Aeris Annual Report 2022

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Aeris Resources Limited Notes to the consolidated financial statements 30 June 2022 4. Income tax (continued) Opening balance Net charged to comprehensive income Net credited to equity Closing balance 30 June 2021 $'000 $'000 $'000 $'000 Deferred tax asset Property, plant and equipment, exploration and mine properties 1,575 3,342 - 4,917 Transaction issuance costs 1,751 313 - 2,064 Provisions and accruals 7,855 5,182 - 13,037 Other 285 (8) 1,092 1,369 11,466 8,829 1,092 21,387 Deferred tax liability Inventories (2,217) (2,372) - (4,589) Exploration (9,249) (3,411) - (12,660) Rehabilitation assets - (3,046) - (3,046) (11,466) (8,829) - (20,295) Net deferred tax asset recognised - - 1,092 1,092 Accounting policy for income tax The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: ● When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or ● When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. AERIS ANNUAL REPORT 2022 Aeris Resources Limited (the 'head entity') and its wholly-owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated group has applied the 'separate taxpayer within group' approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group. 12 88
Aeris Resources Limited Notes to the consolidated financial statements 30 June 2022 4. Income tax (continued) In addition to its own current and deferred tax amounts, the head entity also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax consolidated group. 5. Cash and cash equivalents 2022 2021 $'000 $'000 Current assets Cash at bank 138,050 97,396 Accounting policy for cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 6. Trade and other receivables 2022 2021 $'000 $'000 Current assets Trade receivables 3,984 9,208 Other receivables 3,580 3,133 Less: Allowance for expected credit losses (176) - 3,404 3,133 7,388 12,341 Non-current assets Restricted cash - 20,776 7,388 33,117 Other receivables is primarily composed of receivables in relation to Australian GST refund claims and security deposits held. The restricted cash at 30 June 2021 related to cash held on deposit for security against bank guarantees held in relation to environmental bonding. The consolidated entity entered into a Contingent Instrument Facility with Australia and New Zealand Banking Group Limited during the year which resulted in the release of this restricted cash (refer note 14). Refer to note 22 for information about the impairment of trade receivables and the consolidated entity’s exposure to credit risk, foreign currency risk and interest rate risk. 13 ADVANCING AERIS 89
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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
Page 41 and 42: INJURY RATES The total recordable i
Page 43 and 44: The Directors present their report,
Page 45 and 46: NAME, EXPERIENCE AND OTHER DIRECTOR
Page 47 and 48: SIGNIFICANT CHANGES IN THE STATE OF
Page 49 and 50: EXPLORATION The Tritton tenement pa
Page 51 and 52: 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 91: 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
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ADVANCING AERIS 139
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GLOSSARY $ or A$ Australian dollar
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DIRECTORS ANDRE LABUSCHAGNE ROBERT
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Aeris Annual Report 2022

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