20974 29Metals AR23 WEB V1 - Flipbook - Page 200
196
29Metals 2023 Annual Report
Consolidated Financial Statements continued
121
29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
Consolidated Financial Statements
Note 36: Auditors’ remuneration
2023
2022
$
$
Fees to Ernst & Young Australia
ees for auditing the statutory financial report of the parent and the roup
2
2
ees for other services
a governance services
26
2
’
Note 37: Accounting standards and interpretations issued but not yet effective
and Interpretations that have recently been issued or amended but are not yet effective and have not been adopted by the roup for the annual
reporting period ended December 2 2 are outlined below. he roup intends to adopt these new and amended standards and interpretations if
applicable when they become effective. he applicable accounting standard is as follows
Classification of liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to
AASB 101)
he amendments as issued in 2 2 and 2 22 aim to clarify the re uirements on determining whether a liability is current or non current and re uire
new disclosures for non current liabilities that are subject to future covenants. he amendments apply for the annual reporting period beginning
anuary 2 2 . he roup does not e pect any material impact of the amendments on the classification of these liabilities and the related disclosures.
Note 38: Contingent liabilities
(a) Bank Guarantees
he roup has provided an environmental bond in relation to Capricorn Copper as re uired under relevant ueensland legislation. he environmental
bond has been posted by way of three bank guarantees issued by lenders under the roup’s syndicated debt facilities with an aggregate bank guarantee
amount of
6
(2 22
6
).
(b) Other Contingent Liabilities
29Metals is a co plaintiff in legal proceedings in the upreme Court of ictoria in relation to historic transaction terms between EMR Capital Investment
(No.6B) Pte Ltd and the vendors of shares in Lighthouse Minerals Pty Ltd and associated security arrangements. he trial for this matter was held in late
October early November 2 2 . 29Metals’ liability in relation to these proceedings is the subject of a Cash Backed Indemnity Deed whereby EMR Capital
Investment (No.6B) Pte Ltd indemnifies 29Metals (the ‘
’). nder the terms of the Indemnity Deed 29Metals retained 2
of
EMR Capital Investment (No.6B) Pte Ltd’s share of IPO proceeds to cash back the indemnity. s at December 2 2 and December 2 22 the balance
of funds retained by 29Metals is 2
(e cluding accrued interest on deposit).
roup companies are or may be (from time to time) recipients of or defendants in current potential or threatened claims complaints actions or
proceedings. he Directors consider that these matters are either not yet sufficiently advanced or particularised so as to reasonably evaluate the
prospects for potential liability or are of such a kind or involve such amounts that they are not currently anticipated to have a material effect on the
financial position of the roup if determined unfavourably.
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