77 Westgold Resources Limited Annual Report 2024 5. REVENUE 2024 2023 Sale of gold at spot 689,301,564 325,212,443 Sale of gold under forward contracts(1) 24,594,000 329,158,791 Sale of silver 2,577,001 2,280,384 Total revenue from contracts with customers 716,472,565 656,651,618 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. The Group had unrecognised gold forward contracts for 10,000 ounces at an average price of $2,459/oz ending in July 2023, under which the Group delivered physical gold to settle in the year. During the year, the 10,000oz call options were struck at $3,340/oz and this concludes the Zero Cost Collars. No new contract was entered during FY24. Westgold is now fully leveraged to the gold price. The transaction price allocated to remaining performance obligations under forward contracts not recognised at the balance sheet date at 30 June 2024 is as follows: 2024 2023 Gold forward contracts - Within 1 year – 24,594,000 - 1 to 2 years – – – 24,594,000 The amounts due are for delivery of gold which will be paid within 3 days of delivery. 6. OTHER INCOME 2024 2023 Interest income calculated using the effective interest rate method 8,031,790 3,447,526 Fair value gain/(loss) on remeasurement of financial assets 2,477,258 (186,504) Net gain on sale of property, plant and equipment 935,585 4,448,016 Other income 764,967 1,014,901 Total other income 12,209,600 8,723,939
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