Speciality Metals International Limited Annual Report 2020

Speciality Metals International Limited Annual Report 2020 55 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page | 56 The contract liability arrangements for the Offtake Advance are secured as follows: • general security deed from Mt Carbine Retreatment Pty Ltd over its present and subsequent acquired assets; • general security deed from CRONIMET Australia Pty Ltd over all its present and subsequent acquired assets; and • mortgage from Mt Carbine Quarries Pty Ltd over mining leases ML4867 and ML4919. This mortgage also includes an interest over “Featherweight Property” which is all other property of Mt Carbine Quarries Pty Ltd other than the mining leases. The mortgage is limited recourse, in that it is limited to the value of the mining leases. The contract liability arrangement for the unincorporated joint venture between Mt Carbine Retreatment Pty Ltd and CRONIMET Australia Pty Ltd (Joint Venture) are as follows: • Deed of Cross Security between the Joint Venture parties and Mt Carbine Retreatment Management Pty Ltd (as the manager) which secures the performance of their obligations to each other under the Joint Venture; and • General Security Deed from Mt Carbine Quarries Pty Ltd in favour of the Joint Venture parties over all present and after acquired property of Mt Carbine Quarries Pty Ltd including its rights under the Mining Leases. 23. EQUIPMENT LEASES Right-of-use assets 2020 $ 2019 $ Balance at 1 July 2019 - - Additions: - Plant & equipment 1,201,234 - - Motor vehicle 32,848 - Depreciation charge for the year (8,692) - Balance at 30 June 2020 1,225,390 - Lease Liability - Maturity Analysis Less than 1 year 200,715 - 1 to 5 years 968,094 - 5+ years - - 1,168,809 - Amounts Recognised in profit or loss Interest on lease liabilities 855 - Expenses relating to short-term leases - - 855 - Amounts recognised in statement of cash flows Total cash outflow for leases 7,892 - 24. CORPORATE INFORMATION The Financial Report of the Group for the year ended 30 June 2020 was authorised for issue in accordance with a resolution of the Directors on 23 September 2020. Speciality Metals International Limited is a company limited by shares and incorporated in Australia. Its shares are publicly traded on the Australian Securities Exchange under the ticker code “SEI”.