NORTH077 Annual Report 2020 V5.2 DIGITAL

More documents

Recommendations

Info

66 NORTHERN MINERALS _ ANNUAL REPORT 2021 NORTHERN MINERALS LIMITED NOTES TO THE FINANCIAL STATEMENTS 8. Financial Assets and Financial Liabilities and other receivables and liabilities (continued) Other financial assets are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. (i) Fair values of other financial assets Due to their short-term nature, the financial assets 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 other financial assets, their credit quality and the group’s exposure to credit risk, foreign currency risk and interest rate risk can be found in note 9. (d) Trade and other payables 2021 $ <strong>2020</strong> $ Current Trade and other payables 1,430,157 6,901,061 Trade and other payables (Refer to note 8(e)) (Secured) - 4,463,309 1,430,157 11,364,370 Trade and other payables are classified as loans and are carried at amortised cost. They are noninterest bearing and represent liabilities for goods and services provided to the Group prior to the end of the financial period. They are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and are usually paid within 30 days of recognition. These are included in current liabilities. Liabilities where payment is not due within 12 months from the reporting date, which are classified as non-current liabilities. (i) Fair values of trade and other payables Due to their short-term nature, current trade and other payables carrying amounts are 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 group’s exposure to credit risk, foreign currency risk and interest rate risk can be found in note 9. Details of the fair values of non-current trade and other payables can be found in note 8(g). 34
67 NORTHERN MINERALS LIMITED NOTES TO THE FINANCIAL STATEMENTS 8. Financial Assets and Financial Liabilities and other receivables and liabilities (continued) (e) Interest Bearing Liabilities At Amortised Cost Interest Rate 2021 $ <strong>2020</strong> $ Current Convertible note (Unsecured) - JHY Inv Pty Ltd 10%/16% - 3,831,044 Convertible note (Unsecured) - Yuzhen Ma 10% - 319,726 Equipment finance (Secured) 2.90%-6.50% 16,307 142,865 Right of use asset lease liability (Refer to note 15% 56,752 - 10) 73,059 4,293,635 Non-Current Equipment finance (Secured) 2.90%-6.50% - 25,485 Right of use asset lease liability (Refer to note 15% 10) 219,280 - 219,280 25,485 At Fair value through profit and loss Current Convertible note (Unsecured) - Lind 0% - 1,534,558 - 1,534,558 Total Interest Bearing Liabilities Current 73,059 5,828,193 Non-Current 219,280 25,485 292,339 5,853,678 Commitments in relation to hire purchase leases are payable as follows: Within one year 16,884 147,371 Later than one year but not later than five years - 25,485 Minimum lease payments 16,884 172,856 Future finance charges (577) (4,506) Total lease liabilities 16,307 168,350 The present value of hire purchase lease liabilities is as follows: Within one year 16,307 147,753 Later than one year but not later than five years - 20,597 Minimum lease payments 16,307 168,350 Aside from amounts disclosed above as measured at Fair Value through profit and loss, borrowings are classified as loans and are initially recognised at fair value net of directly attributable transaction costs. Subsequent to initial recognition, interest bearing liabilities are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in the statement of profit or loss when the liabilities are derecognised. Interest bearing liabilities are classified as current liabilities, except when the Group has an unconditional right to defer settlement for at least 12 months after the reporting date in which case the liabilities are classified as non-current. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. The fee is capitalised as a prepayment and amortised over the remaining period of the facility to which it relates once it is drawn down. 35 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 and 66: 63 7. Income Tax Expense NORTHERN M
Page 67: 65 NORTHERN MINERALS LIMITED NOTES
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?