for the year ended 30 June 2023 FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 94 Westgold Resources Limited Annual Report 2023 29. COMMITMENTS (CONTINUED) (b) Mineral tenement lease commitments The Company has commercial leases over the tenements in which the mining operations are located. These tenement leases have a life of between six months and twenty-one years. In order to maintain current rights to explore and mine the tenements, the Group is required to perform minimum exploration work to meet the expenditure requirements specified by the relevant state governing body. There are no restrictions placed on the lessee by entering into these contracts. 2023 2022 Mineral tenement leases: - Within one year 4,570,018 4,395,253 - After one year but not more than five years 17,816,763 17,132,795 - After more than five years 24,435,509 23,423,341 46,822,290 44,951,389 (c) Other commitments The Group has obligations for various expenditures such as royalties, production-based payments and exploration expenditure. Such expenditures are predominantly related to the earning of revenue in the ordinary course of business. 2023 2022 Royalties paid under contractual arrangements 23,082,403 23,537,397 30.CONTINGENT ASSETS AND LIABILITIES (i) Bank guarantees and rental deposits The Group has a number of bank guarantees and rental deposits in favour of various government authorities and service providers. These primarily relate to office leases and environmental and rehabilitation bonds at the various projects. The total amount of these guarantees at the reporting date is $4,149,443 (2022: $1,930,033). The bank guarantees are fully secured by term deposits (refer to Note 14). 31. AUDITOR’S REMUNERATION 2023 2022 Amounts received or due and receivable by Ernst & Young (Australia) for: Fees for auditing the statutory financial report of the parent covering the group and auditing the statutory financial reports of any controlled entities 283,665 282,825 Fees for other assurance and agreed upon procedures services and other legislation or contractual arrangements where there is discretion as to whether the service is provided by the auditor or another firm. 8,320 – Fees for other services: - Tax compliance and others 67,854 2,200 Total auditor’s remuneration 359,839 285,025
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