Note 17. Share-based Payments

a) Executive share and option plan

The establishment of the Omnibus Incentive Plan (OIP) was approved by shareholders at the 2023 annual general meeting. The plan is designed to provide long-term incentives for executives (including directors) to deliver long-term shareholder returns. Participation in the plan is at the board’s discretion and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. Vesting of awards under the plan is subject to continuous employment.

Set out below are summaries of all listed and unlisted options, including those issued under OIP:

Share options outstanding at the end of the year have the following expiry date and exercise prices:

The assessed fair value of options at grant date was determined using the Black-Scholes option pricing model that takes into account the exercise price, term of the option, security price at grant date and expected price volatility of the underlying security, the expected dividend yield, the risk-free interest rate for the term of the security and certain probability assumptions.

The model inputs for options granted under OIP and issued during the year ended June 30, 2026 included:

The model inputs for options granted under OIP and issued during the year ended June 30, 2025 included:

The model inputs for options granted under OIP and issued during the year ended June 30, 2024 included:

The expected life of the options is deemed to be the same as its contractual life. It is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not necessarily be the actual outcome.

During the year ended 30 June 2026, 2,147,154 performance rights were issued to key management personnel in settlement of their FY25 short-term incentive (STI) entitlements, following each participant’s election to receive performance rights in lieu of a cash bonus.

The number of performance rights issued to each participant was determined by dividing the participant’s approved FY25 STI bonus by A$0.064, being the June 2025 volume weighted average price of the Company’s ordinary shares. The A$0.064 conversion rate determines the number of rights issued and is not the grant date fair value of those rights. 

The performance rights have a nil exercise price and were vested and exercisable on issue. No option pricing model has been applied as the rights carry no exercise price and are not subject to market-based vesting conditions. The amount recognised in the share-based payments reserve in respect of these rights was A$137,418.

The model inputs for the performance rights granted under OIP and issued during the year ended June 30, 2025 included:

Total expenses arising from share-based payment transactions recognized during the period were as follows: