Westgold Resources Limited Annual Report 2021

86 Westgold Resources Limited Annual Report 2021 for the year ended 30 June 2021 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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 - Tranche 2 (i) 30/06/2023 Nil 205,768 Unlisted - Tranche 3 (i) 30/06/2022 Nil 153,810 Unlisted - Tranche 3 (i) 30/06/2022 Nil 367,820 Unlisted - Tranche 4 (ii) 30/06/2023 Nil 233,506 Unlisted - Tranche 4 (ii) 30/06/2023 Nil 1,252,994 Total 2,213,898 (i) ZEPOs issued pursuant to the Westgold Resources Limited Employee Share and Option Plan. (ii) Rights issued pursuant to the Westgold Resources Limited Employee Share and Option Plan. (f) Option conversions 3,694,936 listed options were exercised during the financial year (2020: 10,545,603). 2021 2020 (g) Capital management - gearing ratio Gearing ratio 7.42% 7.25% Debt 45,075,838 37,826,450 Capital 607,360,307 521,860,827 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 2021 and 30 June 2020. 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. RETAINED EARNINGS (ACCUMULATED LOSSES) 2021 2020 At 1 July (30,229,223) (51,784,989) Net profit in current year attributable to members of the parent entity 76,751,880 34,607,315 Dividend on demerger of Castile (refer to Note 38) – (13,051,549) At 30 June 46,522,657 (30,229,223)