Note 2023 $’000 2022 $’000 Cash flows from operating activities Receipts from customers – 117 Payments to suppliers and employees (2,808) (2,326) Interest received 583 83 Bank fees and finance charges (1) (2) Net cash used in operating activities 10 (2,226) (2,128) Cash flows from investing activities Payments for exploration and evaluation expenditure – (195) Proceeds from disposal of assets (net of GST) – 36,000 Investment in joint venture (33,771) – Loan to Rio Grande Mineração (RGM) (1,534) – Release of bonds/securities – 27 Net cash from/(used in) investing activities (35,305) 35,832 Cash flows from financing activities Proceeds from issue of shares 22,685 – Payments for share issue costs (970) – Net cash from financing activities 21,715 – Net increase/(decrease) in cash and cash equivalents (15,816) 33,704 Cash and cash equivalents at the beginning of the year 40,223 6,519 Cash and cash equivalents at the end of the year 10 24,407 40,223 The consolidated statement of cash flows should be read in conjunction with the accompanying notes Consolidated Statement of Cash Flows for the year ended 30 June 2023 36 Sheffield Resources Limited Annual Report 2023
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