15 Financial Risk Management (continued) vii. Net fair values Fair value estimation The fair values of financial assets and financial liabilities can be compared to their carrying values as presented in the statement of financial position. Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. Financial instruments whose carrying value is equivalent to fair value due to their nature include: – Cash and cash equivalents; – Trade and other receivables; and – Trade and other payables. The methods and assumptions used in determining the fair values of financial instruments are disclosed in the accounting policy notes specific to the asset or liability. The subsidiaries listed below have share capital consisting solely of ordinary shares which are held directly by the Group and the proportion of ownership interest held equals the voting rights held by the Group. 16 Interest in subsidiaries Investments in subsidiaries are accounted for at cost. The subsidiary’s country of incorporation is also its principal place of business: Percentage Owned Subsidiary Country of Incorporation Class of shares 2022 2021 Reefton Resources Pty Ltd New Zealand Ordinary 100% 100% Sams Creek Gold Ltd New Zealand Ordinary 100% – 17 Commitments The Group has no commitments for capital expenditure as at 31 December 2022. 18 Events subsequent to reporting date On 15 January 2023 5,000,000 unquoted options with an exercise price of $0.25 lapsed unexercised. On 13 February 2023 the Company issued 17,333,333 fully paid ordinary shares at an issue price of $0.15 per share, raising $2.6 million before costs. A further 1,200,000 fully paid ordinary shares are, subject to shareholder approval, to be issued to directors to raise $0.18 million. There are no other significant events that have arisen since the date of this report which have significantly affected or could significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years. 19 Contingent liabilities The company has no contingent liabilities as at 31 December 2022. Notes to the Consolidated Financial Statements for the year ended 31 December 2022 Siren Gold Limited 70
RkJQdWJsaXNoZXIy MjE2NDg3