71 Westgold Resources Limited Annual Report 2023 5. REVENUE 2023 2022 Sale of gold at spot 325,212,443 336,730,400 Sale of gold under forward contracts(1) 329,158,791 310,846,218 Total revenue from contracts with customers 654,371,234 647,576,618 Disaggregated revenue per segment has been disclosed in Note 32. 1. Gold sold under forward contracts The Group’s operations are exposed to commodity price fluctuations. The Group has a commodity risk management hedging policy that authorises management to enter into price protection contracts to ensure revenue streams up to 60% of gold sales for up to three years of forecast production. At the end of the financial year, the Group had unrecognised gold forward contracts for 10,000 ounces at an average price of $2,459 per ounce ending in July 2023, under which the Group will deliver physical gold to settle. The Group also had 30,000 ounces of gold put options of $2,700/oz and gold call options of $3,340/oz. The value of the zero-cost collars at financial year end was deemed to be immaterial. Refer to Note 4(c) Commodity Price Risk. The transaction price allocated to remaining performance obligations under forward contracts not recognised at the balance sheet date at 30 June 2023 is as follows: 2023 2022 Gold forward contracts - Within 1 year 24,594,000 330,707,005 - 1 to 2 years – 23,964,276 24,594,000 354,671,281 The amounts due are for delivery of gold which will be paid within 3 days of delivery. 6. OTHER INCOME 2023 2022 Interest income calculated using the effective interest rate method 3,447,526 266,150 Net gain on sale of financial assets at FVTPL (190,939) – Net gain on sale of property, plant and equipment 4,448,016 1,316,434 Other income 3,295,285 3,080,833 Total other income 10,999,888 4,663,417
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