113 ANNUAL REPORT 2025 27. SHARE-BASED PAYMENTS (CONTINUED) (d) Performance rights (Rights) (continued) Summary of rights granted under the Active Employee Share Option Plan 2025 Number 2025 WAEP 2024 Number 2024 WAEP Outstanding at the beginning of the year 9,870,302 – 4,438,946 – Granted during the year 4,627,514 – 6,206,935 – Exercised during the year (580,527) – – – Lapsed/forfeited during the year (2,977,737) – (775,579) – Outstanding at the year end 10,939,552 – 9,870,302 – The following table represents the outstanding balance as at 30 June 2025: Grant Date Vesting date Expiry date Exercise price Number of Options / Rights at beginning of the year Options lapsed / forfeited Options / Rights Issued / (exercised) Number of Options / Rights at end of the year On issue Vested Rights - Tranche 6 04/11/2022 30/06/2025 01/10/2025 $0.00 385,233 – – 385,233 – 04/10/2022 30/06/2025 01/10/2025 $0.00 2,502,309 (1,173,711) 133,483 1,462,081 – Rights - Tranche 7 09/10/2023 30/06/2026 01/10/2026 $0.00 760,541 – – 760,541 – 09/10/2023 30/06/2026 01/10/2026 $0.00 5,446,394 (1,608,728) 306,791 4,144,457 – Rights - Tranche 8 28/11/2024 30/06/2027 30/06/2029 $0.00 – – 500,483 500,483 – 28/11/2024 30/06/2027 30/06/2029 $0.00 – – 3,686,757 3,686,757 – Total 9,094,477 (2,782,439) 4,627,514 10,939,552 – Weighted average remaining contractual life of share-based payments The weighted average remaining contractual life for the share-based payments outstanding as at 30 June 2025 is 1.21 years (2024: 1.69 years). Range of exercise price of share-based payments The range of exercise price for share-based payments outstanding at the end of the year is $0.00 (2024: $0.00). Weighted average fair value of share-based payments The weighted average fair value of share-based payments granted during the year was $2.43 (2024: $1.43). Valuation of share-based payments The fair value of the equity-settled share-based payments granted under the ESOP is estimated at the date of grant using either a Black Scholes or a Monte Carlo model, which takes into account factors including the exercise price, the volatility of the underlying share price, the risk-free interest rate, the market price of the underlying share at grant date, historical and expected dividends and the expected life of the option or right, and the probability of fulfilling the required hurdles. – Tranche 6 Rights vest subject to performance hurdles, measured for the period 1 July 2022 to 30 June 2025 – Tranche 7 Rights vest subject to performance hurdles, measured for the period 1 July 2023 to 30 June 2026 – Tranche 8 Rights vest subject to performance hurdles, measured for the period 1 July 2024 to 30 June 2027
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