97 Westgold Resources Limited Annual Report 2024 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. 2024 2023 Mineral tenement leases: - Within one year 5,119,064 4,570,018 - After one year but not more than five years 19,192,620 17,816,763 - After more than five years 18,289,387 24,435,509 42,601,071 46,822,290 (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. 2024 2023 Royalties under contractual arrangements 21,446,524 23,082,403 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 $1,649,443 (2023: $4,149,443). The bank guarantees are fully secured by term deposits (refer to Note 14). 31. AUDITOR’S REMUNERATION 2024 2023 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 306,840 283,665 Fees for assurance services that are required by legislation to be provided by the auditor - Special review 110,000 – 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. 241,520 8,320 Fees for other services: - Tax compliance and others 85,867 67,854 Total auditor’s remuneration 744,227 359,839
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