for the year ended 30 June 2023 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 86 Westgold Resources Limited Annual Report 2023 20.TRADE AND OTHER PAYABLES 2023 2022 Trade creditors(a) 29,262,357 47,637,236 Sundry creditors and accruals(b) 49,965,041 40,380,288 79,227,398 88,017,524 The carrying value of trade and other payables approximates the fair value. (a) Trade creditors are non-interest bearing and generally on 30-day terms. (b) Sundry creditors and accruals are non-interest bearing and generally on 30-day terms. 21. PROVISIONS (current) 2023 2022 Provision for annual leave 9,340,463 10,865,164 Provision for long service leave 2,468,795 2,201,062 11,809,258 13,066,226 22.PROVISIONS (non-current) 2023 2022 Provision for long service leave 3,648,908 3,000,672 Provision for rehabilitation(a) 62,625,784 66,669,167 66,274,692 69,669,839 (a) Provision for rehabilitation The Group makes full provision for the future cost of rehabilitating mine sites and related production facilities on a discounted basis at the time of developing the mines and installing and using those facilities. The rehabilitation provision represents the present value of rehabilitation costs relating to mine sites, which are expected to be incurred up to 2033 which is when the producing mine properties are expected to cease operations. These provisions have been created based on the Group’s internal estimates. Assumptions based on the current economic environment have been made, which management believe is a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly to take into account any material changes to the assumptions. However, actual rehabilitation costs will ultimately depend upon future market prices for the necessary rehabilitation works required that will reflect market conditions at the relevant time. Furthermore, the timing of rehabilitation is likely to depend on when the mines cease to produce at economically viable rates. This, in turn, will depend upon future gold prices, which are inherently uncertain. The discount rates used in the calculation of the provision as at 30 June 2023 range from 3.95% to 4.03% (2022: range from 3.34% to 3.58%). Refer to Note 3 for further detail. (b) Current and non-current movements in provision for rehabilitation 2023 2022 At 1 July 66,669,167 74,840,940 Adjustment due to revised conditions (4,814,142) (9,067,232) Unwind of discount 770,760 895,459 At 30 June 62,625,785 66,669,167
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