Westgold Resources Limited Annual Report 2020

89 Westgold Resources Limited Annual Report 2020 26. ISSUED CAPITAL (CONTINUED) (e) Options on issue Unissued ordinary shares of the Company under option at the date of this report are as follows: Type Expiry Date Exercise Price Number of options Unlisted (i) 24 November 2020 $2.31 3,625,000 Unlisted - Tranche 2 (ii) 30 June 2021 Nil 230,307 Unlisted - Tranche 2 (ii) 30 June 2023 Nil 568,250 Unlisted - Tranche 3 (ii) 30 June 2022 Nil 530,331 Unlisted - Tranche 3 (ii), (iii) 30 June 2022 Nil 153,810 Total 5,107,698 (i) PEPOs issued pursuant to the Westgold Resources Limited Employee Share and Option Plan. (ii) ZEPOs issued pursuant to the Westgold Resources Limited Employee Share and Option Plan. (iii) ZEPOs issued are still subject to shareholder approval. (f) Option conversions 10,545,603 listed options were exercised during the financial year (2019: 44,785). 2020 2019 (g) Capital management - gearing ratio Gearing ratio 7.25% 8.27% Debt 37,826,450 36,736,877 Capital 521,860,827 443,968,663 Capital includes issued capital and all other equity reserves attributable to the equity holders of the parent for the purpose of the Group’s capital management. The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise the shareholder’s value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 30 June 2020 and 30 June 2019. The Group monitors capital using a gearing ratio, which is debt divided by the aggregate of equity. The Group includes in its net debt, interest bearing loans and borrowings. The Group’s policy is to keep the gearing ratio between 5% and 20%. 27. ACCUMULATED LOSSES 2020 2019 At 1 July (51,784,989) (65,915,053) Net profit in current year attributable to members of the parent entity 34,607,315 14,130,064 Dividend on demerger of Castile (refer to Note 38) (13,051,549) – At 30 June (30,229,223) (51,784,989)