Aeris Annual Report 2022

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Aeris Resources Limited Notes to the consolidated financial statements 30 June 2022 17. Provisions 2022 2021 $'000 $'000 Current liabilities Employee benefits 17,638 17,644 Other - 269 17,638 17,913 Non-current liabilities Employee benefits 692 752 Provision for rehabilitation and dismantling 36,736 28,908 37,428 29,660 55,066 47,573 Movements in provisions Movements in each class of provision during the current financial year, other than employee benefits, are set out below: Provision for rehabilitation and dismantling Other 2022 $'000 $'000 Carrying amount at the start of the year 28,908 269 Additional provisions recognised 6,406 - Amounts used - (269) Changes in assumptions 1,199 - Unwinding of discount 223 - Carrying amount at the end of the year 36,736 - Accounting policy for provisions Provisions are recognised when the consolidated entity has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Accounting policy for employee benefits Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. AERIS ANNUAL REPORT 2022 24 100
Aeris Resources Limited Notes to the consolidated financial statements 30 June 2022 17. Provisions (continued) Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date are measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Accounting policy for rehabilitation and dismantling The consolidated entity has obligations to dismantle, remove, restore and rehabilitate certain items of property, plant and equipment. Under AASB 116 Property, Plant and Equipment, the cost of an item of property, plant and equipment includes the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, the obligation for which the Group incurs either when the item is acquired, or as a consequence of having used the item during a particular period. AASB 137 Provisions, Contingent Liabilities, and Contingent Assets requires a provision to be raised for the present value of the estimated cost of settling the rehabilitation and restoration obligations existing at balance date. The estimated costs are discounted using a risk free discount rate that reflects the time value of money. The discount rate does not reflect risks for which future cash flow estimates have been adjusted. The increase in the provision due to the passage of time is recognised as interest expense. 18. Other liabilities 2022 2021 $'000 $'000 Current liabilities Deferred consideration - 14,144 Contingent consideration 4,975 - 4,975 14,144 Non-current liabilities Contingent consideration 17,041 20,418 22,016 34,562 Deferred Contingent consideration consideration Total $'000 $'000 $'000 Balance at 1 July 2021 14,144 20,418 34,562 Unwinding of discount 856 1,598 2,454 Payment of deferred consideration (15,000) - (15,000) Balance at 30 June 2022 - 22,016 22,016 Refer to note 23 for further information on fair value measurement. Deferred consideration The balance at 30 June 2021, represented the fair value of the deferred consideration ($15 million) in connection with the Cracow acquisition, which was paid on 30 June 2022. 25 ADVANCING AERIS 101
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Advancing Aeris 2022 Annual Report
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Contents 2022 HIGHLIGHTS IV EXECUTI
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Executive Chairman’s Letter To ou
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SECTION 1: FINANCIAL RESULTS During
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COVID-19 IMPACT The global COVID-19
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AVOCA TANK DEVELOPMENT The Avoca Ta
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EXPLORATION In FY2022, $13.5 millio
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MINERAL RESOURCE FOR THE CONSTELLAT
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CRACOW GOLD OPERATIONS The Cracow G
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SOUTHERN VEIN FIELD EXPLORATION Lim
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ADVANCING AERIS 17
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Jaguar Locations Map ADVANCING AERI
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STOCKMAN PROJECT The Stockman Proje
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ADVANCING AERIS 23
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MINERAL RESOURCE ESTIMATES The 2022
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SUMMARY OF COMPETENT PERSONS FOR 20
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WHAT DOES SUSTAINABILITY MEAN TO AE
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MINIMAL FOOTPRINT DESIGN Aeris has
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CARBON AND CLIMATE CHANGE Objective
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TRADITIONAL CUSTODIANS We acknowled
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INJURY RATES The total recordable i
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The Directors present their report,
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NAME, EXPERIENCE AND OTHER DIRECTOR
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SIGNIFICANT CHANGES IN THE STATE OF
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EXPLORATION The Tritton tenement pa
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EXPLORATION Since Aeris took owners
Page 53 and 54: FINANCIAL REVIEW During the financi
Page 55 and 56: MATERIAL BUSINESS RISKS Aeris prepa
Page 57 and 58: OPERATIONAL AND COST RISK The Compa
Page 59 and 60: SIGNIFICANT EVENTS AFTER THE BALANC
Page 61 and 62: NON-AUDIT SERVICES The Company may
Page 63 and 64: The Directors are pleased to presen
Page 65 and 66: REMUNERATION FRAMEWORK EXECUTIVE RE
Page 67 and 68: LONG TERM INCENTIVES (LTI) Previous
Page 69 and 70: Vesting Share price The number of P
Page 71 and 72: COMPANY PERFORMANCE AND REMUNERATIO
Page 73 and 74: DETAILS OF REMUNERATION Details of
Page 75 and 76: SHARE-BASED COMPENSATION Details of
Page 77 and 78: The Remuneration Committee consider
Page 79 and 80: Auditor’s Independence Declaratio
Page 81 and 82: Aeris Resources Limited Contents 30
Page 83 and 84: Aeris Resources Limited Consolidate
Page 85 and 86: Aeris Resources Limited Consolidate
Page 87 and 88: Aeris Resources Limited Notes to th
Page 103: Aeris Resources Limited Notes to th
Page 133 and 134: Independent auditor’s report To t
Page 135 and 136: ● Due to fluctuations in profit,
Page 137 and 138: Other information The directors are
Page 139 and 140: ADVANCING AERIS 135
Page 141 and 142: HOLDING DISTRIBUTION HOLDINGS RANGE
Page 143 and 144: ADVANCING AERIS 139
Page 145 and 146: GLOSSARY $ or A$ Australian dollar
Page 147: DIRECTORS ANDRE LABUSCHAGNE ROBERT
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Aeris Annual Report 2022

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