v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Stock-Based Compensation [Abstract]  
Summary of Awards Granted
Grant year
Vesting date
Performance period
PSUs
2025
31/03/2028
01/01/2025 - 31/12/2027
11,082,360
2024
31/03/2027
01/01/2024 - 31/12/2026
6,374,930
2023
31/03/2026
01/01/2023 - 31/12/2025
3,596,599
2022
31/03/2026
01/01/2022 - 31/12/2024
3,125,614
Summary of Performance Metrics
Grant year
Scorecard
Relative TSR
Safety
TSR
Cashflow
2025
20.0%
30.0%
-
50.0%
2024 and 2023
33.3%
33.3%
0.0%
33.3%
2022
33.3%
22.2%
22.2%
22.2%
Summary of Stock Option Activity
Stock Option Activity
2025
2024
2023
Outstanding at the beginning of the year
—
—
181,687
Vested
—
—
(181,687)
Outstanding at the end of the year
—
—
—
Exercisable at the end of the year
181,687
181,687
181,687
Summary of Performance Stock Units
Performance Stock Units Activity
2025
2024
2023
Unvested at the beginning of the year
17,787,134
17,992,453
14,858,921
Granted
12,317,475
5,498,291
4,872,122
Forfeited
(3,258,851)
(4,314,219)
(1,451,677)
Vested and settled
(2,666,255)
(1,389,391)
(286,913)
Unvested and outstanding at the end of the year
24,179,503
17,787,134
17,992,453
2025
2024
2023
Weighted-average grant date fair value (per CDI)
$
0.42
$
0.63
$
0.58
Weighted-average remaining term (in years)
1.43
1.36
1.82
Schedule Of Fair Value Assumptions For Performance Shares
2025 Grant
2024 Grant
2023 Grant
2022 Grant
Time to maturity (in years) (i)
2.96
2.58
2.98
3.99
Dividend yield (ii)
6.7%
1.2%
7.8%
16.3%
Expected volatility (iii)
45.0%
50.0%
60.0%
60.0%
Risk-free interest rate (iv)
3.33%
3.54%
2.98%
2.66%
___________________
(i)
Time to
maturity represents
the period over
which the PSUs
will vest. All
awards cliff vest
at the end
of
the requisite service period.
(ii)
Dividend yield is the expected average yield of dividends
expected over the vesting period.
(iii)
The volatility was estimated
using comparable public company
volatility and the Company’s own
volatility
for similar terms.
(iv)
The risk-free interest rate was based on an interpolated Australian Government Bond Rate at
the time of
the grant for periods corresponding with the expected
term of the PSUs.
Summary of Restricted Stock Units
Restricted Stock Units Activity
2025
2024
2023
Unvested at the beginning of the year
584,541
734,893
1,144,034
Granted
—
584,541
144,506
Forfeited
(31,654)
(18,525)
(46,593)
Vested and settled
(552,887)
(716,368)
(507,054)
Unvested and outstanding at the end of the year
—
584,541
734,893
2025
2024
2023
Weighted-average grant date fair value (per CDI)
$
—
$
0.87
$
1.26
Weighted-average remaining term (in years)
—
0.58
0.23