CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION 8. Investment in joint venture (continued) Carrying amount in joint venture investment is as follows: 2023 $’000 2022 $’000 Reconciliation of carrying amount in joint venture investment – KMS Share of joint venture investment 115,535 126,401 Equity contribution at final investment decision1 10,000 – Additional equity contribution in KMS2 23,771 – Sheffield’s share of joint venture results – 50% (5,368) (866) Carrying amount of interest in joint venture 143,938 125,535 Less contingent liabilities1 - (10,000) Closing carrying amount of interest in joint venture 143,938 115,535 Note 1: The payment made was contingent upon KMS reaching a final investment decision with regards to the Thunderbird project. Note 2: Additional equity funding required to ensure that the Thunderbird project was fully funded through to first production. KMS also had commitments and contingent liabilities as at 30 June 2023, for which the Group has corresponding commitments and contingent liabilities as disclosed in Notes 21 and 22. Summarised consolidated audited statement of profit or loss and other comprehensive income of KMS for the years ended 30 June 2022 and 2023 is as follows: Joint venture (100%) 2023 $’000 (Audited) Joint venture (100%) 2022 $’000 (Audited) Other income 158 135 Expenses (15,549) (1,141) Loss before income tax (15,391) (1,006) Income tax expense 4,654 (727) Loss after income tax (10,737) (1,733) Other comprehensive income/(loss) – – Total comprehensive loss, net of tax (10,737) (1,733) Reconciliation of share of joint venture loss – continuing operations Sheffield’s share of joint venture loss – 50% (5,368) (866) 43 Sheffield Resources Limited Annual Report 2023
RkJQdWJsaXNoZXIy MjE2NDg3