for the year ended 30 June 2025 FINANCIAL REPORT DIRECTORS’ REPORT REVIEW OF FINANCIAL CONDITION The Consolidated Statement of Cash Flows reflects a closing cash and cash equivalents of $240 million (2024: $236 million). Presentation currency The Group’s presentation currency is Australian (AUD) dollars. Consequently, unless otherwise stated, all references to dollars are to AUD dollars. Rounding The amounts contained in this Directors report have been rounded to the nearest million (unless rounding is not applicable) where noted ($ million) under the option available to the Company under ASIC Corporations (Rounding in Financial/ Director’s Reports) Instrument 2016/191. The Company is an entity to which this legislative instrument applies. Operating Activities Group cash flow generated by operating activities increased on that of the previous year with a total inflow of $357 million (2024: $352 million), without realising the $95.5 million worth of Bullion on hand at year end (19,040oz at a spot price of $5,019/oz). Investing Activities Cash flows used in investing activities across the Group increased on that of the previous year with a total outflow of $352 million (2024: $266 million). Cash flow applied to investing activities in the current year relate to the acquisition of Karora Resources, key growth capital at the Murchison and Southern Goldfields. Other capital investment was sustaining capital in all of the operating underground mines to maintain developed tonnes and production output at similar levels. The outflow was partially offset by the proceeds received relating to the sale of the Lakewood Mill. Total capital investment in mine properties and development, exploration and evaluation expenditure and property, plant and equipment during the current year was $293 million (2024: $272 million), broken into key operations as follows: – Murchison $237 million (2024: $272 million); – Southern Goldfields $56 million; and Capital commitments of $28 million (2024: $33 million) existed at the reporting date, principally relating to the purchase of plant and equipment. Exploration activities continued at all operations during the year with $43 million (2024: $25 million) expended. Financing Activities Net cash flows from financing activities amounted to an outflow of $50 million for normal financing activities and inflow of $50 million from syndicated facility (2024: outflow of $26 million). – The Group’s interest-bearing loans and borrowings increased to $147 million (2024: $55 million) for additions to the mobile mining fleet with the expanded growth activities. – The Group executed a Syndicated Facility Agreement (SFA) with ING Bank and Société Generale to increase the existing $100 million SFA to $300 million through the addition of a new $200 million facility with a three-year term, which the Group is able to utilise for general corporate purposes. During the year, the SFA was drawn down $50 million and remaining undrawn facilities is $250 million. SHARE ISSUES DURING THE YEAR During the year a total of 469,486,960 shares have been issued as part of the acquisition of Karora Resources. Refer to Note 35. DIVIDENDS Subsequent to year end, the Company declared an unfranked dividend of 3 cents per share. The total amount of this dividend has not been provided for in the 30 June 2025 Financial Statements. 48 WESTGOLD RESOURCES LIMITED
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