CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION 8. Investment in joint venture (continued) Consolidated audited statement of cash flows of KMS for the years ended 30 June 2022 and 2023 is as follows: Joint venture (100%) 2023 $’000 (Audited) Joint venture (100%) 2022 $’000 (Audited) Cash flows from operating activities Receipts from customers 23 135 Payments to suppliers and employees (4,086) (300) Interest received 25 40 Other finance costs paid (5) – Net cash used in operating activities (4,043) (125) Cash flows from investing activities Payments for exploration and evaluation expenditure (1,990) (877) Payments for plant and equipment (14,794) (87) Payments for mine assets under development expenditure (210,609) (73,014) Payments for bank guarantees (572) (600) Net cash used in investing activities (227,965) (74,578) Cash flows from financing activities Proceeds from issue of shares 57,542 – Proceeds from borrowings 216,840 – Payments for lease liabilities (360) (317) Net cash (used in)/from financing activities 274,022 (317) Net increase/(decrease) in cash and cash equivalents 42,014 (75,020) Cash and cash equivalents at the beginning of the year 53,197 128,217 Cash and cash equivalents at the end of the year 95,211 53,197 45 Sheffield Resources Limited Annual Report 2023
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