Income tax expense (Tables)

12 Months Ended

Jun. 30, 2022

Reconciliation of Income Tax Expense/(Benefit) and Tax at the Statutory Rate

	Consolidated
	Year ended 30 June 2022			Year ended 30 June 2021 (restated*)			Year ended 30 June 2020 (restated*)
	US$’000			US$’000			US$’000

Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense		(417,046	)		(59,151	)		(2,142	)

Tax at the statutory tax rate of 30% (2021: 26%, 2020: 27.5%)		(125,114	)		(15,379	)		(589	)

Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Non-deductible/non-allowable items		128,643			16,061			58

		3,529			682			(531	)
Current year tax losses not recognized		534			704			416
Recognition of previously unrecognized tax losses		(1,019	)		(240	)		-
Difference in overseas tax rates		203			(3	)		(4	)
Impact of future tax rate changes		-			94			16
Current year temporary differences not recognized		-			2			103
Prior year current tax under/(over) provision		(523	)		-			-

Income tax expense		2,724			1,239			-

Income Tax Expense

	Consolidated
	Year ended 30 June 2022		Year ended 30 June 2021 (restated*)		Year ended 30 June 2020 (restated*)
	US$’000		US$’000		US$’000

Income tax expense
Current tax		672		532		-
Deferred tax		2,052		707		-

Income tax expense		2,724		1,239		-

Unrecognized Deferred Tax Assets

Unrecognized deferred tax assets
	Consolidated
	30 June 2022		30 June 2021 (restated*)		30 June 2020 (restated*)
	US$’000		US$’000		US$’000

Available tax losses		19,268		7,239		4,065

Tax effect at the applicable tax rate for each jurisdiction		5,117		1,887		1,021

Deferred tax asset on tax losses recognized to the extent of taxable temporary differences		3,854		798		649
Deferred tax asset on losses not recognized		1,263		1,089		372

Movement in Deferred Tax Assets and Liability Balances

Recognized deferred tax assets and liabilities on the consolidated statement of financial position

The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon during the current and prior reporting period.

Deferred tax assets	Tax losses		Employee benefits		Property, plant and equipment		Unrealized foreign exchange losses		Capital raising costs			Other deferred tax assets		Total
	US$'000		US$'000		US$'000		US$'000		US$'000			US$'000		US$'000

As at 1 July 2020		-		-		-		-		-			-		-
Credit/(charge) to profit or loss		798		31		-		-		82			-		911
Credit direct to equity		-		-		-		-		-			-		-
As at 30 June 2021 (*restated)		798		31		-		-		82			-		911

Credit/(charge) to profit or loss		3,056		82		15		725		(260	)		1,222		4,840
Credit direct to equity		-		-		-		-		4,805			-		4,805
		3,854		113		15		725		4,627			1,222		10,556
Offset against deferred tax liability															(8,321	)
As at 30 June 2022															2,235

Deferred tax liabilities	Property, plant and equipment			Unrealized foreign exchange gains			Other deferred tax liabilities			Total
	US$'000			US$'000			US$'000			US$'000

As at 1 July 2020		-			-			-			-
Credit/(charge) to profit or loss		(798	)		(820	)		-			(1,618	)
Credit direct to equity		-			-			-			-
As at 30 June 2021 (*restated)		(798	)		(820	)		-			(1,618	)

Credit/(charge) to profit or loss		(3,894	)		(2,651	)		(347	)		(6,892	)
Credit direct to equity		-			-			-			-
		(4,692	)		(3,471	)		(347	)		(8,510	)
Offset against deferred tax asset											8,321
As at 30 June 2022											(189	)