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Share-based payments | 12 Months Ended
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Jun. 30, 2024
Text block [abstract] |
Share-based payments | Note 32. Share-based payments All of the options set out below have been issued to employees and directors under the ESOP. During the financial year an expense of $532,597 (30 June 2023: $1,159,125) ( 3 0 June 2022: $1,674,581) was recognized.
|  | Number of options 2024 - Ordinary shares |  |  | Weighted Average exercise price 2024 |  |  | Number of options 2023 - Ordinary shares |  |  | Weighted Average exercise price 2023 |
Outstanding at the beginning of the financial year |  |  | 14,780,000 |  |  | A$ | 0.63 |  |  |  | 8,655,500 |  |  | A$ | 1.28 |
Granted |  |  | — |  |  | A$ | — |  |  |  | 7,930,000 |  |  | A$ | 0.18 |
Forfeited |  |  | (3,400,000 | ) |  | A$ | 0.42 |  |  |  | (1,550,000 | ) |  | A$ | 1.90 |
Exercised |  |  | — |  |  | A$ | — |  |  |  | — |  |  | A$ | — |
Expired |  |  | (1,200,000 | ) |  | A$ | 0.49 |  |  |  | (255,500 | ) |  | A$ | 1.90 |
Outstanding at the end of the financial year |  |  | 10,180,000 |  |  | A$ | 0.72 |  |  |  | 14,780,000 |  |  | A$ | 0.63 |
Exercisable at the end of the financial year |  |  | 7,290,000 |  |  | A$ | 0.84 |  |  |  | 6,483,333 |  |  | A$ | 0.96 |
|  | Number of options 2024 - ADS |  |  | Weighted Average exercise price 2024 |  |  | Number of options 2023 - ADS |  |  | Weighted Average exercise price 2023 |
Outstanding at the beginning of the financial year |  |  | — |  |  | A$ | — |  |  |  | — |  |  | A$ | — |
Granted |  |  | 2,850,000 |  |  | A$ | 0.5600 |  |  |  | — |  |  | A$ | — |
Forfeited |  |  | (250,000 | ) |  | A$ | 0.5760 |  |  |  | — |  |  | A$ | — |
Exercised |  |  | — |  |  | A$ | — |  |  |  | — |  |  | A$ | — |
Expired |  |  | — |  |  | A$ | — |  |  |  | — |  |  | A$ | — |
Outstanding at the end of the financial year |  |  | 2,600,000 |  |  | A$ | 0.5580 |  |  |  | — |  |  | A$ | — |
Exercisable at the end of the financial year |  |  | — |  |  | A$ | — |  |  |  | — |  |  | A$ | — |
2024
Tranche |  | Grant date |  |  | Expiry date |  |  | Exercise price |  |  | Balance at the start of the year - Ordinary shares |  |  | Granted |  |  | Exercised |  |  | Expired / lapsed on termination of employment |  |  | Balance at the end of the year - Ordinary shares |
3 |  |  | 13/11/2019 |  |  |  | 04/01/2024 |  |  | A$ | 0.4925 |  |  |  | 1,200,000 |  |  |  | — |  |  |  | — |  |  |  | (1,200,000 | ) |  |  | — |
4 |  |  | 13/01/2020 |  |  |  | 13/01/2025 |  |  | A$ | 0.8812 |  |  |  | 187,500 |  |  |  | — |  |  |  | — |  |  |  | (50,000 | ) |  |  | 137,500 |
5 |  |  | 09/11/2020 |  |  |  | 09/11/2024 |  |  | A$ | 1.1320 |  |  |  | 1,200,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,200,000 |
6 |  |  | 09/11/2020 |  |  |  | 13/01/2025 |  |  | A$ | 0.8812 |  |  |  | 600,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 600,000 |
7 |  |  | 04/01/2021 |  |  |  | 04/01/2025 |  |  | A$ | 1.6900 |  |  |  | 187,500 |  |  |  | — |  |  |  | — |  |  |  | (50,000 | ) |  |  | 137,500 |
8 |  |  | 09/09/2021 |  |  |  | 26/06/2026 |  |  | A$ | 1.3650 |  |  |  | 100,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100,000 |
9 |  |  | 16/11/2021 |  |  |  | 16/11/2025 |  |  | A$ | 1.6900 |  |  |  | 750,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 750,000 |
10 |  |  | 16/11/2021 |  |  |  | 16/11/2025 |  |  | A$ | 2.2400 |  |  |  | 500,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 500,000 |
11 |  |  | 16/11/2021 |  |  |  | 16/11/2025 |  |  | A$ | 1.5600 |  |  |  | 800,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 800,000 |
12 |  |  | 01/02/2022 |  |  |  | 01/02/2027 |  |  | A$ | 0.9400 |  |  |  | 800,000 |  |  |  | — |  |  |  | — |  |  |  | (800,000 | ) |  |  | — |
13 |  |  | 01/02/2022 |  |  |  | 01/02/2027 |  |  | A$ | 0.9400 |  |  |  | 425,000 |  |  |  | — |  |  |  | — |  |  |  | (100,000 | ) |  |  | 325,000 |
14 |  |  | 24/05/2022 |  |  |  | 24/05/2027 |  |  | A$ | 0.7800 |  |  |  | 100,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100,000 |
15 |  |  | 03/03/2023 |  |  |  | 03/03/2027 |  |  | A$ | 0.1500 |  |  |  | 3,930,000 |  |  |  | — |  |  |  | — |  |  |  | (1,400,000 | ) |  |  | 2,530,000 |
16 |  |  | 03/05/2023 |  |  |  | 03/05/2027 |  |  | A$ | 0.1870 |  |  |  | 4,000,000 |  |  |  | — |  |  |  | — |  |  |  | (1,000,000 | ) |  |  | 3,000,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,780,000 |  |  |  | — |  |  |  | — |  |  |  | (4,600,000 | ) |  |  | 10,180,000 |
Weighted average exercise price |  |  | $ | 0.6292 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.4349 |  |  | $ | 0.7207 |
At the end of the period the following outstanding options were vested and exerc isab le: - Options in tranches 3 & 12 expired during the year - Options in tranches 6 were vested and exercisable - Options in tranches 4, 7, 8, & 9 were vested and exercisable to 69%, apart from those in the above table which have expired - Options in tranche 5 were vested and exercisable to 75%, apart from those in the above table which have expired - Options in tranches 10 & 15 were vested and exercisable as to 33%, apart from those in the above table which have expired - Options in tranches 11, 14, & 16 were vested and exercisable as to 50%, apart from those in the above table which have expired - Options in tranches 13 were vested and exercisable as to 35%, apart from those in the above table which have expired The weighted average remaining contractual life of ordinary share options outstanding at 2024 is 2.00 years.
Tranche |  | Grant date |  |  | Expiry date |  |  | Exercise price |  |  | Balance at the start of the year - ADS |  |  | Granted |  |  | Exercised |  |  | Expired / lapsed on termination of employment |  |  | Balance at the end of the year - ADS |
17 |  |  | 22/04/2024 |  |  |  | 22/04/2029 |  |  | A$ | 0.5860 |  |  |  | — |  |  |  | 1,500,000 |  |  |  | — |  |  |  | — |  |  |  | 1,500,000 |
18 |  |  | 17/06/2024 |  |  |  | 17/06/2029 |  |  | A$ | 0.5130 |  |  |  | — |  |  |  | 1,100,000 |  |  |  | — |  |  |  | (250,000 | ) |  |  | 850,000 |
19 |  |  | 27/06/2024 |  |  |  | 27/06/2030 |  |  | A$ | 0.2970 |  |  |  | — |  |  |  | 250,000 |  |  |  | — |  |  |  | — |  |  |  | 250,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | 2,850,000 |  |  |  | — |  |  |  | (250,000 | ) |  |  | 2,600,000 |
Weighted average exercise price |  |  |  |  |  |  | $ | 0.560 |  |  |  |  |  |  | $ | 0.576 |  |  | $ | 0.558 |
At the end of the period the following outstanding options were vested and exercisable: - Options in tranche 17, 18, & 19 were unvested The weighted average remaining contractual life of ADS share options outstanding at 30 June 2024 is 4.92 years. 2023
Tranche |  | Grant date |  |  | Expiry date |  |  | Exercise price |  |  | Balance at the start of the year - Ordinary shares |  |  | Granted |  |  | Exercised |  |  | Expired / lapsed on termination of employment |  |  | Balance at the end of the year - Ordinary Shares |
1 |  |  | 07/08/2017 |  |  |  | 07/08/2022 |  |  | A$ | 0.6700 |  |  |  | 15,500 |  |  |  | — |  |  |  | — |  |  |  | (15,500 | ) |  |  | — |
2 |  |  | 05/02/2018 |  |  |  | 05/02/2023 |  |  | A$ | 0.7802 |  |  |  | 240,000 |  |  |  | — |  |  |  | — |  |  |  | (240,000 | ) |  |  | — |
3 |  |  | 13/11/2019 |  |  |  | 04/01/2024 |  |  | A$ | 0.4925 |  |  |  | 1,200,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,200,000 |
4 |  |  | 13/01/2020 |  |  |  | 13/01/2025 |  |  | A$ | 0.8812 |  |  |  | 200,000 |  |  |  | — |  |  |  | — |  |  |  | (12,500 | ) |  |  | 187,500 |
5 |  |  | 09/11/2020 |  |  |  | 09/11/2024 |  |  | A$ | 1.1320 |  |  |  | 1,200,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,200,000 |
6 |  |  | 09/11/2020 |  |  |  | 13/01/2025 |  |  | A$ | 0.8812 |  |  |  | 800,000 |  |  |  | — |  |  |  | — |  |  |  | (200,000 | ) |  |  | 600,000 |
7 |  |  | 04/01/2021 |  |  |  | 04/01/2025 |  |  | A$ | 1.6900 |  |  |  | 200,000 |  |  |  | — |  |  |  | — |  |  |  | (12,500 | ) |  |  | 187,500 |
8 |  |  | 09/09/2021 |  |  |  | 26/06/2026 |  |  | A$ | 1.3650 |  |  |  | 100,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100,000 |
9 |  |  | 16/11/2021 |  |  |  | 16/11/2025 |  |  | A$ | 1.6900 |  |  |  | 1,000,000 |  |  |  | — |  |  |  | — |  |  |  | (250,000 | ) |  |  | 750,000 |
10 |  |  | 16/11/2021 |  |  |  | 16/11/2025 |  |  | A$ | 2.2400 |  |  |  | 1,500,000 |  |  |  | — |  |  |  | — |  |  |  | (1,000,000 | ) |  |  | 500,000 |
11 |  |  | 16/11/2021 |  |  |  | 16/11/2025 |  |  | A$ | 1.5600 |  |  |  | 800,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 800,000 |
12 |  |  | 01/02/2022 |  |  |  | 01/02/2027 |  |  | A$ | 0.9400 |  |  |  | 800,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 800,000 |
13 |  |  | 01/02/2022 |  |  |  | 01/02/2027 |  |  | A$ | 0.9400 |  |  |  | 500,000 |  |  |  | — |  |  |  | — |  |  |  | (75,000 | ) |  |  | 425,000 |
14 |  |  | 24/05/2022 |  |  |  | 24/05/2027 |  |  | A$ | 0.7800 |  |  |  | 100,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100,000 |
15 |  |  | 03/03/2023 |  |  |  | 03/03/2027 |  |  | A$ | 0.1500 |  |  |  | — |  |  |  | 3,930,000 |  |  |  | — |  |  |  | — |  |  |  | 3,930,000 |
16 |  |  | 05/03/2023 |  |  |  | 03/05/2027 |  |  | A$ | 0.1870 |  |  |  | — |  |  |  | 4,000,000 |  |  |  | — |  |  |  | — |  |  |  | 4,000,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,655,500 |  |  |  | 7,930,000 |  |  |  | — |  |  |  | (1,805,500 | ) |  |  | 14,780,000 |
Weighted average exercise price |  |  | $ | 1.2826 |  |  | $ | 0.1785 |  |  | $ | — |  |  | $ | 1.8977 |  |  | $ | 0.6292 |
At the end of the period the following outstanding options were vested and ex erc isable: - Options in tranches 1 - 2 expired during the year - Options in tranches 3 & 6 were vested and exercisable - Options in tranches 4, 5, 7 & 9 were vested and exercisable to 75%, apart from those in the above table which have expired - Options in tranche 8 were vested and exercisable to 50%, apart from those in the above table which have expired - Options in tranches 10 & 16 were vested and exercisable as to 33%, apart from those in the above table which have expired - Options in tranches 11, 12, 13 & 14 were vested and exercisable as to 25%, apart from those in the above table which have expired - Options in tranche 15 were unvested - Options in tranche 16 were 33% vested The weighted average remaining contractual life of options outstanding at 30 June 2023 is 2.995 years. Employee share options During the year ended 30 June 2024, 2,850,000 options have been issued to directors and employees by the Consolidated Entity pursuant to the Company’s Employee Share Option Plan.
• |  | Tranches 12 & 13 vests 25% 6 months from issue date and then in 3 amounts at 6 monthly intervals from the date of issue.
• |  | Tranches 14 vests 33% immediately then in two equal amounts annually from the date of grant.
• |  | Tranches 15 vests 6 months from issue date then in two equal amounts annually from the date of grant.
• |  | Tranches 16 vests 33% immediately then in two equal amounts annually from the date of grant.
• |  | Tranches 17 vests quarterly over 3 years from the date of the grant.
• |  | Tranches 18 vests quarterly over 3 years from the date of the grant.
• |  | Tranches 19 vests yearly over 4 years from the date of the grant
Vesting conditions for options within all tranches, is based on service period only; i.e. options will only vest if the option holder continues to be a full-time employee with the Company or an Associated Company during the vesting period relating to the option. Conditions for an option to be exercised:
• |  | The options must have vested;
• |  | Option holder must have provided the Company with an Exercise Notice and have paid the Exercise Price for the option;
• |  | The Exercise Notice must be for the exercise of at least the Minimum Number of Options; and
• |  | The Exercise Notice must have been provided to the Company and Exercise Price paid before the expiry of 4 years from the date the Option is issued.
Options Valuation In order to obtain a fair valuation of these options, the following assumptions have been made: The Black Scholes option valuation methodology has been used with the expectation that the majority of these options would be exercised towards the end of the option term. Inputs into the Black Scholes model includes the share price at grant date, exercise price, volatility, and the risk free rate of a five year Australian Government Bond on grant date. Risk-free rate and grant date For all tranches, the risk-free rate of a five-year Australian Government bond on grant date was used. Please refer to the table below for details. The above mentioned options have various vesting periods and exercising conditions. These options are unlisted as of 30 June 2024. No dividends are expected to be declared or paid by the Consolidated Entity during the terms of the options. The underlying expected volatility was determined by reference to historical data of the Company’s shares over a period of time. No special features inherent to the options granted were incorporated into measurement of fair value. 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 |
13/11/2019 |  | 04/01/2024 |  | A $0.4100 |  | A $0.4925 |  | 74.50% |  |  | — |  |  | 1.95% |  | A$ | 0.1800 |
13/01/2020 |  | 13/01/2025 |  | A $0.6200 |  | A $0.8812 |  | 74.50% |  |  | — |  |  | 1.95% |  | A$ | 0.3400 |
09/11/2020 |  | 09/11/2024 |  | A $0.8900 |  | A $1.1320 |  | 90.00% |  |  | — |  |  | 0.10% |  | A$ | 0.4130 |
09/11/2020 |  | 13/01/2025 |  | A $0.8900 |  | A $0.8812 |  | 90.00% |  |  | — |  |  | 0.10% |  | A$ | 0.5030 |
04/01/2021 |  | 04/01/2025 |  | A $1.1850 |  | A $1.6900 |  | 90.00% |  |  | — |  |  | 0.19% |  | A$ | 0.6000 |
09/09/2021 |  | 26/06/2026 |  | A $1.4200 |  | A $1.3700 |  | 76.00% |  |  | — |  |  | 1.50% |  | A$ | 0.8800 |
16/11/2021 |  | 16/11/2025 |  | A $1.5700 |  | A $1.6900 |  | 76.00% |  |  | — |  |  | 1.50% |  | A$ | 0.8500 |
16/11/2021 |  | 16/11/2025 |  | A $1.5700 |  | A $2.2400 |  | 76.00% |  |  | — |  |  | 1.50% |  | A$ | 0.7500 |
16/11/2021 |  | 16/11/2025 |  | A $1.5700 |  | A $1.5600 |  | 76.00% |  |  | — |  |  | 1.50% |  | A$ | 0.9700 |
01/02/2022 |  | 01/02/2027 |  | A $0.9600 |  | A $0.9400 |  | 79.00% |  |  | — |  |  | 1.50% |  | A$ | 0.5900 |
01/02/2022 |  | 01/02/2027 |  | A $0.8000 |  | A $0.7800 |  | 44.00% |  |  | — |  |  | 2.95% |  | A$ | 0.6300 |
24/05/2022 |  | 24/05/2027 |  | A $0.1700 |  | A $0.1500 |  | 80.00% |  |  | — |  |  | 3.64% |  | A$ | 0.1014 |
03/03/2023 |  | 03/03/2027 |  | A $0.1700 |  | A $0.1500 |  | 80.00% |  |  | — |  |  | 3.64% |  | A$ | 0.1014 |
03/05/2023 |  | 03/05/2027 |  | A $0.1900 |  | A $0.1870 |  | 80.00% |  |  | — |  |  | 3.22% |  | A$ | 0.1111 |
22/04/2024 |  | 22/04/2029 |  | A $0.5860 |  | A $0.5860 |  | 95.00% |  |  | — |  |  | 3.96% |  | A$ | 0.4300 |
17/06/2024 |  | 17/06/2029 |  | A $0.3484 |  | A $0.5757 |  | 95.00% |  |  | — |  |  | 3.84% |  | A$ | 0.2300 |
27/06/2024 |  | 27/06/2030 |  | A $0.3461 |  | A $0.3311 |  | 95.00% |  |  | — |  |  | 4.17% |  | A$ | 0.2700 |

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