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Share-Based Payments
 12 Months Ended
Jun. 30, 2024
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 2021 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 attracting and 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. All the performance rights granted under the Executive Incentive Plan (EIP) exercisable into ordinary shares with nil exercise price. The weighted average remaining contractual life of performance rights outstanding at the end of the period was 2.92 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, 2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 1, 2021
      0.550        17,699        —         (17,699 )      —         —         —   
November 26, 2021
      0.490        3,600,000        —         —        —         3,600,000        1,200,000  
November 26, 2021
      0.490        4,500,000        —         —        —         4,500,000        1,500,000  
November 26, 2021
      0.490        2,900,000        —         (966,667 )      —         1,933,333        —   
December 16, 2022
      0.330        1,112,334        —         —        —         1,112,334        556,167  
     
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
January 31, 2024
      0.350        —         1,343,856        —        —         1,343,856        —   
     
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
January 31, 2024
      0.350        —         1,381,012        —        —         1,381,012        —   
     
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
Total
      
 
12,130,033
 
   
 
2,724,868
 
   
 
(984,366
) 
  
 
— 
 
   
 
13,870,535
 
   
 
3,256,167
 
     
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
The weighted average share price on the exercising date during the financial year
2024
is $
0.285
.
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.
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, 2024 included:
 
Grant date
   
June 30, 2024*
    
January 31, 2024*
  
Share price at grant date
    $ 0.295     $ 0.35  
Expected price volatility of the Company’s shares
      62 %      58 % 
Expected dividend yield
      Nil       Nil  
Risk-free interest rate
      4.19 %      3.68 % 
 
*
3,147,952 performance rights due to vest on October 1, 2024, 3,147,952 performance rights due to vest on October 1, 2025 and 447,952 performance rights due to vest on October 1, 2026 have not met the definition of grant date under AASB 2 (IFRS 2)- Share Based payments. Accordingly, the share-based expense recognised was using an estimate of the grant date fair value at June 30, 2024. 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 2024 and no option was granted during the year ended June 30, 2024.
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 % 
 
*
2,700,000 performance rights due to vest on October 1, 2024 and 2,700,000 performance rights due to vest on October 1, 2025 have not met the definition of grant date under AASB 2(IFRS2) - 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 fiscal 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.
Fair value of options granted
No options were granted during the fiscal years ended June 30, 2024, June 30, 2023 and June 30, 2022.
(b) Performance rights issued to
non-executive
directors with shareholders’ approval
At the 2023 annual general meeting, shareholders approved the issue of 178,356 performance rights to Russell Howard and 589,955 performance rights to Lis Boyce in lieu of cash for their services as
non-executive
directors (in the case of Dr Howard, the issue was in lieu of a cash increase in director fees. 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 4.02 years.
 
Fiscal year ended 30 June 2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
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        500,000        —         (500,000 )      —         —         —   
November 23, 2022
      Director rights        0.310        1,166,667        —         —        —         1,166,667        —   
December 1, 2021
      Director rights        0.490        226,414        —         —        —         226,414        113,207  
October 24, 2023
      Director rights        0.320        —         178,356        —        —         178,356        28,356   
October 24, 2023
      Director rights        0.320        —         589,955        —        —         589,955        89,954  
        
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
Total
         
 
1,893,081
 
   
 
768,311
 
   
 
(500,000
) 
  
 
— 
 
   
 
2,161,392
 
   
 
231,517
 
        
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
 
*
The weighted average share price on the exercising date during the financial year 2024 is $0.285.
Fiscal year ended 30 June 2023
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
  
 
0.310
 
  
 
— 
 
  
 
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
.
On November 5, 2019, there was a 10 to 1 share consolidation. The number of performance rights and fair value in fiscal year 2024, 2023 and 2022 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, 2024 included:
 
 
 
 
 
 
 
 
 
 
Grant date
  
June 30, 2024*
 
 
October 24, 2023
 
Share price at grant date
    $ 0.295     $ 0.32  
Expected price volatility of the Company’s shares
      62 %      56 % 
Expected dividend yield
      Nil       Nil  
Risk-free interest rate
      4.11 %      4.3 % 
 
*
Director performance rights granted during the year ended June 30, 2024 have not met the definition of grant date under AASB 2(IFRS 2) - Share Based payments. Accordingly, the share-based expense recognized was using an estimate of the grant date fair value at June 30, 2024. The value will be
re-
assessed at the next reporting date as the grant date will be the 2024 AGM date.
 
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 (IFRS 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(IFRS 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
.
(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
wa
s less than 1.1 years.
Set out below is a summary of the options granted to both parties:
 
2024
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, 2025      0.248        847,600        —         —         —         847,600        —   
        
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
         
 
847,600
 
   
 
— 
 
   
 
— 
 
   
 
— 
 
   
 
847,600
 
   
 
— 
 
        
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Fair value of options granted
No
options granted during the fiscal year ended June 
30
,
2024
(2023
–
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, 2024

A$		     
June 30, 2023

A$		  
Employee share-based payment expense
      1,796,286        2,001,572  
  
 
 
     
 
 
  
  
 
1,796,286
 
   
 
2,001,572
 
  
 
 
     
 
 
  
Share-based payment transactions with employees are recognized during the period as a part of corporate and administrative expenses.