Share-Based Payments

12 Months Ended

Jun. 30, 2026

16 Share-based payments

(a) Employee Option Plan

The establishment of the ‘Omnibus Incentive Plan’ (OIP) was renewed by shareholders at the annual general meeting held on 16 November 2023. The plan is designed to provide long-term incentives for employees (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.

The options issued under the plan have vesting conditions based on the achievement of service milestone, which are achieved if the holder remains with the group until the date is reached. The dates vary from the initial public offering up to 5 years from the grant dated. There are no performance or market conditions attached to any of the below options under the plan.

Set out below are summaries of all listed and unlisted options.

	2026					2025					2024
	Weighted average exercise price per share		Number of			Weighted average exercise price per share		Number of			Weighted average exercise price per share		Number of
	option		options			option		options			option		options
As at 1 July	$	0.13		237,595,186		$	0.31		77,473,719		$	0.36		58,678,263
Granted during the year	$	0.02		214,480,666		$	0.05		164,772,115		$	0.11		18,795,456
Forfeited during the year		0.12		(43,830,802	)	$	0.01		(4,650,648	)	$	-		-
As at 30 June	$	0.08		408,245,050		$	0.13		237,595,186		$	0.31		77,473,719
Vested and exercisable at 30 June	$	0.16		140,210,497		$	0.30		68,176,817		$	0.46		32,931,239

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

Grant date	Expiry date	Exercise price		Share options 30 June 2026		Share options 30 June 2025		Share options 30 June 2024
2021-03-29	2025-11-25		0.6000		-		1,900,022		1,900,002
2021-04-05	2025-11-25		0.6000		-		1,900,002		1,900,002
2021-04-26	2025-11-25		0.6000		-		1,900,002		1,900,002
2021-06-27	2026-11-25		0.6000		2,533,336		2,533,336		2,533,336
2021-07-28	2026-11-25		0.6000		2,533,336		2,533,336		2,533,336
2021-08-02	2026-11-25		0.6000		8,666,678		8,666,678		8,666,678
2021-12-21	2025-12-21		0.6000		-		400,000		400,000
2022-03-02	2027-05-27		0.6000		740,000		740,000		740,000
2022-04-22	2027-06-01		0.6000		1,666,500		1,666,500		2,500,000
2022-07-01	2027-07-01		0.1700		12,425,675		13,137,976		13,137,976
2022-11-16	2026-12-01		0.6000		3,800,004		3,800,004		3,800,004
2022-11-16	2027-06-30		0.1700		18,366,927		18,366,927		18,366,927
2023-02-07	2028-02-01		0.1551		100,000		100,000		100,000
2023-05-18	2028-06-30		0.1980		200,000		200,000		200,000
2023-06-01	2026-05-31		0.1400		-		505,598		505,598
2023-07-01	2028-07-01		0.1120		3,658,514		3,658,514		7,176,190
2023-07-24	2028-07-24		0.1210		500,000		500,000		500,000
2023-11-16	2028-07-01		0.1100		10,113,668		10,113,668		10,113,668
2023-12-13	2028-12-13		0.0760		500,000		500,000		500,000
2024-06-01	2027-05-31		0.0320		2,300,838		2,300,838		2,300,838
2024-07-01	2029-07-01		0.0410		25,904,884		30,480,627		-
2024-08-23	2026-09-30		0.0600		24,000,000		24,000,000		-
2024-11-25	2029-06-30		0.0410		59,290,690		59,290,690		-
2024-11-25	2029-09-30		0.0600		37,333,334		48,000,000		-
2025-01-30	2028-12-13		0.0270		400,000		400,000		-
2025-07-01	2030-07-01		0.0250		86,250,000		-		-
2025-08-01	2030-08-01		0.0600		5,000,000		-		-
2025-11-20	2030-07-01		0.0250		99,294,000		-		-
2026-06-01	2031-06-01		0.0600		2,666,666		-		-
Total					408,245,050		237,594,698		79,774,557

The following options were granted outside of the OIP plan to non-employees, vesting immediately upon issue. The outstanding balance at the end of the year is detailed below:

Grant date	Expiry date	Exercise price		Share options 30 June 2026		Share options 30 June 2025		Share options 30 June 2024
2021-09-13	2024-11-25		-		-		-		13,680,012
2022-11-25	2026-11-30		0.200		79,352,040		79,352,040		79,352,040
2023-11-14	2028-07-01		0.110		7,500,000		7,500,000		7,500,000
2024-02-06	2028-04-30		0.090		8,955,224		8,955,224		8,955,224
2024-08-28	2026-08-24		0.060		818,890,534		818,890,534		-
2025-12-09	2027-10-31		0.039		1,179,266,658
Total					2,093,964,456		914,697,798		109,487,276

Weighted average remaining contractual life of options outstanding at end of year

3.02

3.12

2.98

(i) Fair value of options granted

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 during the year ended 30 June 2026 included:

	Expiry date	Exercise price ($)		No. of options		Share price at grant date ($)		Expected volatility			Dividend yield			Risk-free interest rate			Fair value at grant date ($)
01/07/2025	01/07/2030		0.025		107,520,000		0.023		93.83	%		0.00	%		3.43	%		1,731,072
01/08/2025	01/08/2030		0.060		5,000,000		0.023		94.32	%		0.00	%		3.65	%		80,500
20/11/2025	01/07/2030		0.025		99,294,000		0.025		98.58	%		0.00	%		3.76	%		1,479,480
09/12/2025	31/10/2027		0.039		1,179,266,658		-		-			-			-			-
					1,391,080,658

(b) Expenses arising from share-based payment transactions

		30 June 2026 $				30 June 2025 $				30 June 2024 $
Options issued			800,373				2,157,778				3,029,236