2021 Annual Report

Notes to the consolidated financial statements 30 June 2021 (continued) 4 Expenses and losses 2021 $'000 2020 $'000 Profit before income tax from continuing operations includes the following specific expenses: Cost of sale of goods 229,437 235,294 Employee benefits expenses 51,474 46,786 Share-based payments expense 4,917 4,489 Exploration and evaluation expense 61,495 69,605 Impairment of exploration and evaluation expenditure - 1,018 Net foreign exchange losses - 2,865 Amortisation expense 165,168 162,137 Depreciation expense 10,453 9,062 Borrowing and finance costs Borrowing and finance costs - other entities 24,837 1,761 Lease interest expense 1,051 1,033 Rehabilitation and restoration borrowing costs 352 522 Amortisation of borrowing costs 208 919 Finance costs expensed 26,448 4,235 5 Income tax (a) Income tax expense 2021 $'000 2020 $'000 The major components of income tax expense are: Current tax on profits for the year 172,428 - Adjustments for current tax of prior periods (476) - Total current tax expense 171,952 - Deferred income tax expense Decrease in deferred tax assets 94,013 60,503 (Decrease)/increase in deferred tax liabilities (33,952) 3,916 Total deferred tax expense 60,061 64,419 Income tax expense 232,013 64,419 Income tax expense is attributable to: Profit from continuing operations 39,821 34,923 Profit from discontinued operation 192,192 29,496 232,013 64,419 IGO Limited 16 Notes to The Consolidated Financial Statements 30 June 2021 86 — IGO ANNUAL REPORT 2021