for the year ended 30 June 2023 FINANCIAL REPORT DIRECTORS’ REPORT 30 Westgold Resources Limited Annual Report 2023 LIKELY DEVELOPMENTS AND EXPECTED RESULTS The Group is expected to continue exploration, development, operations and production and marketing of gold bullion in Australia and will continue the development of its gold exploration projects. ENVIRONMENTAL REGULATION AND PERFORMANCE The Group’s operations are subject to the relevant Commonwealth and State environmental protection legislations. The Group holds various environmental licenses issued under these laws and these licenses include conditions and regulations in relation to specifying limits on discharges into the air, surface water and groundwater, the management and storage of hazardous substances and the rehabilitation of areas disturbed during the course of exploration, mining and processing activities. The Board monitors all environmental performance obligations. Our operations are subjected to regular Government agency audits and site inspections. There have been zero significant environmental incidents, material breaches of the Group’s environmental licenses and all mining and exploration activities have been undertaken in compliance with the relevant environmental regulations. PERFORMANCE RIGHTS Employee rights During the year ending 30 June 2023, the Company granted 2,182,314 unlisted Performance Rights (WGXAG) to senior management under the Employee Performance Rights Plan. Included in this issue were 385,233 Performance Rights granted to the Managing Director. The principal terms of the Employee Rights are: – The Performance Rights have been issued for nil consideration; – Each Performance Right carries an entitlement to one fully paid ordinary share in the Company for each Performance Right vested; – Vesting only occurs after the end of the Performance Periods (30 June 2025) and the number of Performance Rights that vest (if any) will depend on: – Relative Total Shareholder Return; – Absolute Total Shareholder Return; – Absolute Earnings Per Share; – Ore Reserve Growth; – Any Performance Rights that do not vest after the end of the Performance Periods will automatically lapse; and – No amount is payable by a holder of Performance Rights in respect of the shares allocated upon vesting. Unissued shares As at the date of this report, unissued ordinary shares under share based payment arrangements are: Performance Rights (Rights) Number of shares Exercise Price Expiry Date Rights – Tranche 5 - Directors 202,435 Zero 30 June 2024 Rights – Tranche 5 - Employees 958,623 Zero 30 June 2024 Rights – Tranche 6 - Directors 385,233 Zero 30 June 2025 Rights – Tranche 6 - Employees 2,182,314 Zero 30 June 2025 Total 3,728,605 Holders of these instruments do not have any right, by virtue of the instrument, to participate in any share issue of the Company or any related body corporate. Shares issued as a result of exercising performance rights During the financial year no listed rights were converted to acquire fully paid ordinary shares in the Company, refer to Note 25 for further details.
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