CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION 8. Investment in joint venture (continued) Joint venture (100%) 2025 $’000 (Audited) Joint venture (100%) 2024 $’000 (Audited) Non-current liabilities Other Financial Liabilities Royalty make whole 116,527 112,696 Revaluation on royalty make whole (23,797) 5,156 Foreign currency revaluation 1,241 (1,325) 93,971 116,527 (h) Joint venture – lease liabilities Lease liabilities of KMS are as follows: Joint venture (100%) 2025 $’000 (Audited) Joint venture (100%) 2024 $’000 (Audited) Current liabilities Lease liabilities 11,210 10,224 11,210 10,224 Non-current liabilities Lease liabilities 73,515 85,378 73,515 85,378 84,725 95,602 KMS reconciliation of movement in interest bearing liabilities to cash flows from financing activities: Joint venture (100%) 2025 $’000 (Audited) Joint venture (100%) 2024 $’000 (Audited) Opening balance 95,602 2,044 1Additional finance lease liability – non cash 501 98,797 Accretion of interest 8,106 8,242 Lease modification – 421 Foreign currency revaluation 682 378 2Derecognition of lease (1,693) – Payments for lease liability (18,473) (14,280) Closing balance 84,725 95,602 Note 1: The Group has entered into lease contracts for various items used in its operations. During the period, the Group recognised lease liabilities mine site light vehicles (LV’s) ($0.2m), and staff residential leases (Broome) ($03m). Note 2: During the period, the Port of Derby lease was terminated (effective 30 June) and derecognised. 61 Sheffield Resources Limited Annual Report 2025
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