EQ Resources Limited Annual Report 2021

EQ Resources Limited Annual Report 2021 37 ANNUAL Report June 2021 Consolidated Statement of Cash Flows 23 Consolidated Statement of Cash Flows For the Year ended 30 June 2021 Note 2021 $ 2020 $ Cash Flows from Operating Activities Proceeds from sales to customers 4,690,563 651,494 Proceeds from R & D tax offset 610,106 203,427 Proceeds from diesel fuel rebate 151,257 15,676 Proceeds from government COVID-19 relief packages 77,436 60,000 Proceeds from other sources 8,100 - Payment to suppliers and employees (9,353,465) (3,865,957) Interest paid (9,684) (23,002) Interest paid for lease liabilities (879) (855) Interest received 9,844 10,896 Net Cash Flows Used in Operating Activities 20(a) (3,816,722) (2,948,321) Cash Flows from Investing Activities Payments for the purchase of plant and equipment (1,221,800) (2,223,308) Payments for the capitalised exploration and evaluation expenditure (835,667) - Proceeds from the sale or disposal of plant and equipment 16,500 - Payments for the purchase of tenements - (1,502) Payments for tenement security deposits 7,262 (309,047) Net Cash Flows Used in Investing Activities (2,033,705) (2,533,857) Cash Flows from Financing Activities Proceeds from the issue of shares 6,500,000 7,503,491 Payments for share issue costs (418,343) (554,456) Proceeds from long-term loan facilities - 1,175,036 Payments for lease liabilities (9,644) (7,037) Proceeds from short-term loan facilities - - Payment of short-term loan - (200,000) Proceeds from working capital loan (unincorporated joint venture) 1,860 330,718 Proceeds from prepayments for sales of concentrate and quarry materials 312,973 - Net Cash Flows from Financing Activities 6,386,846 8,247,752 Net (decrease)/increase in cash held 536,419 2,765,574 Add opening cash brought forward 2,989,859 217,962 Effect of movement in exchange rates on cash held (21,557) 6,323 Closing Cash Carried Forward 20(b) 3,504,721 2,989,859 Consolidated Statement of Cash Flows For the year ended 30 June 2021