Total costs arising from share-based payment transactions recognised as an expense during the year were as follows:

On 1 November 2025, the Company issued 6,230,000 restricted stock units (RSU’s) and 7,470,000 premium vested options (PVO’s) of which 5,110,000 RSU’s and 6,030,000 PVO’s were issued to directors and KMP of the Company.

The RSU’s vest equally over a three year term and have been valued based on the trading price on the date of issue with the overall cost spread over the vesting period. An amount of $36,520,540 has been booked in the accounts at 30 June 2026.

The PVOs have an exercise price of US$12.88 per option, expire on 30 October 2035 and vest in three equal tranches subject to the achievement of specified market-based share price hurdles during the applicable performance periods.

The share price hurdle for each tranche is measured by reference to the volume-weighted average price (VWAP) of the Company’s common shares over any period of 20 consecutive trading days occurring wholly within the applicable performance period. The applicable hurdles are US$16.25, US$20.31 and US$25.39 for Tranches 1, 2 and 3, respectively.

The grant-date fair value of the PVOs was determined using a Monte Carlo Simulation (MCS) model, which takes into account the terms and conditions upon which the PVOs were granted, including the market-based vesting conditions. The resulting share-based payment expense is recognised over the applicable vesting period. An expense of $25,392,886 was recognised for the year ended 30 June 2026.

The following key assumptions were used in the Monte Carlo Simulation model in determining the grant-date fair value of the PVOs:

Expected volatility was determined based on the Company’s historical share price volatility, the historical volatility of comparable publicly traded companies, and the implied volatility derived from the Company’s listed warrants. The risk-free rate was determined to be the yield-to-maturity of a US government bond on the Valuation Date and with a term of equal duration to each tranche. The expected life reflects the midpoint between the vesting period and contractual life and the expected dividend yield was based on the Company’s expected dividend policy and historical dividend yield.

On 16 April 2026, the Company issued 150,000 RSU’s and 180,000 PVO’s to Geosan Consulting. Geosan Consulting is formally engaged by European Lithium Ltd and as such the total cost during the period of $290,223 was processed via the intercompany loan account (note 19).

The RSU’s vest equally over a three year term and have been valued based on the trading price on the date of issue with the overall cost spread over the vesting period. An amount of $169,700 has been booked in the accounts at 30 June 2026.

The PVO’s have an exercise price of $12.88, vest equally over a three year term, expire on 30 October 2035 and have been valued using the Monte Carlos Simulation (MCS) model taking into account the terms and conditions upon which the PVO’s were granted with the overall cost spread over the vesting period. An amount of $120,523 has been booked in the accounts at 30 June 2026.

The following key assumptions were used in the Monte Carlo Simulation model in determining the grant-date fair value of the PVOs:

Expected volatility was determined based on the Company’s historical share price volatility, the historical volatility of comparable publicly traded companies, and the implied volatility derived from the Company’s listed warrants. The risk-free rate was determined to be the yield-to-maturity of a US government bond on the Valuation Date and with a term of equal duration to each tranche. The expected life reflects the midpoint between the vesting period and contractual life and the expected dividend yield was based on the Company’s expected dividend policy and historical dividend yield.

On 22 October 2025, the Company issued 100,000 shares to Mathew August for the provision of marketing related services to the Company. The shares vested on 30 June 2026. The shares have been valued based on the trading price on the date of issue with the overall cost to be spread over the vesting period. An amount of $1,179,000 has been booked in the accounts at 30 June 2026.

On 2 February 2026, the Company issued 400,000 shares to Mathew August for the provision of marketing related services to the Company. The shares have been valued based on the trading price on the date of issue with the overall cost recognised immediately. An amount of $3,192,000 has been booked in the accounts at 30 June 2026.