For the year ended 30 June 2023 ANNUAL Report June 2023 Consolidated Statement of Cash Flows 23 Consolidated Statement of Cash Flows For the Year ended 30 June 2023 Note 2023 $ 2022 $ Cash Flows from Operating Activities Proceeds from sales to customers 6,236,356 4,809,948 Proceeds from R & D tax offset 2,346,937 1,501,199 Proceeds from diesel fuel rebate 271,989 229,063 Proceeds from grants 5,983,000 451,000 Proceeds from government COVID-19 relief packages - - Proceeds from other sources 307,160 44,436 Payment to suppliers and employees (16,499,915) (10,120,348) Interest paid - (4,185) Interest paid for lease liabilities (55,834) (25,278) Interest received 17,679 1,395 Net Cash Flows Used in Operating Activities 21(a) (1,392,628) (3,112,770) Cash Flows from Investing Activities Payments for the purchase of plant and equipment (4,293,175) (3,350,052) Payments for the capitalised exploration and evaluation expenditure (3,085,926) (3,098,868) Proceeds from the sale or disposal of plant and equipment 118,291 - Payment of loan to other entities (unincorporated joint venture) (3,694,544) - Proceeds from release of other security deposits - 4,100 Payments for the purchase of tenements - - Payments / proceeds for tenement security deposits - 255 Net Cash Flows Used in Investing Activities (10,955,354) (6,444,565) Cash Flows from Financing Activities Proceeds from the issue of shares 4,812,000 - Proceeds from the issue of convertible notes - 6,000,000 Payments for share / convertible note issue costs 224,307 (302,422) Proceeds from long-term loan facilities 10,000,000 - Proceeds from short-term loan facilities (unincorporated joint venture) 100,000 - Proceeds from short-term loan facilities (other related parties) - 1,500,000 Payments for lease liabilities (289,658) (93,729) Payments for loans and borrowing cost (317,689) - Proceeds from offtake advance extension 1,482,960 689,266 Proceeds from working capital loan (unincorporated joint venture) - - Proceeds from prepayments for sales of concentrate and quarry materials - - Net Cash Flows from Financing Activities 16,011,920 7,793,115 Net (decrease)/increase in cash held 3,663,939 (1,764,220) Add opening cash brought forward 1,723,426 3,504,721 Effect of movement in exchange rates on cash held (51,769) (17,075) Closing Cash Carried Forward 21(b) 5,335,596 1,723,426 Consolidated Statement of Cash Flows EQ Resources Limited Annual Report 2023 65
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