ANNUAL REPORT 2006

NOTE 14: FINANCIAL INSTRUMENT DISCLOSURES (continued)
(b)
(c)
Credit Risk
The Consolidated Entity’s maximum exposure to credit risk, excluding the value of any collateral or other
security, in relation to each class of recognised financial assets, is the carrying amount, net of any provisions
for doubtful debts, as disclosed in the Balance Sheet and Notes to the Financial Statements.
The Consolidated Entity does not have any material credit risk to any single debtor group or group of debtors
under financial arrangements entered into by the Consolidated Entity.
Net Fair Values
The net fair values of all monetary financial assets and liabilities approximate their carrying values. No
financial assets or financial liabilities are readily traded on organised markets in standardised form.
A N N U A L R E P O R T 2 0 0 6
The aggregate net fair values and carrying amounts of financial assets and liabilities are disclosed in the
Balance Sheet and Notes to the Financial Statements.
NOTE 15: COMMITMENTS AND CONTINGENCIES
Commitments
There are no outstanding commitments not provided for in the financial statements of the Consolidated Entity as at
30 June 2006 other than:
(a)
In order to maintain rights of tenure, the Consolidated Entity is committed to outlay an aggregate amount
of approximately $347,500 in 2006/2007, (2005/2006: $272,500) for mining tenement rentals and shire
rates and to meet the statutory minimum expenditure conditions applying to its tenements. Expenditure
commitments for the ensuing year and beyond 2006/2007 will vary according to whether:
(i)
(ii)
(iii)
(iv)
any of the existing tenements are relinquished or converted to other forms of title;
any of the existing tenements are farmed out;
new tenements are acquired; and
total or partial exemption from expenditure commitments is applied for and granted in respect to
individual tenements.
(b) Operating Leases Consolidated Parent
2006 2005 2006 2005
Commitments for minimum lease payments
$ $ $ $
in relation to non-cancellable operating
leases (rental of premises and vehicle lease)
are payable as follows:
Within one year 138,928 109,826 73,740 62,126
Later than one year but not later than
5 years 292,376 105,128 246,960 50,400
Later than 5 years - - - -
431,304 214,954 320,700 112,526
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