EQ Resources Limited Annual Report 2021

EQ Resources Limited Annual Report 2021 53 ANNUAL Report June 2021 Notes to the Consolidated Financial Statements 39 14. KEY MANAGEMENT PERSONNEL COMPENSATION 2021 $ 2020 $ Short-term employee benefits 623,781 657,339 Post-employment superannuation 21,768 13,875 Other long-term benefits - - Termination benefits 74,616 137,500 Share based payments 178,974 - Balance at the end of period 899,139 808,714 15. CONTINGENT LIABILITIES The Group has provided guarantees totalling $1,075,385 in respect of mining exploration tenements and environmental bonds. These guarantees in respect of mining and exploration tenements are secured against deposits with the relative State Department of Mines. The Company does not expect to incur any material liability in respect of the guarantees. 16. COMMITMENTS Exploration Licence Expenditure Requirements Queensland The Queensland Government has approved a number of changes to Exploration Permits under the Natural Resources and Other Legislation Amendment Act 2019 (known as NROLA Act). This Act commenced in May 2020 which results in a change from an expenditure-based approach upon which a company’s compliance with its licence conditions will be assessed on an outcomes-based approach. New South Wales In order to maintain the Company’s tenements in good standing in New South Wales, the Company will be required to incur exploration expenditure under the terms of each licence. These expenditures will diminish if the Group joint ventures projects to third parties. It is likely also, that the granting of new licences and changes in licence areas at renewal or expiry will change the expenditure commitment of the Group from time to time. Whilst the renewal terms for EL 6648 have been accepted, expenditure commitments for this tenement have been excluded from the figures below as Company is still waiting for the final instrument of renewal 2021 $ 2020 $ Payable not later than 1 year (NSW only) 38,000 38,000 Payable later than one year but not later than two years 76,000 76,000 114,000 114,000