CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION 9. Income tax (continued) Reconciliation of unrecognised deferred tax balances is as follows: 2025 $’000 2024 $’000 Unrecognised deferred tax assets/(liabilities) Investment in joint venture – – Financial assets at fair value through profit or loss 81 408 Carried forward tax losses 17,922 17,008 Other timing differences 224 492 18,227 17,908 10. Cash and cash equivalents Cash and cash equivalents are short term and are highly liquid investments. Short-term deposits are usually between one to three months depending on the cash flow requirements of the Group. The Group’s cash and cash equivalents are as follows: 2025 $’000 2024 $’000 ASSETS Current assets Cash at bank and on hand 7,088 9,878 Short-term deposits – – 7,088 9,878 Reconciliation of cash used in operating activities is as follows: 2025 $’000 2024 $’000 Reconciliation to operating cash flow Loss after income tax (22,050) (32,191) Adjustments for non-cash items: Share-based payments expenses 483 706 Net fair value on financial assets (1,090) 1,361 Share of joint venture loss 20,472 27,638 Net foreign exchange (gain) – (6) Changes in assets and liabilities: Decrease in trade and other receivables 18 11 Increase / (Decrease) in trade and other payables (187) 152 Increase / (Decrease) in provisions (16) 24 Net cash used in operating activities (2,370) (2,305) 63 Sheffield Resources Limited Annual Report 2025
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