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Share-based payments
 12 Months Ended
Jun. 30, 2025
Disclosure [Abstract]  
Share-based payments
Note 29. 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 $653,194 (30 June 2024: $532,597) (30 June 2023: $1,674,581) was recognised.
 
    
Number of
options
2025 - Ordinary

shares
     
Weighted
Average
exercise price
2025
     
Number of
options
2024 - Ordinary

shares
     
Weighted
Average
exercise price
2024
  
Outstanding at the beginning of the financial year
      10,180,000      A$ 0.72        14,780,000      A$ 0.63  
Forfeited
      (25,000 )     A$ 0.94        (3,400,000 )     A$ 0.42  
Expired
      (2,075,000 )     A$ 1.08        (1,200,000 )     A$ 0.49  
  
 
 
        
 
 
     
Outstanding at the end of the financial year
      8,080,000      A$ 0.63        10,180,000      A$ 0.72  
  
 
 
        
 
 
     
Exercisable at the end of the financial year
      7,805,000      A$ 0.65        7,290,000      A$ 0.84  
  
 
 
        
 
 
     
 
 
    
Number of
options
2025 - ADS
     
Weighted
Average
exercise price
2025
     
Number of
options
2024 - ADS
     
Weighted
Average
exercise price
2024
  
Outstanding at the beginning of the financial year
      52,000      A$ 27.90        —       A$ —   
Granted
      33,467      A$ 37.35        57,000      A$ 28.00  
Forfeited
      —       A$ —         (5,000 )     A$ 28.80  
Expired
      —       A$ —         —       A$ —   
  
 
 
        
 
 
     
Outstanding at the end of the financial year
      85,467      A$ 30.08        52,000      A$ 27.90  
  
 
 
        
 
 
     
Exercisable at the end of the financial year
      50,217      A$ 31.83        —       A$ —   
2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
4
  
 
13/01/2020
 
  
 
13/01/2025
 
  
A$
0.88
 
  
 
137,500
 
  
 
— 
 
  
 
— 
 
  
 
(137,500
) 
 
 
— 
 
5
  
 
09/11/2020
 
  
 
09/11/2024
 
  
A$
1.13
 
  
 
1,200,000
 
  
 
— 
 
  
 
— 
 
  
 
(1,200,000
) 
 
 
— 
 
6
  
 
09/11/2020
 
  
 
13/01/2025
 
  
A$
0.88
 
  
 
600,000
 
  
 
— 
 
  
 
— 
 
  
 
(600,000
) 
 
 
— 
 
7
  
 
04/01/2021
 
  
 
04/01/2025
 
  
A$
1.69
 
  
 
137,500
 
  
 
— 
 
  
 
— 
 
  
 
(137,500
) 
 
 
— 
 
8
  
 
09/09/2021
 
  
 
26/06/2026
 
  
A$
1.37
 
  
 
100,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
100,000
 
9
  
 
16/11/2021
 
  
 
16/11/2025
 
  
A$
1.69
 
  
 
750,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
750,000
 
10
  
 
16/11/2021
 
  
 
16/11/2025
 
  
A$
2.24
 
  
 
500,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
500,000
 
11
  
 
16/11/2021
 
  
 
16/11/2025
 
  
A$
1.56
 
  
 
800,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
800,000
 
13
  
 
01/02/2022
 
  
 
01/02/2027
 
  
A$
0.94
 
  
 
325,000
 
  
 
— 
 
  
 
— 
 
  
 
(25,000
) 
 
 
300,000
 
14
  
 
24/05/2022
 
  
 
24/05/2027
 
  
A$
0.78
 
  
 
100,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
100,000
 
15
  
 
03/03/2023
 
  
 
03/03/2027
 
  
A$
0.15
 
  
 
2,530,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
2,530,000
 
16
  
 
03/05/2023
 
  
 
03/05/2027
 
  
A$
0.19
 
  
 
3,000,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
3,000,000
 
 
  
      
  
      
  
      
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
  
      
  
      
  
      
  
 
10,180,000
 
  
 
— 
 
  
 
— 
 
  
 
(2,100,000
) 
 
 
8,080,000
 
Weighted average exercise price
 
  
A$
0.72
 
  
A$
— 
 
  
A$
— 
 
  
A$
1.07
 
 
A$
0.63
 
At the end of the period the following outstanding options were vested and exercisable:
- Options in tranches 4, 5, 6, and 7 expired during the year
-
25,000
options in tranche 13 were forfeited during the year
The weighted average remaining contractual life of ordinary share options outstanding at 2025 is 1.52 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
 
  
$
29.30
 
  
 
30,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
30,000
 
18
  
 
17/06/2024
 
  
 
17/06/2029
 
  
$
25.65
 
  
 
17,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
17,000
 
19
  
 
27/06/2024
 
  
 
27/06/2030
 
  
$
14.85
 
  
 
5,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
5,000
 
20
  
 
11/09/2024
 
  
 
11/09/2029
 
  
$
24.80
 
  
 
— 
 
  
 
6,000
 
  
 
— 
 
  
 
— 
 
  
 
6,000
 
21-22
  
 
14/01/2025
 
  
 
14/07/2030
 
  
$
7.50
 
  
 
— 
 
  
 
27,467
 
  
 
— 
 
  
 
— 
 
  
 
27,467
 
 
  
      
  
      
  
      
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
      
  
      
  
      
  
 
52,000
 
  
 
33,467
 
  
 
— 
 
  
 
— 
 
  
 
85,467
 
 
  
      
  
      
  
      
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Weighted average exercise price
 
  
A$
27.90
 
  
A$
37.35
 
  
A$
— 
 
  
A$
— 
 
  
A$
30.08
 
At the end of the period the following outstanding options were vested and exercisable:
- Options in tranche 17, 18, 19, 20, 21 & 22 were unvested
The weighted average remaining contractual life of ADS share options outstanding at 30 June 2025 is
3.59
years.
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$
0.49
 
  
 
1,200,000
 
  
 
— 
 
  
 
— 
 
  
 
(1,200,000
) 
 
 
— 
 
4
  
 
13/01/2020
 
  
 
13/01/2025
 
  
A$
0.88
 
  
 
187,500
 
  
 
— 
 
  
 
— 
 
  
 
(50,000
) 
 
 
137,500
 
5
  
 
09/11/2020
 
  
 
09/11/2024
 
  
A$
1.13
 
  
 
1,200,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
1,200,000
 
6
  
 
09/11/2020
 
  
 
13/01/2025
 
  
A$
0.88
 
  
 
600,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
600,000
 
7
  
 
04/01/2021
 
  
 
04/01/2025
 
  
A$
1.69
 
  
 
187,500
 
  
 
— 
 
  
 
— 
 
  
 
(50,000
) 
 
 
137,500
 
8
  
 
09/09/2021
 
  
 
26/06/2026
 
  
A$
1.37
 
  
 
100,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
100,000
 
9
  
 
16/11/2021
 
  
 
16/11/2025
 
  
A$
1.69
 
  
 
750,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
750,000
 
10
  
 
16/11/2021
 
  
 
16/11/2025
 
  
A$
2.24
 
  
 
500,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
500,000
 
11
  
 
16/11/2021
 
  
 
16/11/2025
 
  
A$
1.56
 
  
 
800,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
800,000
 
12
  
 
01/02/2022
 
  
 
01/02/2027
 
  
A$
0.94
 
  
 
800,000
 
  
 
— 
 
  
 
— 
 
  
 
(800,000
) 
 
 
— 
 
13
  
 
01/02/2022
 
  
 
01/02/2027
 
  
A$
0.94
 
  
 
425,000
 
  
 
— 
 
  
 
— 
 
  
 
(100,000
) 
 
 
325,000
 
14
  
 
24/05/2022
 
  
 
24/05/2027
 
  
A$
0.78
 
  
 
100,000
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
100,000
 
15
  
 
03/03/2023
 
  
 
03/03/2027
 
  
A$
0.15
 
  
 
3,930,000
 
  
 
— 
 
  
 
— 
 
  
 
(1,400,000
) 
 
 
2,530,000
 
16
  
 
05/03/2023
 
  
 
03/05/2027
 
  
A$
0.19
 
  
 
4,000,000
 
  
 
— 
 
  
 
— 
 
  
 
(1,000,000
) 
 
 
3,000,000
 
 
  
      
  
      
  
      
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
  
      
  
      
  
      
  
 
14,780,000
 
  
 
— 
 
  
 
— 
 
  
 
(4,600,000
) 
 
 
10,180,000
 
 
  
      
  
      
  
      
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Weighted average exercise price
 
  
A$
0.63
 
  
A$
— 
 
  
A$
— 
 
  
A$
0.43
 
 
A$
0.72
 
At the end of the period the following outstanding options were vested and exercisable:
- 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 options outstanding at 30 June 2024 is
2.0
years.
Employee share options
During the year ended 30 June 2025, 6,000 options have been issued to directors and employees by the Consolidated Entity pursuant to the Company’s Employee Share Option Plan.
 
  •  
Tranche 20-22 vests yearly over 5 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 5 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 2025. 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:
 
Tranche
   
Grant date
     
Expiry date
     
Share price at
Grant Date
     
Exercise
price
     
Volatility
(%)
    
Dividend
yield (%)
     
Risk free
Rate (%)
    
Fair value
per option
  
4
      13/01/2020       
13/01/2025
      $ 0.62      $ 0.88        74.50 %      —         1.95 %    $ 0.34  
5
      09/11/2020       
09/11/2024
      $ 0.89      $ 1.13        90.00 %      —         0.10 %    $ 0.41  
6
      09/11/2020       
13/01/2025
      $ 0.89      $ 0.88        90.00 %      —         0.10 %    $ 0.50  
7
      04/01/2021       
04/01/2025
      $ 1.19      $ 1.69        90.00 %      —         0.19 %    $ 0.60  
8
      09/09/2021       
26/06/2026
      $ 1.42      $ 1.37        76.00 %      —         1.50 %    $ 0.88  
9
      16/11/2021       
16/11/2025
      $ 1.57      $ 1.69        76.00 %      —         1.50 %    $ 0.85  
10
      16/11/2021       
16/11/2025
      $ 1.57      $ 2.24        76.00 %      —         1.50 %    $ 0.75  
11
      16/11/2021       
16/11/2025
      $ 1.57      $ 1.56        76.00 %      —         1.50 %    $ 0.97  
13
      01/02/2022       
01/02/2027
      $ 0.80      $ 0.94        44.00 %      —         2.95 %    $ 0.63  
14
      24/05/2022       
24/05/2027
      $ 0.17      $ 0.78        80.00 %      —         3.64 %    $ 0.10  
15
      03/03/2023       
03/03/2027
      $ 0.17      $ 0.15        80.00 %      —         3.64 %    $ 0.10  
16
      03/05/2023       
03/05/2027
      $ 0.19      $ 0.19        80.00 %      —         3.22 %    $ 0.11  
17
      22/04/2024       
22/04/2029
      $ 0.59      $ 0.59        95.00 %      —         3.96 %    $ 0.43  
18
      17/06/2024       
17/06/2029
      $ 0.35      $ 0.58        95.00 %      —         3.84 %    $ 0.23  
19
      27/06/2024       
27/06/2030
      $ 0.35      $ 0.33        95.00 %      —         4.17 %    $ 0.27  
20
      11/09/2024       
11/09/2029
      $ 0.56      $ 0.50        121.00 %      —         3.52 %    $ 0.47  
21-22
      14/01/2025       
14/07/2030
      $ 1.53      $ 1.50        95.00 %      —         4.17 %    $ 1.17