NORTH077 Annual Report 2020 V5.2 DIGITAL

More documents

Recommendations

Info

64 NORTHERN MINERALS _ ANNUAL REPORT 2021 7. Income Tax Expense (continued) NORTHERN MINERALS LIMITED NOTES TO THE FINANCIAL STATEMENTS The tax effect of certain temporary differences is not recognised, principally with respect to: • Temporary differences arising on the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. • Temporary differences relating to investments and undistributed earnings in subsidiaries, to the extent that the company is able to control its reversal and it is probable that it will not reverse in the foreseeable future. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax assets are reviewed at each balance date and amended to the extent it is no longer probable that the related tax benefit will be realised. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Current and deferred tax is recognised in profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Based on the disclosure in note 3, the current income tax position represents the Directors’ best estimate, in respect of R&D and the decline in value of the pilot plant. 8. Financial Assets and Financial Liabilities and other receivables and liabilities (a) Cash and cash equivalents Current 2021 $ 2020 $ Cash at bank and on hand 19,897,420 6,660,568 19,897,420 6,660,568 Cash in the statement of financial position comprises cash at bank and in hand and short-term deposits, with an original maturity of three months or less, that are readily convertible to known amounts of cash, and that are subject to an insignificant risk of changes in value. For the purposes of the Statement of Cash Flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. (b) Current Trade and other receivables 2021 $ 2020 $ Trade receivables - 407,335 GST receivable 113,566 516,718 Prepayments 159,260 2,664,719 Other receivables - 318,843 R&D rebate receivable (Refer note 5) 4,396,282 20,407,988 4,669,108 24,315,603 32
65 NORTHERN MINERALS LIMITED NOTES TO THE FINANCIAL STATEMENTS 8. Financial Assets and Financial Liabilities and other receivables and liabilities (continued) (i) Other receivables Other receivables are amounts that generally arise from transactions outside the usual operating activities of the Group. They are recognised at amortised cost, less any allowance for expected credit losses. The Company assessed the balance in other receivables for expected credit losses but they were deemed to have no material impact. (ii) Research and development rebate receivable In early 2019, the Company lodged a formal appeal with AusIndustry regarding its initial decision that the Company’s activities were ‘ineligible R&D claims’ for the FY17 and FY18 periods. On 24 February 2020 the Company was advised that AusIndustry had completed its review of its initial decision and subsequently found that most of the Company’s R&D activities for these periods were in fact eligible and as a result, the Company finalised its FY17 to FY19 tax returns which include the relevant R&D rebate for those periods. The Company also estimated the R&D rebate for the 2020 financial year. In 2021 the receivable includes only the FY21 R & D rebate estimate. (iii) Trade receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses as per AASB 9 Financial Instruments. Trade receivables are generally due for settlement within 30 days. Information about the methods and assumptions used in determining fair value is provided in note 8(g). Information about the impairment of trade and other receivables, their credit quality and the group’s exposure to credit risk, foreign currency risk and interest rate risk can be found in note 9. (iv) Fair values of trade and other receivables Due to their short-term nature, their carrying amount is approximate to their fair value. Information about the methods and assumptions used in determining fair value is provided in note 8(g). Information about the impairment of trade and other receivables, their credit quality and the Group’s exposure to credit risk, foreign currency risk and interest rate risk can be found in note 9. Prepayments include the following share-based payments: 2021 $ 2020 $ Lind collateral shares issued in the year (refer note 8 (e)) - 2,040,000 Lind options issued in the year (refer note 8(e)) - 396,667 - 2,436,667 (c) Other financial assets Non-Current Security deposits – rent and performance bonds 74,138 60,523 33 NORTHERN MINERALS _ ANNUAL REPORT 2021
Page 1 and 2:
2021 ANNUAL REPORT
Page 3 and 4:
1 Chairman’s Report NORTHERN MINE
Page 5 and 6:
3 CEO’S Report NORTHERN MINERALS
Page 7 and 8:
5 Ore Sorter: The ore sorting syste
Page 9 and 10:
7 ENVIROMMENT, SOCIAL & GOVERNANCE
Page 11 and 12:
9 field team to conduct pre-clearan
Page 13 and 14:
11 Executive Team Our executive tea
Page 15 and 16: 13 COO Report NORTHERN MINERALS _ A
Page 17 and 18: 15 Commissioned: The ore sorter cir
Page 19 and 20: 17 rare earths into groups of produ
Page 21 and 22: 19 EXPLORATION & GEOLOGY REPORT The
Page 23 and 24: 21 The high-grade mineralisation oc
Page 25 and 26: 23 Figure 5: Banshee Prospect Drill
Page 27 and 28: 25 Browns Range Northern Territory
Page 29 and 30: 27 Ore Reserve and Mineral Resource
Page 31 and 32: 29 Mineral Resource The Mineral Res
Page 33 and 34: 31 Comparison with previous years O
Page 35 and 36: 33 NORTHERN MINERALS LIMITED DIRECT
Page 47 and 48: 45 4. Service agreements NORTHERN M
Page 57 and 58: 55 NORTHERN MINERALS LIMITED CONSOL
Page 59 and 60: 57 NORTHERN MINERALS LIMITED CONSOL
Page 61 and 62: 59 2. Basis of Preparation (continu
Page 63 and 64: 61 NORTHERN MINERALS LIMITED NOTES
Page 65: 63 7. Income Tax Expense NORTHERN M
Page 75 and 76: 73 9. Financial Risk Management (co
Page 79 and 80: 77 9. Financial Risk Management (co
Page 87 and 88: 85 11. Equity (continued) (i) Ordin
Page 95 and 96: 93 17. Share-based Payments (contin
Page 99 and 100: 97 19. Earnings per share NORTHERN
Page 101 and 102: 99 21. Segment Information NORTHERN
Page 105 and 106: 103 Auditor’s independence declar
Page 107 and 108: 105 Key audit matter How our audit
Page 109 and 110: 107 From the matters communicated w
Page 111 and 112: 109 Project Location Tenement ID St
Page 113 and 114: 111 b) Twenty largest shareholders
Page 115 and 116: 113 CORPORATE DIRECTORY Northern Mi
show all

NORTH077 Annual Report 2020 V5.2 DIGITAL

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?