Share-based payments (Tables)

12 Months Ended

Jun. 30, 2022

All of the options set out below have been issued to employees and directors under the ESOP. During the financial year an expense of $1,674,581 was recognised.

2022


	Number of options 2022			Weighted average exercise price 2022		Number of options 2021			Weighted average exercise price 2021

Outstanding at the beginning of the financial year		4,219,000		$	0.8911		2,775,167		$	0.7970
Granted		4,800,000		$	1.6110		2,200,000		$	1.0915
Exercised		(25,000	)	$	0.6700		(441,500	)	$	0.6195
Expired		(338,500	)	$	1.1123		(314,667	)	$	1.8473

Outstanding at the end of the financial year		8,655,500		$	1.2826		4,219,000		$	0.8911

Exercisable at the end of the financial year		3,180,500		$	0.8770		2,506,667		$	0.6195

2022

Tranche	Grant date		Expiry date		Exercise price		Balance at the start of the year		Granted		Exercised			Expired / lapsed on termination of employment			Balance at the end of the year

1		05/09/2016		05/09/2021	$	1.6300		50,000		—		—			(50,000	)		—
2		12/10/2016		17/10/2021	$	1.5600		62,000		—		—			(62,000	)		—
3		31/10/2016		01/11/2021	$	1.3800		12,500		—		—			(12,500	)		—
4		21/11/2016		23/11/2021	$	1.3800		50,000		—		—			(50,000	)		—
5		07/08/2017		07/08/2022	$	0.6700		87,000		—		(25,000	)		(46,500	)		15,500
6		05/02/2018		05/02/2023	$	0.7800		320,000		—		—			(80,000	)		240,000
7		04/01/2019		04/01/2024	$	0.4925		37,500		—		—			(37,500	)		—
8		13/11/2019		13/11/2023	$	0.4925		1,200,000		—		—			—			1,200,000
9		13/01/2020		13/01/2025	$	0.8812		200,000		—		—			—			200,000
10		09/11/2020		09/11/2024	$	1.1320		1,200,000		—		—			—			1,200,000
11		09/11/2020		09/11/2024	$	0.8812		800,000		—		—			—			800,000
12		04/01/2021		04/01/2025	$	1.6900		200,000		—		—			—			200,000
13		09/09/2021		21/06/2026	$	1.3700		—		100,000		—			—			100,000
14		16/11/2021		16/11/2025	$	1.6900		—		1,000,000		—			—			1,000,000
15		16/11/2021		16/11/2025	$	2.2400		—		1,500,000		—			—			1,500,000
16		16/11/2021		16/11/2025	$	1.5600		—		800,000		—			—			800,000
17		01/02/2022		01/02/2027	$	0.9400		—		500,000		—			—			500,000
18		01/02/2022		01/02/2027	$	0.9400		—		800,000		—			—			800,000
19		24/05/2022		24/05/2027	$	0.7800		—		100,000		—			—			100,000

								4,219,000		4,800,000		(25,000	)		(338,500	)		8,655,500

Weighted average exercise price							$	0.8911	$	1.6110	$	0.6700		$	1.1123		$	1.2826

At the end of the period the following outstanding options were vested and exercisable:

- Options in tranche 1 - 4 expired during the year

- Options in tranches 1 - 8 were vested and exercisable, apart from those in the above table which have expired

- Options in tranches 9 - 10 were vested and exercisable as to 50%

- Options in tranche 11 were vested and exercisable as to 75%

- Options in tranches 12 - 14 were vested and exercisable as to 25%

- Options in tranches 15 - 19 were unvested

The weighted average remaining contractual life of options outstanding at 30 June 2022 is 3.048 years.

2021


Tranche	Grant date	Expiry date		Exercise price		Balance at the start of the year		Granted		Exercised			Expired / lapsed on termination of employment			Balance at the end of the year

1	16/11/2015		16/11/2020	$	2.2000		236,667		—		—			(236,667	)		—
2	05/09/2016		05/09/2021	$	1.6300		50,000		—		—			—			50,000
3	12/10/2016		17/10/2021	$	1.5600		62,000		—		—			—			62,000
4	31/10/2016		01/11/2021	$	1.3800		12,500		—		—			—			12,500
5	21/11/2016		23/11/2021	$	1.3800		50,000		—		—			—			50,000
6	07/08/2017		07/08/2022	$	0.6700		224,000		—		(121,500	)		(15,500	)		87,000
7	05/02/2018		05/02/2023	$	0.7800		440,000		—		(120,000	)		—			320,000
8	04/01/2019		04/01/2024	$	0.4925		250,000		—		(200,000	)		(12,500	)		37,500
9	13/11/2019		13/11/2023	$	0.4925		1,200,000		—		—			—			1,200,000
10	13/01/2020		13/01/2025	$	0.8812		250,000		—		—			(50,000	)		200,000
11	09/11/2020		09/11/2024	$	1.1320		—		1,200,000		—			—			1,200,000
12	09/11/2020		09/11/2024	$	0.8812		—		800,000		—			—			800,000
13	04/01/2021		04/01/2025	$	1.6900		—		200,000		—			—			200,000

							2,775,167		2,200,000		(441,500	)		(314,667	)		4,219,000

Weighted average exercise price						$	0.7970	$	1.0915	$	0.6195		$	1.8473		$	0.8911

At the end of the period the following outstanding options were vested and exercisable:

- Options in tranche 1 have expired during the year

- Options in tranches 2 - 8 were vested and exercisable except for tranche 6 which was vested as to 53%

- Options in tranche 9 were vested as to 1million of the 1.2million options on issue

- Options in tranches

10-12

were 25% vested

- Options in tranche 13 were unvested at year end

The weighted average remaining contractual life of options outstanding at 30 June 2021 is 2.6 years.

Summary of valuation for each tranche of options

Based on the above assumptions, the table

below

sets out the valuation for each tranche of options:


Grant date	Expiry date	Share price at Grant Date	Exercise price	Volatility (%)	Dividend yield (%)	Risk free Rate (%)	Fair value per option

07/08/2017	07/08/2022	$0.4300	$0.6700	74.50%	—	1.95%	$0.206
05/02/2018	05/02/2023	$0.5000	$0.7800	74.50%	—	1.95%	$0.200
13/11/2019	13/11/2023	$0.4100	$0.4925	74.50%	—	1.95%	$0.180
13/01/2020	13/01/2025	$0.6200	$0.8812	74.50%	—	1.95%	$0.340
09/11/2020	09/11/2024	$0.8900	$1.1320	90.00%	—	0.10%	$0.413
09/11/2020	09/11/2024	$0.8900	$0.8812	90.00%	—	0.10%	$0.503
04/01/2021	04/01/2025	$1.1850	$1.6900	90.00%	—	0.19%	$0.600
09/09/2021	21/06/2026	$1.4200	$1.3700	76.00%	—	1.50%	$0.880
16/11/2021	16/11/2025	$1.5700	$1.6900	76.00%	—	1.50%	$0.850
16/11/2021	16/11/2025	$1.5700	$2.2400	76.00%	—	1.50%	$0.750
16/11/2021	16/11/2025	$1.5700	$1.5600	76.00%	—	1.50%	$0.970
01/02/2022	01/02/2027	$0.9600	$0.9400	79.00%	—	1.50%	$0.590
24/05/2022	24/05/2027	$0.8000	$0.7800	44.00%	—	2.95%	$0.630