131 ANNUAL REPORT 2025 Key Audit Matter How the scope of our audit responded to the Key Audit Matter A key driver of the allocation of costs between operating and capital expenditure is the physical mining data associated with the mining activities. For underground operations this includes consideration of the development of declines, lateral and vertical development, as well as capital non-sustaining costs. Amortisation is applied to each area of interest using the expected contained ounces based on the most recent life of mine information. Amortisation rates are updated when estimated life of mine ounces are revised. • assessing the appropriateness of the allocation of costs between operating and capital expenditure based on the nature of the underlying activity and recalculating the allocation based on the underlying physical data; and • checking the mathematical accuracy of the modelling. For the Group’s unit of production amortisation calculations our procedures included, but were not limited to: • obtaining an understanding of the key controls management has in place in relation to the calculation of the unit of production amortisation rate; • testing the mathematical accuracy of the rates applied; and • agreeing the inputs to source documentation, including: o the allocation of contained ounces to the specific mine properties, including the assumed resource conversion; o the contained ounces to the applicable reserves and resources statement; and o the anticipated expenditures included in life of asset models. We also assessed the adequacy of the disclosures included in Note 15 to the financial statements. Rehabilitation provisions At 30 June 2025 a rehabilitation provision of $122.7 million was recognised. As disclosed in Note 20 the Group applies judgement in its determination of the rehabilitation provision, including: • assumptions relating to the manner in which rehabilitation will be undertaken; • scope and quantum of costs, and timing of the rehabilitation activities; and • the determination of appropriate inflation and discount rates to be adopted. Our procedures included, but were not limited to: • obtaining an understanding of, and assessing the design and implementation of, the key controls management has in place to estimate the rehabilitation provision; • agreeing rehabilitation cost estimates to underlying support, including reports from management’s external experts; • holding discussions with management’s experts to understand and challenge the adequacy and appropriateness of assumptions utilised in the cost estimates of the various rehabilitation activities, particularly in relation to labour costs, rehabilitation scope and activities, and disturbance areas; • assessing the independence, competence and objectivity of experts used by management; • assessing management’s position in regards to key uncertainties identified by the expert, and performing sensitivities on cost inputs where relevant; • confirming the closure and related rehabilitation dates are consistent with the latest life of mines estimates; • comparing the inflation and discount rates to available market information;
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