Earnings per Share

12 Months Ended

Jun. 30, 2025

Note 17. Earnings per Share


	2025			2024			2023
	US$(000's)			US$(000's)			US$(000's)
The following reflects the income used in the basic and diluted earnings per share computations:
(a) Earnings used in calculating earnings per share
Net loss attributable to ordinary equity holders of the parent		(162,791	)		(220,242	)		(142,521	)

(b) Weighted average number of shares
Weighted average number of ordinary shares on issue for basic earnings per share		1,224,697,353			638,202,922			442,637,406
Effect of dilution:
Share options		—			—			—
Weighted average number of ordinary shares adjusted for the effect of dilution		1,224,697,353			638,202,922			442,637,406
Loss per share (basic and diluted in cents)		(13.29	)		(34.51	)		(32.20	)

On August 24 and 28, 2023 the company announced a capital raising which involved an additional 195,647,457 ordinary shares and investor options that represent potential ordinary shares of 97,823,728.

On June 14, 2024 the company announced a capital raising which involved an additional 139,627,846 ordinary shares and options that represent potential ordinary shares of 189,428,654.

Diluted earnings per share is calculated as net loss divided by the weighted average number of ordinary shares and dilutive potential ordinary shares. Options granted under the Long Term Incentive (LTIP) and Non‑Executive Director Share and Option (NED Plan) plans would generally be included in the calculation due to the conditions of the issuance being satisfied.

As the Group is in a loss position, the options are anti‑dilutive and, accordingly, the basic loss per share is the same as the diluted loss per share.

At June 30, 2025, a total number of 43,789,083 options/rights (2024: 35,300,000), 7,087,259 ADS options that represent 8 ordinary shares for each ADS held (2024:6,550,000) and 287,214,294 (2024: 240,708,149) investor options were anti‑dilutive and were therefore excluded from the weighted average number of ordinary shares for the purpose of diluted earnings per share. These options related to the option plans listed below.

Fully paid ordinary shares have no par value, carry one vote per share and carry the right to dividends. No cash dividends have been paid, declared or recommended during or since the end of the financial year by the Company.


Ordinary Options	2025		2024		2023
NED Plan		27,500,000		21,000,000		16,500,000
LTIP		13,589,083		11,400,000		6,050,000
		41,089,083		32,400,000		22,550,000


	2025		2024		2023
Performance Rights
NED Plan		650,000		650,000		650,000
LTIP		2,050,000		2,250,000		2,250,000
		2,700,000		2,900,000		2,900,000


	2025		2024		2023
ADS Options
NED Plan		—		—		—
LTIP - Extended terms		107,716		277,000		—
LTIP		6,979,543		6,273,000		1,505,000
		7,087,259		6,550,000		1,505,000


	2025		2024		2023
Investor Options
2023 investor options - listed		97,787,612		97,822,109		—
2024 investor options- listed		189,426,682		142,886,040		—
		287,214,294		240,708,149		—

As of June 30, 2025, 24,354,341 outstanding options and rights were exercisable as of that date (2024: 20,024,203 2023: 10,842,234). As at June 30, 2025 2,138,378 outstanding ADS options were exercisable as of that date (2024: 537,914, 2023: 250,000).