Consolidated statement of cash flows For the year ended 30 June 2022 Consolidated statement of cash flows For the year ended 30 June 2022 Notes 2022 $M 2021 $M Cash flows from operating activities Receipts from customers (inclusive of GST) 934.1 918.9 Payments to suppliers and employees (inclusive of GST) (373.9) (397.9) 560.2 521.0 Interest and other costs of finance paid (4.3) (8.6) Interest received 2.1 2.4 Acquisition and transaction costs 23 (8.1) (4.9) Payments for exploration and evaluation (64.5) (63.8) Income taxes paid (199.0) - Dividends received from TLEA 26 70.7 - Net cash inflow from operating activities 7(a) 357.1 446.1 Cash flows from investing activities Payment for acquisition of subsidiary, net of cash acquired 23 (1,168.5) - Payments for property, plant and equipment (18.7) (14.2) Payment for rehabilitation expenditure - (0.1) Proceeds from sale of property, plant and equipment 0.1 0.1 Proceeds from sale of financial assets - 27.2 Payments for development expenditure (18.7) (71.9) Payments for purchase of listed investments (2.8) (20.5) Payments for capitalised exploration and evaluation expenditure (50.7) (8.6) Capital contributions to TLEA 26 (15.7) - Payments for acquisition of TLEA 26 - (1,855.4) (Payments)/proceeds on sale of Tropicana Joint Venture 24 (6.0) 862.3 Deferred proceeds on sale of Jaguar Operation - 16.1 Net cash (outflow) from investing activities (1,281.0) (1,065.0) Cash flows from financing activities Proceeds from issues of shares 18(a) - 765.8 Share issue transaction costs 18(a) - (16.7) Proceeds from borrowings 17 900.0 - Transaction costs associated with borrowings (10.1) (17.5) Repayment of borrowings 17 - (57.1) Principal element of lease payments (4.4) (6.2) Payment of dividends 20 (113.6) (29.5) Payments for shares acquired by the IGO Employee Trust 18(b) (10.1) (5.8) Net cash inflow from financing activities 761.8 633.0 Net (decrease) increase in cash and cash equivalents (162.1) 14.1 Cash and cash equivalents at the beginning of the year 528.5 510.3 Effects of exchange rate changes on cash and cash equivalents 0.7 4.1 Cash and cash equivalents at the end of the year 7 367.1 528.5 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. About this report IGO Limited is a company limited by shares incorporated and domiciled in Australia whose shares are publicly traded on the Australian Securities Exchange. The nature of the operations and principal activities of the Group are described in the directors' report. The financial report of IGO Limited (the Company) and its subsidiaries (collectively, the Group) for the year ended 30 June 2022 was authorised for issue in accordance with a resolution of the Directors on 29 August 2022. Basis of preparation This financial report is a general purpose financial report, prepared by a for-profit entity, which: • Has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB); • Has been prepared on a historical cost basis, as modified by the revaluation of financial assets and liabilities (including derivative instruments) at fair value through profit or loss and certain classes of property, plant and equipment; • Is presented in Australian dollars with values rounded to the nearest hundred thousand dollars or in certain cases, the nearest dollar, in accordance with the Australian Securities and Investments Commission 'ASIC Corporation Legislative Instrument 2016/191'; • Presents comparative information where required for consistency with the current year's presentation; and • Adopts all new and amended Accounting Standards and Interpretations issued by the AASB that are relevant to the operations of the Group and effective for reporting periods beginning on or after 1 July 2021 as disclosed in note 34. Key estimates and judgements In the process of applying the Group's accounting policies, management has made a number of judgements and applied estimates of future events. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in the following notes: Note 2 Revenue Note 5 Income tax Note 8 Trade and other receivables Note 9 Inventories Note 12 Provisions Note 13 Property, plant and equipment Note 14 Leases Note 15 Mine properties Note 16 Exploration and evaluation expenditure Note 23 Business combination Note 26 Interest in associates Note 29 Share-based payments Basis of consolidation The consolidated financial statements comprise the financial statements of the Group. A list of controlled entities (subsidiaries) at year end is contained in note 25. The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies. In preparing the consolidated financial statements, all inter-company balances and transactions, income and expenses and profit or losses resulting from intra-Group transactions have been eliminated. Subsidiaries are consolidated from the date on which control is obtained to the date on which control is disposed. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. IGO Limited 8 90 — IGO ANNUAL REPORT 2022 IGO ANNUAL REPORT 2022 — 91
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