| SHARE-BASED PAYMENTS |
SHARE-BASED PAYMENTS (a) Recognized share-based payment expense From time to time, the Group grants ordinary shares, unlisted options, performance rights, and RSUs to officers, employees, consultants and other key advisors as part of remuneration and incentive arrangements. The number of Shares, Options, Rights, and RSUs granted, and the terms of the Shares, Options, Rights, and RSUs granted are determined by the Board. Shareholder approval is sought where required. During fiscal 2026, fiscal 2025, and fiscal 2024 the following equity-settled share-based payments have been recognized in profit or loss: | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2025 | | 2024 | | | US$ | | US$ | | US$ | | Expense arising from staff remuneration arrangements | | (9,166,334) | | | (9,568,191) | | | (3,791,541) | | | Total expense arising from equity-settled share-based payment transactions | | (9,166,334) | | | (9,568,191) | | | (3,791,541) | |
In addition to share-based payment expenses recognized through profit or loss, a share-based payment of $2 million was recognized as an asset (prepayments) during the 2024 financial year, relating to the issue of 3,006,163 new fully paid ordinary shares to nominees of Blacksand in lieu of future cash option payments totalling $2 million owed to Blacksand under the option agreement between the Company and Blacksand. (b) Summary of securities granted as share-based payments The following table illustrates the number and weighted-average exercise price of Options, and weighted-average grant date fair value for Rights and RSUs granted as share-based payments during fiscal 2026, fiscal 2025, and fiscal 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock Option Awards | | WA - Exercise Price A$ | | Restricted Stock Units | | WA - Grant Date Fair Value A$ | | Performance Rights Awards (market-based conditions) | | WA - Grant Date Fair Value A$ | | Performance Rights Awards (performance conditions) | | WA - Grant Date Fair Value A$ | | June 30, 2023 | | 23,011,372 | | 0.32 | | | 824,371 | | 0.95 | | | 26,910,000 | | 0.69 | | | 2,236,000 | | 1.04 | | | Granted | | - | | - | | | 3,894,124 | | 2.18 | | | 3,980,000 | | 0.99 | | | 41,000 | | 1.10 | | | Exercised/Converted | | (11,262,000) | | (0.35) | | | (341,461) | | (0.99) | | | (4,726,665) | | (0.71) | | | (421,000) | | (0.89) | | | Forfeited | | - | | - | | | - | | - | | | (550,000) | | (0.66) | | | - | | - | | | June 30, 2024 | | 11,749,372 | | 0.28 | | | 4,377,034 | | 2.04 | | | 25,613,335 | | 0.74 | | | 1,856,000 | | 1.08 | | | Granted | | 2,679,746 | | 6.46 | | | 2,220,020 | | 3.99 | | | 4,938,409 | | 3.49 | | | 350,000 | | 3.81 | | | Exercised/Converted | | (1,525,000) | | (0.20) | | | (1,639,496) | | (1.93) | | | (23,273,335) | | (0.79) | | | (1,000,000) | | (1.24) | | | Forfeited | | - | | - | | | (159,333) | | (2.27) | | | (920,000) | | (0.98) | | | (60,000) | | (0.91) | | | June 30, 2025 | | 12,904,118 | | 1.57 | | | 4,798,225 | | 2.97 | | | 6,358,409 | | 2.66 | | | 1,146,000 | | 1.78 | | | Granted | | 4,086,871 | | 18.40 | | | 853,979 | | 6.53 | | | 660,077 | | 2.66 | | | 109,000 | | 5.43 | | | Exercised/Converted | | (2,118,279) | | (0.62) | | | (1,540,516) | | (2.23) | | | - | | - | | | (595,000) | | (1.53) | | | Forfeited | | (8,000,000) | | (0.20) | | | (1,018) | | (6.91) | | | - | | - | | | (630,000) | | (2.45) | | | June 30, 2026 | | 6,872,710 | | 13.47 | | | 4,110,670 | | 3.99 | | | 7,018,486 | | 2.66 | | | 30,000 | | 5.99 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(b) Summary of securities granted as share-based payments (continued) The following Options, Rights and RSUs were granted as share-based payments during fiscal 2026, fiscal 2025, and fiscal 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | Security
Type | | Number | | Grant Date | | Expiry
Date | | Exercise
Price
A$ | | Vesting Hurdle
(30-day VWAP)
A$ | | Fair
Value
A$ | | Series 1 | | Rights | | 45,000 | | 6-Aug-25 | | 31-Dec-26 | | - | | | | | 5.99 | | | Series 2 | | RSUs | | 118,875 | | 28-Nov-25 | | 23-Dec-26 | | - | | | - | | | 5.11 | | | Series 3 | | RSUs | | 12,000 | | 5-Dec-25 | | 31-Dec-26 | | - | | | - | | | 5.02 | | | Series 4 | | Options | | 235,000 | | 5-Dec-25 | | 1-Apr-27 | | 10.00 | | | - | | | 0.40 | | | Series 5 | | Rights | | 64,000 | | 20-Dec-25 | | 31-Dec-25 | | - | | | - | | | 5.03 | | | Series 6 | | RSUs | | 477,752 | | 5-Mar-26 | | 31-Dec-29 | | - | | | - | | | 6.91 | | | Series 7 | | Options | | 511,972 | | 8-Mar-26 | | 2-Apr-30 | | 11.00 | | | - | | | 2.93 | | | Series 8 | | Options | | 607,244 | | 8-Mar-26 | | 2-Apr-31 | | 22.00 | | | - | | | 2.27 | | | Series 9 | | Options | | 536,521 | | 8-Mar-26 | | 2-Apr-31 | | 18.00 | | | - | | | 2.57 | | | Series 10 | | Rights | | 226,047 | | 8-Mar-26 | | 2-Apr-31 | | - | | | 18.00 | | | 4.47 | | | Series 11 | | RSUs | | 209,032 | | 8-Mar-26 | | 2-Apr-30 | | - | | | - | | | 6.55 | | | Series 12 | | RSUs | | 20,820 | | 9-Mar-26 | | 2-Mar-28 | | - | | | - | | | 6.55 | | | Series 13 | | RSUs | | 15,500 | | 9-Mar-26 | | 2-Apr-28 | | - | | | - | | | 6.55 | | | Series 14 | | Options | | 1,165,965 | | 19-Mar-26 | | 2-Apr-31 | | 22.00 | | | - | | | 0.96 | | | Series 15 | | Options | | 1,030,169 | | 19-Mar-26 | | 2-Apr-31 | | 18.00 | | | - | | | 1.11 | | | Series 16 | | Rights | | 434,030 | | 19-Mar-26 | | 2-Apr-31 | | - | | | 18.00 | | | 1.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | Security
Type | | Number | | Grant Date | | Expiry
Date | | Exercise
Price
A$ | | Vesting Hurdle
(30-day VWAP)
A$ | | Fair
Value
A$ | | Series 1 | | Rights | | 445,000 | | 1-Nov-24 | | 31-Dec-27 | | - | | | 4.00 | | | 2.98 | | | Series 2 | | Rights | | 435,000 | | 1-Nov-24 | | 23-Apr-26 | | - | | | 3.00 | | | 3.12 | | | Series 3 | | Rights | | 585,000 | | 1-Nov-24 | | 23-Apr-26 | | - | | | 4.00 | | | 2.53 | | | Series 4 | | Rights | | 30,000 | | 1-Nov-24 | | 31-Dec-25 | | - | | | - | | | 3.40 | | | Series 5 | | Rights | | 200,000 | | 1-Nov-24 | | 23-Apr-26 | | - | | | - | | | 3.40 | | | | | | | | | | | | | | | | | | Series 6 | | RSUs | | 25,132 | | 1-Nov-24 | | 31-Dec-27 | | - | | | - | | | 3.40 | | | Series 7 | | RSUs | | 169,944 | | 22-Nov-24 | | 16-Dec-28 | | - | | | - | | | 4.40 | | | | | | | | | | | | | | | | | | Series 8 | | Rights | | 120,000 | | 20-Dec-24 | | 31-Dec-25 | | - | | | - | | | 4.60 | | | Series 9 | | RSUs | | 42,486 | | 9-Mar-25 | | 16-Dec-28 | | - | | | - | | | 3.37 | | | Series 10 | | RSUs | | 40,000 | | 6-May-25 | | 31-Dec-28 | | - | | | - | | | 3.49 | | | Series 11 | | RSUs | | 113,475 | | 8-May-25 | | 31-Dec-28 | | - | | | - | | | 3.40 | | | Series 12 | | RSUs | | 56,738 | | 9-May-25 | | 31-Dec-28 | | - | | | - | | | 3.55 | | | Series 13 | | RSUs | | 82,335 | | 10-May-25 | | 10-Apr-29 | | - | | | - | | | 3.55 | | | Series 14 | | Options | | 216,672 | | 10-May-25 | | 10-Apr-29 | | 5.00 | | | - | | | 1.87 | | | Series 15 | | RSUs | | 13,617 | | 12-May-25 | | 31-Dec-28 | | - | | | - | | | 3.41 | | | Series 16 | | RSUs | | 8,511 | | 13-May-25 | | 31-Dec-28 | | - | | | - | | | 3.17 | | | Series 17 | | RSUs | | 400,533 | | 15-May-25 | | 10-Apr-29 | | - | | | - | | | 3.11 | | | Series 18 | | Rights | | 415,695 | | 15-May-25 | | 10-Apr-31 | | - | | | 6.00 | | | 2.76 | | | Series 19 | | Rights | | 415,695 | | 15-May-25 | | 10-Apr-31 | | - | | | 7.00 | | | 2.68 | | | Series 20 | | Rights | | 415,695 | | 15-May-25 | | 10-Apr-31 | | - | | | 8.00 | | | 2.60 | | | Series 21 | | RSUs | | 48,227 | | 16-May-25 | | 31-Dec-28 | | - | | | - | | | 3.20 | | | Series 22 | | RSUs | | 82,335 | | 23-May-25 | | 10-Apr-29 | | - | | | - | | | 3.55 | | | Series 23 | | Options | | 216,672 | | 23-May-25 | | 10-Apr-29 | | 5.00 | | | - | | | 1.86 | | | Series 24 | | RSUs | | 24,823 | | 29-May-25 | | 31-Dec-28 | | - | | | - | | | 3.58 | | | Series 25 | | RSUs | | 9,362 | | 30-May-25 | | 31-Dec-28 | | - | | | - | | | 3.69 | | | Series 26 | | RSUs | | 26,326 | | 31-May-25 | | 31-Dec-28 | | - | | | - | | | 3.69 | | | | | | | | | | | | | | | | | | Series 27 | | RSUs | | 357,732 | | 12-Jun-25 | | 10-Apr-29 | | - | | | - | | | 4.10 | | | Series 28 | | Options | | 941,402 | | 12-Jun-25 | | 10-Apr-29 | | 5.00 | | | - | | | 2.26 | | | Series 29 | | RSUs | | 3,404 | | 12-Jun-25 | | 31-Dec-28 | | - | | | - | | | 4.10 | | | Series 30 | | Options | | 1,305,000 | | 26-Jun-25 | | 30-Jun-27 | | 8.00 | | | - | | | 1.09 | | | Series 31 | | RSUs | | 715,040 | | 27-Jun-25 | | 10-Apr-29 | | - | | | - | | | 4.75 | | | Series 32 | | Rights | | 742,108 | | 27-Jun-25 | | 10-Apr-31 | | - | | | 6.00 | | | 4.48 | | | Series 33 | | Rights | | 742,108 | | 27-Jun-25 | | 10-Apr-31 | | - | | | 7.00 | | | 4.38 | | | Series 34 | | Rights | | 742,108 | | 27-Jun-25 | | 10-Apr-31 | | - | | | 8.00 | | | 4.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | Security
Type | | Number | | Grant Date | | Expiry
Date | | Exercise
Price
A$ | | Vesting Hurdle
(30-day VWAP)
A$ | | Fair
Value
A$ | | Series 1 | | Shares | | 116,538 | | 15-Aug-23 | | - | | - | | | - | | | 0.98 | | | Series 2 | | Rights | | 21,000 | | 15-Aug-23 | | 22-Dec-24 | | - | | | - | | | 1.10 | | | Series 3 | | Rights | | 10,000 | | 15-Aug-23 | | 22-Dec-25 | | - | | | - | | | 1.10 | | | Series 4 | | Rights | | 10,000 | | 15-Aug-23 | | 22-Dec-26 | | - | | | - | | | 1.10 | | | Series 5 | | Rights | | 200,000 | | 18-Dec-23 | | 23-Apr-26 | | - | | | 3.00 | | | 0.79 | | | Series 6 | | Rights | | 300,000 | | 18-Dec-23 | | 23-Apr-26 | | - | | | 4.00 | | | 0.63 | | | Series 7 | | Rights | | 3,330,000 | | 18-Dec-23 | | 21-Dec-28 | | - | | | 4.00 | | | 1.01 | | | Series 8 | | Shares | | 388,000 | | 30-Jan-24 | | - | | - | | | - | | | 1.37 | | | Series 9 | | Shares | | 50,000 | | 30-Jan-24 | | - | | - | | | - | | | 1.37 | | | Series 10 | | RSUs | | 1,434,000 | | 26-Mar-24 | | 31-Dec-27 | | - | | | - | | | 2.27 | | | Series 11 | | RSUs | | 2,055,000 | | 9-Apr-24 | | 31-Dec-27 | | - | | | - | | | 2.27 | | | Series 12 | | RSUs | | 405,124 | | 22-Nov-23 | | 5-Dec-27 | | - | | | - | | | 1.42 | | | Series 13 | | Rights | | 75,000 | | 21-May-24 | | 23-Apr-26 | | - | | | 3.00 | | | 1.61 | | | Series 14 | | Rights | | 75,000 | | 21-May-24 | | 23-Apr-26 | | - | | | 4.00 | | | 1.32 | |
(c) Weighted Average Remaining Contractual Life At June 30, 2026, the weighted average remaining contractual life of Unlisted Options was 3.37 years (2025: 0.96 years) (2024: 1.45 years). (d) Option, Right and RSU Pricing Models The fair value of granted RSUs and Rights that do not have market-based vesting conditions is estimated as at the date of grant based on the underlying share price. The fair value of granted Options is estimated as at the date of grant using the Black Scholes option valuation model taking into account the terms and conditions upon which the Unlisted Options were granted. The table below lists the inputs to the valuation models used for Options granted by the Group during fiscal 2026, fiscal 2025 and fiscal 2024: | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2025 | | 2024 | Expected life (weighted average) | | 4.16 years | | 2.96 years | | - | | Risk-free interest rate (weighted average) | | 3.7% | | 3.28% | | - | Expected volatility (weighted average) | | 73% | | 80% | | - | Expected dividend yield | | -% | | -% | | - |
The fair value of granted Rights that have market-based vesting conditions is estimated as at the date of grant using a trinomial valuation model taking into account the market-based vesting criteria upon which the Rights were granted. The table below lists the inputs to the valuation models used for the Rights that have market-based vesting conditions granted by the Group during fiscal 2026, fiscal 2025 and fiscal 2024: | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2025 | | 2024 | Expected life (weighted average) | | 4.98 years | | 4.69 years | | 4.56 years | | Risk-free interest rate (weighted average) | | 4.62% | | 3.73% | | 3.75% | | Expected volatility (weighted average) | | 75% | | 77% | | 80% | | Fair value at grant date (weighted average) | | A$2.66 | | A$3.49 | | A$0.99 | | Share price at grant date (weighted average) | | A$4.58 | | A$3.94 | | A$1.36 | | Vesting hurdle (30-day VWAP) (weighted average) | | A$18.00 | | A$6.02 | | A$3.93 |
Expected volatility was determined by reference to historical share price volatility over a period consistent with the expected life of the Options or Rights.
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