for the year ended 30 June 2025 FINANCIAL REPORT REMUNERATION REPORT (AUDITED) 58 WESTGOLD RESOURCES LIMITED 2. HIGHLIGHTS FOR FY25 FY25 Remuneration quantum review and changes 42% increase in MD’s fixed remuneration Increases for other Executives up to 10% To support the Company’s growth plans and support the retention of the Managing Director and Chief Executive Officer (MD), the Board considered it critical to ensure the MD’s executive remuneration package reflects current market conditions and the demand for experienced executives. Within the above context, an independent market and peer review was conducted whereby the incumbent’s remuneration package was assessed against relevant external market comparators, together with individual performance and capabilities, impact on key results areas and internal relativity. The following key remuneration changes were applied to ensure appropriate alignment with current market conditions: – the MD’s fixed remuneration increased 42% from $650,000 to $925,000 per annum during FY25. – To support the retention of the MD and to reflect Mr Bramwell’s ongoing performance and leadership in positioning the Company for future growth, the Company will issue Mr Bramwell (or his nominee) with 1,500,000 performance share rights. These will be done in three tranches of 500,000 share rights with twelve month vesting periods commencing on 1 July 2025, 1 July 2026, and 1 July 2027 (respectively) and will be issued after completion of the performance conditions (including a service condition which requires the MD to remain employed with the Company up to each of these predetermined dates). These share rights remain subject to shareholder approval at the FY25 AGM. – Other senior executives received annual base salary increases up to 10% of fixed remuneration. These changes were considered appropriate to ensure a competitive market remuneration package against relevant peers so that the Company continues to attract and retain high calibre talent supporting the Company’s strategic and business objectives and the creation of shareholder value. See Section 9 Details of Executive Remuneration for more details. Short Term Incentive (“STI”) outcomes 92.5% of maximum payout The Board reviewed the KPI performance for FY25 and approved 92.5% of STI payout. This payout was determined considering the underlying core business performance and achievement of the key business value drivers of Environmental, Health & Safety, All-in Cost (AIC) (Exceed Expectation) and Production (Expectation not met), along with meeting expectations against of personal KPIs linked to the execution of FY25 business plans. See Section 6.2 STI Outcomes for more details. Long Term Incentive (“LTI”) outcomes 84% of maximum As a result of performance testing undertaken, the Board approved vesting of the FY2023 LTI award at 84%. This was based on the achievement of: – 100% for Absolute Total Shareholder Return (ATSR) hurdle (weighted 30%) – 100% for Absolute Earnings Per Share (EPS) hurdle (weighted 30%) – 63% for Relative Total Shareholder Return (TSR) hurdle (weighted 30%) and – 50% for Ore Reserve Growth hurdles (weighted 10%). See Section 6.3 LTI Outcomes for more details.
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