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Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Borrowings [abstract]  
Schedule of Borrowings
2025
2024
Current
Non-current
Current
Non-current
1.
US$'000
US$'000
US$'000
US$'000
1.
(Recast)
(Recast)
1.
Secured
Bank loans
1,418
8,989
923
8,526
Working capital facility
-
(98)
-
(93)
Total secured borrowings
1,418
8,891
923
8,433
Unsecured
Convertible bonds
11,692
383,023
10,840
333,378
Total unsecured borrowings
11,692
383,023
10,840
333,378
Total borrowings
13,110
391,914
11,763
341,811
Schedule of Maturity Analysis for Borrowings From Lenders December 31, 2025
Loan balance
Due < 1
year
Due > 1
year
Facility limit
Maturity date
1.
Lenders
US$'000
US$'000
US$'00
0
US$'000
1.
The Hongkong and
Shanghai Banking
Corporation Limited As
The Trustee For
Convertible Bond
Holders
394,715
11,692
383,023
434,395
30-Jul-29
IMBC Group
3,921
550
3,371
4,686
31-Mar-33
BNP Paribas
6,486
868
5,618
9,490
29-Feb-32
HSBC Bank Australia Ltd
(98)
-
(98)
33,415
3 years from first
utilization
Total
405,024
13,110
391,914
481,986
December 31, 2024
Loan balance
Due < 1
year
Due > 1
year
Facility limit
Maturity date
1.
US$'000
US$'000
US$'000
US$'000
1.
Lenders
(Recast)
(Recast)
(Recast)
(Recast)
1.
The Hongkong and
Shanghai Banking
Corporation Limited As The
Trustee For Convertible
Bond Holders
344,218
10,840
333,378
402,610
30-Jul-29
IMBC Group
3,727
63
3,664
4,147
31-Mar-33
BNP Paribas
5,722
860
4,862
8,398
29-Feb-32
HSBC Bank Australia Ltd
(93)
-
(93)
30,970
3 years from first
utilization
Total
353,574
11,763
341,811
446,125
Schedule of Convertible Bonds The convertible bonds are presented in the Group’s consolidated statement of financial position as follows:
2025
2024
1.
US$'000
US$'000
1.
(Recast)
Opening balance
344,218
-
Face value of convertible bonds issued
-
426,140
Transaction costs
-
(9,816)
Other equity securities - value of conversion rights
-
(62,711)
Unwind of discount
22,502
9,088
Interest expense
9,945
4,239
Interest paid
(9,871)
(2,549)
Exchange differences
27,921
(20,173)
Closing balance
394,715
344,218
Current
11,692
10,840
Non-current
383,023
333,378
Total convertible bond liability
394,715
344,218
Schedule of Reconciliation of Liabilities Arising from Financing Activities . Reconciliation of liabilities arising from financing activities
Opening
balance
Net cash
inflow/
(outflow)
Other non-
cash
movements
Closing
balance
1.
US$'000
US$'000
US$'000
US$'000
1.
For the year ended December 31, 2025
Bank loans
9,449
(524)
1,482
10,407
Working capital facility
(93)
-
(5)
(98)
Convertible bonds
344,218
(9,871)
60,368
394,715
Lease liabilities
6,588
(8,874)
64,368
62,082
360,162
(19,269)
126,213
467,106
(Recast)
(Recast)
(Recast)
(Recast)
For the year ended December 31, 2024
Bank loans
6,275
3,592
(418)
9,449
Working capital facility
-
(99)
6
(93)
Convertible bonds
-
413,775
(69,557)
344,218
Lease liabilities
5,659
(1,821)
2,750
6,588
11,934
415,447
(67,219)
360,162
Schedule of Convertible Bonds Carrying Amount and Fair Value For the convertible bonds, the fair value is outlined below. The fair value is based on discounted cash flows using a
current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy (refer to note 33.6) due to the
use of unobservable inputs, including own credit risk.
2025
2024
1.
Carrying
amount
Fair value
Carrying
amount
Fair value
1.
US$'000
US$'000
US$'000
US$'000
1.
(Recast)
(Recast)
1.
Bank loans
10,309
10,309
9,356
9,356
Convertible bonds
394,715
399,348
344,218
344,412