847,314 Unlisted - Tranche 7(i) 30/06/2026 Nil 4,904,998 Unlisted - Tranche 8(i) 30/06/2027 Nil 4,187,240 Total 10,939,552 2024 Unissued ordinary shares of the Company under performance rights at the date of this report are as follows: Type Vesting Date Exercise Price Number of performance rights Unlisted - Tranche 5(i) 30/06/2024 Nil 1,161,058 Unlisted - Tranche 6(i) 30/06/2025 Nil 2,502,309 Unlisted - Tranche 7(i) 30/06/2026 Nil 6,206,935 Total 9,870,302 (i) Rights issued pursuant to the Westgold Resources Limited Employee Share Performance Rights Plan. (f) Performance Rights conversions 580,527 listed performance rights were exercised during the financial year (2024: 0). 2025 $000 2024 $000 (g) Capital management - gearing ratio Gearing ratio 10.23% 7.89% Debt(i) 201,588 54,609 Capital 1,969,476 691,801 (i) Debt represents Syndicated Facility Agreement, lease liabilities, royalty liability and equipment loans. The Group monitors capital using a gearing ratio, which is debt divided by the aggregate of equity. Capital includes issued capital and all other equity reserves attributable to the equity holders of the parent for the purpose of the Group’s capital management. The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise the shareholder’s value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may return capital to shareholders or issue new shares. No significant changes were made in the objectives, policies or processes other the inclusion of the Morgan Stanley Royalty liability.
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