Aeris Annual Report 2022
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<strong>Aeris</strong> Resources Limited<br />
Notes to the consolidated financial statements<br />
30 June <strong>2022</strong><br />
14. Borrowings (continued)<br />
Total secured liabilities<br />
The total secured liabilities are as follows:<br />
<strong>2022</strong> 2021<br />
$'000 $'000<br />
Loans 358 27,392<br />
Assets pledged as security<br />
The carrying amount of non-current assets as at 30 June <strong>2022</strong> pledged as security for current and non-current borrowings<br />
and lease liabilities was $255,052,000 (2021: $167,722,000).<br />
Credit stand-by arrangements<br />
The consolidated entity has $nil (2021: $20,776,000) in restricted cash in respect of its obligations to provide<br />
environmental bonds over its mining and exploration licences.<br />
Financing arrangements<br />
Unrestricted access was available at the reporting date to the following lines of credit:<br />
<strong>2022</strong> 2021<br />
$'000 $'000<br />
Total facilities<br />
Loans 358 27,392<br />
Contingent Instrument Facility 45,000 -<br />
Working Capital Facility 20,000 -<br />
65,358 27,392<br />
Used at the reporting date<br />
Loans 358 27,392<br />
Contingent Instrument Facility 31,029 -<br />
Working Capital Facility - -<br />
31,387 27,392<br />
Unused at the reporting date<br />
Loans - -<br />
Contingent Instrument Facility 13,971 -<br />
Working Capital Facility 20,000 -<br />
33,971 -<br />
Accounting policy for borrowings<br />
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured<br />
at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is<br />
recognised in the consolidated statement of comprehensive income over the period of the borrowings using the effective<br />
interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the<br />
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<br />
down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the<br />
fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.<br />
21<br />
ADVANCING AERIS<br />
97
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