Share Based Payments (Tables)

12 Months Ended

Jun. 30, 2025

The Group had the following share based payment arrangements in place as at 30 June 2025:

Awards	Recipients	Outstanding awards
Recurring
Deferred Short-Term Incentive Plan ⁽¹⁾	Executive KMP and eligible employees	FY24, FY25
Employee Share Plan ⁽²⁾	Eligible employees	FY25
Long-Term Incentive Plan ⁽³⁾	Executive KMP and eligible employees	FY25
Non-recurring
Transitional Management Incentive Plan ⁽⁴⁾	Executive KMP and eligible employees	FY24

(1)	Awards granted on 28 November 2024, with vesting subject to service conditions only as performance conditions are assessed in the measurement period.

(2)	Awards granted on 31 December 2024, with vesting subject to service conditions only.

(3)	Awards granted on 28 November 2024, with vesting subject to performance and service conditions.

(4)	Awards granted on 31 December 2024, with vesting subject to service conditions only.

Measurement of Fair Values

The inputs used in the measurement of the fair values at grant date of the Group’s share based payment arrangements were as follows:

Year ended 30 June 2025	Fair value at grant date $		Share price at grant date $		Expected volatility %		Expected Life (in years)		Risk-free interest rate based on government bonds %
Recurring
FY24 Deferred Short-Term Incentive Plan		0.0320		0.0320		85		0.92		4.145
FY25 Deferred Short-Term Incentive Plan		0.0320		0.0320		80		1.92		3.957
FY25 Employee Share Plan		0.0270		0.0270		80		1.00 – 2.00		3.849 – 4.002
FY25 Long-Term Incentive Plan		0.0263		0.0320		80		2.76		3.923
Non-recurring
FY24 Transitional Management Incentive Plan		0.0270		0.0270		80		1.00 – 1.25		3.937 – 4.002

Reconciliation of Outstanding Equity Rights

None of the awards listed below have an exercise price or are exercisable at 30 June 2025.

Equity rights

at beginning

of the year

Granted

during

the year

Vested

during

the year

Forfeited /

lapsed

during

the year

Equity rights

at end

of the year

Recurring

FY24 Deferred Short-Term Incentive Plan

–

3,409,320

–

3,409,320

FY25 Deferred Short-Term Incentive Plan

–

44,645,160

–

44,645,160

FY25 Employee Share Plan

–

84,909,080

–

(10,595,040

)

74,314,040

FY25 Long-Term Incentive Plan

–

97,506,040

–

(2,201,680

)

95,304,360

Non-recurring

FY24 Transitional Management Incentive Plan

–

49,987,640

–

49,987,640

Total outstanding equity rights

–

280,457,240

–

(12,796,720

)

267,660,520

Reconciliation of Outstanding Options

Equity rights

at beginning

of the year

Granted

during

the year

Exercised

during

the year

Forfeited /

lapsed

during

the year

Equity rights

at end

of the year

Non-recurring

Equity-settled services ⁽¹⁾

2,234,482

–

2,234,482

FY23 Transitional Management Incentive Plan ⁽²⁾

10,000,000

–

(10,000,000

)

–

Total outstanding options

12,234,482

–

(10,000,000

)

2,234,482

(1)	Outstanding equity-settled services relate to options granted to Jett Capital Advisors, LLC in respect of corporate advisory services undertaken for the Group. Options were granted on 28 November 2022 at an exercise price of $0.18125, expiring on 28 November 2025.

(2)	The FY23 Transitional Management Incentive Plan relates to options granted to KMP on 17 July 2023 at an exercise price of $0.1500, expiring on 17 July 2024. All outstanding options were not exercised and subsequently lapsed on 17 July 2024.