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Share-Based Payments | 12 Months Ended
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Jun. 30, 2023
Statement [LineItems] |
Share-Based Payments | NOTE 32. SHARE-BASED PAYMENTS a) Executive Incentive Plan (EIP) Equity incentives are granted under the Executive Incentive Plan (EIP) which was approved by shareholders at the 20 21 Annual General Meeting. In light of our increasing operations globally the Board reviewed the Company’s incentive arrangements to ensure that it continued to retain and motivate key executives in a manner that is aligned with members’ interests. As a result of that review, an ‘umbrella’ EIP was adopted to which eligible executives are invited to apply for the grant of performance rights and/or options. Equity incentives granted in accordance with the EIP Rules are designed to provide meaningful remuneration opportunities and will reflect the importance of retaining a world-class management team. The Company endeavors to achieve simplicity and transparency in remuneration design, whilst also balancing competitive market practices in France, Germany, and Australia. The company grants Short Term Incentives (STIs) and Long-Term Incentives (LTIs) under the EIP. The weighted average remaining contractual life of performance rights outstanding at the end of the period was less than 3.50 years. Set out below are summaries of all STI and LTI performance rights granted under the EIP excluding the performance rights issued to non-executive directors: Fiscal year ended June 30, 2023
Grant date |  | Fair value |  |  | Balance at start of the fiscal year Number |  |  | Granted during the fiscal year Number |  |  | Exercised during the fiscal year Number |  |  | Lapsed during the fiscal year Number |  |  | Balance at end of the fiscal year Number |  |  | Vested and exercisable at end of the fiscal year Number |
October 3, 2019 |  |  | 0.260 |  |  |  | 1,500,000 |  |  |  | — |  |  |  | (1,500,000 | ) |  |  | — |  |  |  | — |  |  |  | — |
November 1, 2019 |  |  | 0.280 |  |  |  | 2,400,000 |  |  |  | — |  |  |  | (2,400,000 | ) |  |  | — |  |  |  | — |  |  |  | — |
January 2, 2020 |  |  | 0.260 |  |  |  | 1,400,000 |  |  |  | — |  |  |  | (1,400,000 | ) |  |  | — |  |  |  | — |  |  |  | — |
October 2, 2020 |  |  | 0.235 |  |  |  | 263,502 |  |  |  | — |  |  |  | (263,502 | ) |  |  | — |  |  |  | — |  |  |  | — |
October 1, 2021 |  |  | 0.550 |  |  |  | 206,404 |  |  |  | — |  |  |  | (188,705 | ) |  |  | — |  |  |  | 17,699 |  |  |  | — |
November 26, 2021 |  |  | 0.490 |  |  |  | 3,600,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,600,000 |  |  |  | — |
November 26, 2021 |  |  | 0.490 |  |  |  | 4,500,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,500,000 |  |  |  | — |
November 26, 2021 |  |  | 0.490 |  |  |  | 2,900,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,900,000 |  |  |  | — |
December 16, 2022 |  |  | 0.330 |  |  |  | — |  |  |  | 1,112,334 |  |  |  | — |  |  |  | — |  |  |  | 1,112,334 |  |  |  | — |
Total |  |  |  |  |  |  | 16,769,906 |  |  |  | 1,112,334 |  |  |  | (5,752,207 | ) |  |  | — |  |  |  | 12,130,033 |  |  |  | — |
The weighted average share price on the exercising date during the financial year 2023 is $0.24. Fiscal year ended June 30, 2022
Grant date |  | Fair value |  |  | Balance at start of the fiscal year Number |  |  | Granted during the fiscal year Number |  |  | Exercised during the fiscal year Number |  |  | Lapsed during the fiscal year Number |  |  | Balance at end of the fiscal year Number |  |  | Vested and exercisable at end of the fiscal year Number |
October 3, 2019 |  |  | 0.260 |  |  |  | 3,000,000 |  |  |  | — |  |  |  | (1,500,000 | ) |  |  | — |  |  |  | 1,500,000 |  |  |  | — |
November 1, 2019 |  |  | 0.280 |  |  |  | 2,400,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,400,000 |  |  |  | 1,200,000 |
January 2, 2020 |  |  | 0.260 |  |  |  | 1,900,000 |  |  |  | — |  |  |  | (500,000 | ) |  |  | — |  |  |  | 1,400,000 |  |  |  | 450,000 |
October 2, 2020 |  |  | 0.235 |  |  |  | 263,502 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 263,502 |  |  |  | 263,502 |
October 1, 2021 |  |  | 0.550 |  |  |  | — |  |  |  | 206,404 |  |  |  | — |  |  |  | — |  |  |  | 206,404 |  |  |  | — |
November 26, 2021 |  |  | 0.490 |  |  |  | — |  |  |  | 3,600,000 |  |  |  | — |  |  |  | — |  |  |  | 3,600,000 |  |  |  | — |
November 26, 2021 |  |  | 0.490 |  |  |  | — |  |  |  | 4,500,000 |  |  |  | — |  |  |  | — |  |  |  | 4,500,000 |  |  |  | — |
November 26, 2021 |  |  | 0.490 |  |  |  | — |  |  |  | 2,900,000 |  |  |  | — |  |  |  | — |  |  |  | 2,900,000 |  |  |  | — |
Total |  |  |  |  |  |  | 7,563,502 |  |  |  | 11,206,404 |  |  |  | (2,000,000 | ) |  |  | — |  |  |  | 16,769,906 |  |  |  | 1,913,502 |
The weighted average share price on the exercising date during the financial year 2022 is $0.535. Fiscal year ended June 30, 2021
Grant date |  | Fair value |  |  | Balance at start of the fiscal year Number |  |  | Granted during the fiscal year Number |  |  | Exercised during the fiscal year Number |  |  | Lapsed during the fiscal year Number |  |  | Balance at end of the fiscal year Number |  |  | Vested and exercisable at end of the fiscal year Number |
November 28, 2017 |  |  | 0.230 |  |  |  | 500,000 |  |  |  | — |  |  |  | (500,000 | ) |  |  | — |  |  |  | — |  |  |  | — |
October 2, 2018 |  |  | 0.470 |  |  |  | 387,560 |  |  |  | — |  |  |  | (387,560 | ) |  |  | — |  |  |  | — |  |  |  | — |
October 3, 2019 |  |  | 0.260 |  |  |  | 4,500,000 |  |  |  | — |  |  |  | (1,500,000 | ) |  |  | — |  |  |  | 3,000,000 |  |  |  | — |
November 1, 2019 |  |  | 0.280 |  |  |  | 3,600,000 |  |  |  | — |  |  |  | (1,200,000 | ) |  |  | — |  |  |  | 2,400,000 |  |  |  | — |
January 2, 2020 |  |  | 0.260 |  |  |  | 2,850,000 |  |  |  | — |  |  |  | (950,000 | ) |  |  | — |  |  |  | 1,900,000 |  |  |  | — |
October 2, 2020 |  |  | 0.235 |  |  |  | — |  |  |  | 263,502 |  |  |  | — |  |  |  | — |  |  |  | 263,502 |  |  |  | — |
Total |  |  |  |  |  |  | 11,837,560 |  |  |  | 263,502 |  |  |  | (4,537,560 | ) |  |  | — |  |  |  | 7,563,502 |  |  |  | — |
The weighted average share price on the exercising date during the fiscal year 2021 is $0.235. The fair value at grant date for short term incentive (STI) and long-term incentives (LTI) performance rights are determined using a Black-Scholes option pricing model that takes into account the exercise price, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option. The model inputs for STI performance rights granted during the fiscal year ended June 30, 2023 included:
Grant date |  | June 30 2023* |
Share price at grant date |  |  | 0.275 |
Expected price volatility of the Company’s shares |  |  | 60 | %
Expected dividend yield |  |  | Nil |
Risk-free interest rate |  |  | 3.40 | %
* | Tranches 2 and 3 of performance rights granted during the year ended June 30, 2023 have not met the definition of grant date under AASB 2 - Share Based payments. Accordingly, the share based expense recognised was using an estimate of the grant date fair value at June 30, 2023. The value will be re-assessed at each reporting date until grant date has been identified. For all tranches, the vesting conditions consist of service-based vesting conditions subject to certain defined corporate Key Performance Indicators (KPIs). The performance rights will expire, if not exercised, five years from the date of issue. There are no outstanding options under EIP at the beginning of the financial year 2023 and no option was granted during the year ended June 30, 2023
The model inputs for STI performance rights granted during the fiscal year ended June 30, 2022 included:
Grant date |  | June 30 2022* |  |  | November 26 2021* |
Share price at grant date |  | $ | 0.290 |  |  | $ | 0.490 |
Expected price volatility of the Company’s shares |  |  | 75 | % |  |  | 105 | %
Expected dividend yield |  |  | Nil |  |  |  | Nil |
Risk-free interest rate |  |  | 3.28 | % |  |  | 1.39 | %
* | Tranches 2 and 3 of performance rights granted during the year ended June 30, 2022 have not met the definition of grant date under AASB 2 - Share Based payments. Accordingly, the share based expense recognised was using an estimate of the grant date fair value at June 30, 2022. For all tranches, the vesting conditions consist of service-based vesting conditions subject to certain defined corporate Key Performance Indicators (KPIs). The performance rights will expire, if not exercised, five years from the date of issue. There are no outstanding options under EIP at the beginning of the financial year 2022 and no option was granted during the year ended June 30, 2022.
The model inputs for STI performance rights granted during the fiscal year ended June 30, 2021 included:
Grant date |  | October 2, 2020 |
Share price at grant date |  | $ | 0.235 |
Expected price volatility of the Company’s shares |  |  | 88 | %
Expected dividend yield |  |  | Nil |
Risk-free interest rate |  |  | 0.12 | %
Fair value of options granted No options were granted during the fiscal years ended June 30, 2023, June 30, 2022 and June 30, 2021. (b) Performance rights issued to non-executive directors with shareholders’ approval At the 2022 annual general meeting, shareholders approved the issue of 1,624,499 performance rights to Pete Meyers and Lucy Turnbull in lieu of cash for their services as a non-executive directors. When exercisable, each performance right is convertible into one ordinary share. All the performance rights issued to non-executive directors are exercisable into ordinary shares with $nil exercising price. The weighted average remaining contractual life of performance rights outstanding at the end of the period was less than 3.52 years.
2023 Grant date |  | Type of performance right granted |  |  | Fair value |  |  | Balance at start of the fiscal year Number |  |  | Granted during the fiscal year Number |  |  | Exercised during the fiscal year Number |  |  | Lapsed during the fiscal year Number |  |  | Balance at end of the fiscal year Number |  |  | Vested and exercisable at end of the fiscal year Number |
November 1, 2019 |  |  | Director rights |  |  |  | 0.280 |  |  |  | 1,000,000 |  |  |  | — |  |  |  | (500,000 | ) |  |  | — |  |  |  | 500,000 |  |  |  | — |
November 23, 2022 |  |  | Director rights |  |  |  | 0.31 |  |  |  | — |  |  |  | 1,166,667 |  |  |  | — |  |  |  | — |  |  |  | 1,166,667 |  |  |  | — |
December 1, 2021 |  |  | Director rights |  |  |  | 0.490 |  |  |  | 339,621 |  |  |  | — |  |  |  | (113,207 | ) |  |  | — |  |  |  | 226,414 |  |  |  | — |
November 23, 2022 |  |  | Director rights |  |  |  | 0.310 |  |  |  | — |  |  |  | 457,832 |  |  |  | (92,966 | ) |  |  | (364,866 | )* |  |  | — |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  | 1,339,621 |  |  |  | 1,624,499 |  |  |  | (706,173 | ) |  |  | (364,866 | ) |  |  | 1,893,081 |  |  |  | — |
* | The change during the year represents derecognition due to the cessation of the director.
The weighted average share price on the exercising date during the financial year 2023 is $0.28.
2022 Grant date |  | Type of performance right granted |  | Fair value |  |  | Balance at start of the fiscal year Number |  |  | Granted during the fiscal year Number |  |  | Exercised during the fiscal year Number |  |  | Lapsed during the fiscal year Number |  |  | Balance at end of the fiscal year Number |  |  | Vested and exercisable at end of the fiscal year Number |
November 16, 2018 |  | Director rights |  |  | 0.390 |  |  |  | 250,000 |  |  |  | — |  |  |  | (250,000 | ) |  |  | — |  |  |  | — |  |  |  | — |
November 1, 2019 |  | Director rights |  |  | 0.280 |  |  |  | 1,500,000 |  |  |  | — |  |  |  | (500,000 | ) |  |  | — |  |  |  | 1,000,000 |  |  |  | — |
October 27, 2020 |  | Director rights |  |  | 0.255 |  |  |  | 1,350,000 |  |  |  | — |  |  |  | (450,000 | ) |  |  | (900,000 | )* |  |  | — |  |  |  | — |
December 1, 2021 |  | Director rights |  |  | 0.490 |  |  |  | — |  |  |  | 339,621 |  |  |  | — |  |  |  | — |  |  |  | 339,621 |  |  |  | — |
Total |  |  |  |  |  |  |  |  | 3,100,000 |  |  |  | 339,621 |  |  |  | (1,200,000 | ) |  |  | (900,000 | ) |  |  | 1,339,621 |  |  |  | — |
* | The change during the year represents derecognition due to the cessation of the director.
The weighted average share price on the exercising date during the financial year 2022 is $0.523.
2021 Grant date |  | Type of performance right granted |  |  | Fair value |  |  | Balance at start of the fiscal year Number |  |  | Granted during the fiscal year Number |  |  | Exercised during the fiscal year Number |  |  | Lapsed during the fiscal year Number |  |  | Balance at end of the fiscal year Number |  |  | Vested and exercisable at end of the fiscal year Number |
November 25, 2016 |  |  | Director rights |  |  |  | 0.380 |  |  |  | 273,637 |  |  |  | — |  |  |  | (273,637 | ) |  |  | — |  |  |  | — |  |  |  | — |
November 17, 2017 |  |  | Director rights |  |  |  | 0.210 |  |  |  | 426,654 |  |  |  | — |  |  |  | (426,654 | ) |  |  | — |  |  |  | — |  |  |  | — |
November 16, 2018 |  |  | Director rights |  |  |  | 0.390 |  |  |  | 500,000 |  |  |  | — |  |  |  | (250,000 | ) |  |  | — |  |  |  | 250,000 |  |  |  | — |
November 1, 2019 |  |  | Director rights |  |  |  | 0.280 |  |  |  | 1,500,000 |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 1,500,000 |  |  |  | — |
October 27, 2020 |  |  | Director rights |  |  |  | 0.255 |  |  |  | — |  |  |  | 1,350,000 |  |  |  | — |  |  |  | — |  |  |  | 1,350,000 |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  | 2,700,291 |  |  |  | 1,350,000 |  |  |  | (950,291 | ) |  |  | — |  |  |  | 3,100,000 |  |  |  | — |
The weighted average share price on the exercising date during the fiscal year 2021 is $0.276. On November 5, 2019, there was a 10 to 1 share consolidation. The number of performance rights and fair value in fiscal year 2023, 2022 and 2021 movement table have therefore been adjusted retrospectively for the share consolidation. Fair value of performance rights granted The fair value at grant date for the performance rights issued to non-executive directors with shareholders’ approval are determined using a Black- Scholes option pricing model that takes into account the exercise price, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option. The model inputs for STI performance rights granted during the fiscal year ended June 30, 2023 included:
Grant date |  | June 30, 2023* |  |  | November 23, 2022 |
Share price at grant date |  | $ | 0.315 |  |  | $ | 0.310 |
Expected price volatility of the Company’s shares |  |  | 75 | % |  |  | 75 | %
Expected dividend yield |  |  | Nil |  |  |  | Nil |
Risk-free interest rate |  |  | 3.94 | % |  |  | 3.40 | %
* | Director performance rights granted during the year ended June 30, 2023 have not met the definition of grant date under AASB 2 - Share Based payments. Accordingly, the share-based expense recognised was using an estimate of the grant date fair value at June 30, 2023. The value will be re-assessed at the next reporting date as the grant date will be the 2023 AGM date.
The model inputs for STI performance rights granted during the fiscal year ended June 30, 2022 included:
Grant date |  | June 30, 2022* |  |  | November 26, 2021* |
Share price at grant date |  | $ | 0.290 |  |  | $ | 0.490 |
Expected price volatility of the Company’s shares |  |  | 75 | % |  |  | 105 | %
Expected dividend yield |  |  | Nil |  |  |  | Nil |
Risk-free interest rate |  |  | 3.28 | % |  |  | 1.39 | %
* | Tranches 2 and 3 of performance rights granted during the year ended June 30, 2022 have not met the definition of grant date under AASB 2 - Share Based payments. Accordingly, the share based expense recognised was using an estimate of the grant date fair value at June 30, 2022. The value will be re-assessed at each reporting date until grant date has been identified.
The model inputs for STI performance rights granted during the fiscal year ended June 30, 2021 included:
Grant date |  | October 27, 2020 |
Share price at grant date |  |  | $ 0.255 |
Expected price volatility of the Company’s shares |  |  | 92 | %
Expected dividend yield |  |  | Nil |
Risk-free interest rate |  |  | 0.14 | %
(c) Options issued to other parties During the fiscal year ended June 30, 2016, options were issued to Ridgeback Capital Investments and Trout Group LLC and eligible to be exercised. The weighted average remaining contractual life of performance rights outstanding at the end of the period was less than 2.1 years. Set out below is a summary of the options granted to both parties:
2023 Grant date |  | Expiry date |  | Exercise price |  |  | Balance at start of the fiscal year Number |  |  | Granted during the fiscal year Number |  |  | Exercised during the fiscal year Number |  |  | Forfeited during the fiscal year Number |  |  | Balance at end of the fiscal year Number |  |  | Vested and exercisable at end of the fiscal year Number |
July 31, 2015 |  | August 5, 2020 |  |  | 0.235 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
July 31, 2015 |  | August 5, 2025 |  |  | 0.248 |  |  |  | 847,600 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 847,600 |  |  |  | — |
October 30, 2015 |  | October 30, 2020 |  |  | 0.568 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
March 7, 2016 |  | March 7, 2021 |  |  | 0.398 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  |  |  |  |  |  |  | 847,600 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 847,600 |  |  |  | — |
Fair value of options granted No options granted during the fiscal year ended June 30, 2023 (2022 – nil). The fair value at grant date is determined using a Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option. (d) Expenses arising from share-based payment transactions Total expenses arising from share-based payment transactions recognized during the period as part of employee benefit expense were as follows:
|  | Consolidated |
|  | June 30, 2023 A$ |  |  | June 30, 2022 A$ |
Employee share-based payment expense |  |  | 2,001,572 |  |  |  | 1,486,841 |
|  |  | 2,001,572 |  |  |  | 1,486,841 |
Share-based payment transactions with employees are recognized during the period as a part of corporate and administrative expenses.

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