Notes to the Consolidated Financial Statements for the year ended 30 June 2024 18. SHARE BASED PAYMENTS During the year the Company issued 2,000,000 performances options to an employee of the Company, during the year 3,000,000 performance options expired, unexercised and as at the balance date there were 21,500,000 performance options were on issue. The Performance Rights issued had the following milestones attached to them: (i) Class A Performance Option: Vesting on the Company reaching a market capitalisation of at least AUD$100m, based on a volume weighted average price of the Company’s shares over the 20 consecutive trading days on which the Company’s shares have traded prior to the Company reaching a market capitalisation of at least AUD$100m, on or before 31 December 2024. (ii) Class B Performance Option: Vesting on the Company reaching a market capitalisation of AUD150m, based on a volume weighted average price of the Company’s shares over 20 consecutive trading days on which the Company’s shares have traded prior to the Company reaching a market capitalisation of at least AUD$150m, on or before 31 December 2025. (iii) Class C Performance Option: Vesting on the Company announcing a JORC compliant Inferred Mineral Resource (as defined in the JORC Code 2012 Edition) at any of the Company’s Project of not less than: (a) 1,000,000 ounces of Au (at a cut-off grade of 0.3%); (b) 50,000t contained Ni (at a cut-off grade of 0.3%); (c) 10,000t contained Co (at a cut-off grade of 0.1%); (d) 50,000t contained Cu (at a cut-off grade of 0.2%); or (e) 1,000,000t contained Li (at a cut-off grade of 0.5%). On or before 31 December 2025. (iv) Class D Performance Option: Vesting upon delineating a JORC compliant Inferred Mineral Resource (as defined in the JORC Code 2012 Edition) of 50Mt or more at a minimum grade of 0.08% Li2O at the Company’s Projects. For the avoidance of doubt the resource referred to above refers to the combined lithium resources of the Company at all of its Projects (including the Company’s proportionate share of any project owned under a joint venture or other co-investment arrangement) and is not limited to any specific project area. On or before 31 December 2027. Each performance option converts to one (1) fully paid ordinary share on achievement of the milestone. 42 St George Mining Limited Annual Report 2024
RkJQdWJsaXNoZXIy MjE2NDg3