93 Westgold Resources Limited Annual Report 2024 25. ISSUED CAPITAL (CONTINUED) (g) Capital management - gearing ratio (continued) 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 2024 and 30 June 2023. 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 aim is to keep the gearing ratio between 5% and 20%. (h) Dividends 2024 2023 (i) Ordinary shares Interim ordinary unfranked dividend for FY24 of 1 cent (FY23: 0 cent) per fully paid ordinary share paid on 12 April 2024 4,736,227 – 2024 2023 (ii) Dividends not recognised at the end of the reporting period In addition to the above dividends, since year end the Directors have recommended the payment of a fully franked final dividend of 1.25 cents per fully paid ordinary share (2023 - 0 cent) as at 30 June 2024. The amount of the proposed dividend expected to be paid on 11 October 2024 out of retained earnings at 30 June 2024, but not recognised as a liability at year end, is 5,920,284 – 26. RETAINED EARNINGS (ACCUMULATED LOSSES) 2024 2023 At 1 July (63,075,769) (73,079,253) Net profit in current year attributable to members of the parent entity 95,231,530 10,003,484 Dividends paid (4,736,227) - At 30 June 27,419,534 (63,075,769) 27. RESERVES Share-based payments reserve Equity reserve Total AT 30 JUNE 2022 15,884,931 181,493,631 197,378,562 Share-based payments 1,039,025 – 1,039,025 At 30 June 2023 16,923,956 181,493,631 198,417,587 Share-based payments 3,366,976 – 3,366,976 At 30 June 2024 20,290,932 181,493,631 201,784,563 Equity reserve This reserve relates to the intercompany loans with Metals X Ltd written off on demerger of the Group. Share-based payments reserve This reserve is used to recognise the fair value of instruments issued to employees in relation to equity-settled share-based payments.
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