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Share-Based Payments
 12 Months Ended
Jun. 30, 2025
Statements [Line Items]  
Share-Based Payments
NOTE 33. SHARE-BASED PAYMENTS
a) Executive Incentive Plan (EIP)
Equity incentives are granted under the Executive Incentive Plan (EIP) which was approved by shareholders at the 2024 Annual General Meeting. In light of our increasing operations globally the Board reviewed the Company’s incentive arrangements to ensure that it continued to retain and motivate key executives in a manner that is aligned with members’ interests.
As a result of that review, an ‘umbrella’ EIP was adopted to which eligible executives are invited to apply for the grant of performance rights and/or options. Equity incentives granted in accordance with the EIP Rules are designed to provide meaningful remuneration opportunities and will reflect the importance of attracting and retaining a world-class management team. The Company endeavors to achieve simplicity and transparency in remuneration design, whilst also balancing competitive market practices in France, Germany, and Australia. The company grants Short Term Incentives (STIs) and Long-Term Incentives (LTIs) under the EIP. All the performance rights granted under the Executive Incentive Plan (EIP) exercisable into ordinary shares with nil exercise price. The weighted average remaining contractual life of performance rights outstanding at the end of the period was 3.69 years.
Set out below are summaries of all STI and LTI performance rights granted under the EIP excluding the performance rights issued to non-executive directors:
Fiscal year ended June 30, 2025
 
Grant date
  
Fair
Value
 
  
Balance at start

of the fiscal year
Number
 
  
Granted
during the
fiscal year
Number
 
  
Exercised during
the fiscal year
Number
 
 
Lapsed
during the
fiscal year
Number
 
 
Balance at end
of the fiscal
year

Number
 
  
Vested and
exercisable at

end of the

fiscal year
Number
 
November 26, 2021
      0.490        3,600,000        —         (2,400,000 )      —        1,200,000        —   
November 26, 2021
      0.490        4,500,000        —         (3,000,000 )      —        1,500,000        —   
November 26, 2021
      0.490        1,933,333        —         (966,667 )      —        966,666        —   
December 16, 2022
      0.330        1,112,334        —         —        —        1,112,334        834,250  
January 31, 2024
      0.350        1,343,856        —         —        (1,343,856 )      —         —   
January 31, 2024
      0.350        1,381,012        —         (460,338 )      (662,610 )      258,064        —   
November 22, 2024
      0.305        —         2,700,000        —        —        2,700,000        —   
November 22, 2024
      0.305        —         3,600,000        —        —        3,600,000        —   
November 22, 2024
      0.305        —         3,200,000        —        —        3,200,000        —   
December 5, 2024
      0.310        —         1,700,000        —        —        1,700,000        —   
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
Total
      
 
13,870,535
 
   
 
11,200,000
 
   
 
(6,827,005
) 
  
 
(2,006,466
) 
  
 
16,237,064
 
   
 
834,250
 
     
 
 
     
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
The weighted
 average share price on the exercising date during the financial year 2025 is $
0.284
.
 
 
Fiscal year ended June 30, 2024
 
$ $ $ $ $ $ $
Grant date
   
Fair
Value
     
Balance at
start of the
fiscal year
Number
     
Granted
during the
fiscal year
Number
     
Exercised
during the

fiscal year
Number
    
Lapsed
during the
fiscal year
Number
     
Balance at

end of the
fiscal year
Number
     
Vested and
exercisable
at end of
the fiscal
year
Number
  
October 1, 2021
      0.550        17,699        —         (17,699 )      —         —         —   
November 26, 2021
      0.490        3,600,000        —         —        —         3,600,000        1,200,000  
November 26, 2021
      0.490        4,500,000        —         —        —         4,500,000        1,500,000  
November 26, 2021
      0.490        2,900,000        —         (966,667 )      —         1,933,333        —   
December 16, 2022
      0.330        1,112,334        —         —        —         1,112,334        556,167  
January 31, 2024
      0.350        —         1,343,856        —        —         1,343,856        —   
January 31, 2024
      0.350        —         1,381,012        —        —         1,381,012        —   
     
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
Total
      
 
12,130,033
 
   
 
2,724,868
 
   
 
(984,366
) 
  
 
— 
 
   
 
13,870,535
 
   
 
3,256,167
 
     
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
The weighted average share price on the exercising date during the financial year 2024 is $0.285.
Fiscal year ended June 30, 2023
 
$ $ $ $ $ $ $
Grant date
   
Fair
value
     
Balance at
start of the
fiscal year
Number
     
Granted
during the
fiscal year
Number
     
Exercised
during the
fiscal year
Number
    
Lapsed
during the
fiscal year
Number
     
Balance at
end of the
fiscal year
Number
     
Vested and
exercisable
at end of
the fiscal
year
Number
  
October 3, 2019
      0.260        1,500,000        —         (1,500,000 )      —         —         —   
November 1, 2019
      0.280        2,400,000        —         (2,400,000 )      —         —         —   
January 2, 2020
      0.260        1,400,000        —         (1,400,000 )      —         —         —   
October 2, 2020
      0.235        263,502        —         (263,502 )      —         —         —   
October 1, 2021
      0.550        206,404        —         (188,705 )      —         17,699        —   
November 26, 2021
      0.490        3,600,000        —         —        —         3,600,000        —   
November 26, 2021
      0.490        4,500,000        —         —        —         4,500,000        —   
November 26, 2021
      0.490        2,900,000        —         —        —         2,900,000        —   
December 16, 2022
      0.330        —         1,112,334        —        —         1,112,334        —   
     
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
Total
      
 
16,769,906
 
   
 
1,112,334
 
   
 
(5,752,207
) 
  
 
— 
 
   
 
12,130,033
 
   
 
— 
 
     
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
The weighted average share price
on
the exercising date during the financial year 2023 is $0.24.
 
The fair value at grant date for short term incentive (STI) and long-term incentives (LTI) performance rights are determined using a Black-Scholes option pricing model that takes into account the exercise price, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option.
The model inputs for STI performance rights granted during the fiscal year ended June 30, 2025 included:
 
$ $
Grant date
   
December 5, 2024
    
November 22, 2024
  
Share price at grant date
    $ 0.31     $ 0.305  
Expected price volatility of the Company’s shares
      63 %      63 % 
Expected dividend yield
      Nil       Nil  
Risk-free interest rate
      3.88 %      4.2 % 
The model inputs for STI performance rights granted during the fiscal year ended June 30, 2024 included:
 
$ $
Grant date
   
June 30, 2024*
    
January 31, 2024
  
Share price at grant date
    $ 0.295     $ 0.35  
Expected price volatility of the Company’s shares
      62 %      58 % 
Expected dividend yield
      Nil       Nil  
Risk-free interest rate
      4.19 %      3.68 % 
 
*
3,147,952 performance rights due to vest on October 1, 2024, 3,147,952 performance rights due to vest on October 1, 2025 and 447,952 performance rights due to vest on October 1, 2026 have not met the definition of grant date under AASB 2 (IFRS 2)- Share Based payments. Accordingly, the share-based expense recogni
z
ed was using an estimate of the grant date fair value at June 30, 2024. The value will be re-assessed at each reporting date until grant date has been identified. For all tranches, the vesting conditions consist of service-based vesting conditions subject to certain defined corporate Key Performance Indicators (KPIs). The performance rights will expire, if not exercised, five years from the date of issue. There are no outstanding options under EIP at the beginning of the financial year 2024 and no option was granted during the year ended June 30, 2024.
The model inputs for STI performance rights granted during the fiscal year ended June 30, 2023 included:
 
Grant date
   
June 30, 2023*
  
Share price at grant date
    $ 0.275  
Expected price volatility of the Company’s shares
      60 % 
Expected dividend yield
      Nil  
Risk-free interest rate
      3.40 % 
 
*
2,700,000 performance rights due to vest on October 1, 2024 and 2,700,000 performance rights due to vest on October 1, 2025 have not met the definition of grant date under AASB 2(IFRS2) - Share Based payments. Accordingly, the share-based expense recogni
z
ed was using an estimate of the grant date fair value at June 30, 2023. The value will be re-assessed at each reporting date until grant date has been identified. For all tranches, the vesting conditions consist of service-based vesting conditions subject to certain defined corporate Key Performance Indicators (KPIs). The performance rights will expire, if not exercised, five years from the date of issue. There are no outstanding options under EIP at the beginning of the fiscal year 2023 and no option was granted during the year ended June 30, 2023.
Fair value of options granted
No options were granted during the fiscal years ended June 30, 2025, June 30, 2024 and June 30, 2023.
(b) Performance rights issued to non-executive directors with shareholders’ approval
All the performance rights issued to non-executive directors are exercisable into ordinary shares with $nil exercising price. The weighted average remaining contractual life of performance rights outstanding at the end of the period was less than 3.13 years.
 
Fiscal year ended 30 June 2025
 
2025
Grant date
   
Type of

Performance
right granted
     
Fair
Value*
     
Balance at
start of the
fiscal year
Number
     
Granted
during the
fiscal year
Number
     
Exercised
during the
fiscal year
Number
    
Lapsed
during the
fiscal year
Number
     
Balance at
end of the
fiscal year
Number
     
Vested and
exercisable at
end of the
fiscal year
Number
  
November 23, 2022
      Director rights        0.310        1,166,667        —         (388,889 )      —         777,778        —   
December 1, 2021
      Director rights        0.490        226,414        —         (226,414 )      —         —         —   
October 24, 2023
      Director rights        0.320        178,356        —         (78,356 )      —         100,000        —   
October 24, 2023
      Director rights        0.320        589,955        —         (256,621 )      —         333,334        —   
        
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
Total
         
 
2,161,392
 
   
 
— 
 
   
 
(950,280
) 
  
 
— 
 
   
 
1,211,112
 
   
 
— 
 
        
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
 
*
The weighted average share price on the exercising date during the financial year 2025 is $0.332.
Fiscal year ended 30 June 2024
 
2024
Grant date
   
Type of

Performance
right granted
     
Fair
Value*
     
Balance at
start of the
fiscal year
Number
       
Granted
during the
fiscal year
Number
     
Exercised
during the
fiscal year
Number
     
Lapsed
during the
fiscal year
Number
     
Balance at
end of the
fiscal year
Number
       
Vested and
exercisable at
end of the
fiscal year
Number
  
November 1, 2019
      Director rights        0.280        500,000          —         (500,000 )       —         —           —   
November 23, 2022
      Director rights        0.310        1,166,667          —         —         —         1,166,667          —   
December 1, 2021
      Director rights        0.490        226,414          —         —         —         226,414          113,207  
October 24, 2023
      Director rights        0.320        —           178,356        —         —         178,356          28,356  
October 24, 2023
      Director rights        0.320        —           589,955        —         —         589,955          89,954  
        
 
 
       
 
 
     
 
 
     
 
 
     
 
 
       
 
 
  
Total
         
 
1,893,081
 
     
 
768,311
 
   
 
(500,000
) 
   
 
— 
 
   
 
2,161,392
 
     
 
231,517
 
        
 
 
       
 
 
     
 
 
     
 
 
     
 
 
       
 
 
  
The weighted average share price on the exercising date during the financial year 2024 is $0.285.
Fiscal year ended 30 June 2023
 
2023
Grant date
   
Type of

performance

right granted
     
Fair

Value*
     
Balance at
start of the
fiscal year
Number
     
Granted
during the
fiscal year
Number
       
Exercised
during the
fiscal year
Number
    
Lapsed
during the
fiscal year
Number
    
Balance at
end of the
fiscal year
Number
     
Vested and
exercisable at
end of the
fiscal year
Number
  
November 1, 2019
      Director rights        0.280        1,000,000        —           (500,000 )      —        500,000        —   
November 23, 2022
      Director rights        0.310        —         1,166,667          —        —        1,166,667        —   
December 1, 2021
      Director rights        0.490        339,621        —           (113,207 )      —        226,414        —   
November 23, 2022
      Director rights        0.310        —         457,832          (92,966 )      (364,866 )*      —         —   
        
 
 
     
 
 
       
 
 
    
 
 
    
 
 
     
 
 
  
Total
         
 
1,339,621
 
   
 
1,624,499
 
     
 
(706,173
) 
  
 
(364,866
) 
  
 
1,893,081
 
   
 
— 
 
        
 
 
     
 
 
       
 
 
    
 
 
    
 
 
     
 
 
  
 
*
The change during the year represents derecognition due to the cessation of the director.
The weighted average share price on the exercising date during the financial year 2023 is $0.28.
On November 5, 2019, there was a 10 to 1 share consolidation. The number of performance rights and fair value in fiscal year 2025, 2024 and 2023 movement table have therefore been adjusted retrospectively for the share consolidation.
Fair value of performance rights granted
The fair value at grant date for the performance rights issued to non-executive directors with shareholders’ approval are determined using a Black- Scholes option pricing model that takes into account the exercise price, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option.
 
 
The model inputs for STI performance rights granted during the fiscal year ended June 30, 2024 included:
 
$ $
Grant date
   
June 30, 2024*
    
October 24, 2023
  
Share price at grant date
    $ 0.295     $ 0.32  
Expected price volatility of the Company’s shares
      62 %      56 % 
Expected dividend yield
      Nil       Nil  
Risk-free interest rate
      4.11 %      4.3 % 
 
*
Director performance rights granted during the year ended June 30, 2024 have not met the definition of grant date under AASB 2(IFRS 2) - Share Based payments. Accordingly, the share-based expense recognized was using an estimate of the grant date fair value at June 30, 2024. The value will be re-assessed at the next reporting date as the grant date will be the 2024 AGM date.
The model inputs for STI performance rights granted during the fiscal year ended June 30, 2023 included:
 
$ $
Grant date
   
June 30, 2023*
    
November 23, 2022
  
Share price at grant date
    $ 0.315     $ 0.310  
Expected price volatility of the Company’s shares
      75 %      75 % 
Expected dividend yield
      Nil       Nil  
Risk-free interest rate
      3.94 %      3.4 % 
 
*
Director performance rights granted during the year ended June 30, 2023 have not met the definition of grant date under AASB 2 (IFRS 2) - Share Based payments. Accordingly, the share-based expense recogni
z
ed was using an estimate of the grant date fair value at June 30, 2023. The value will be re-assessed at the next reporting date as the grant date will be the 2023 AGM date.
(c) Options issued to other parties
During the fiscal year ended June 30, 2016, options were issued to Ridgeback Capital Investments and Trout Group LLC and eligible to be exercised. The weighted average remaining contractual life of performance rights outstanding at the end of the period was less than 0.1 years.
Set out below is a summary of the options granted to both parties:
 
2024
Grant date
   
Expiry date
     
Exercise

price
     
Balance at
start of the
fiscal year
Number
     
Granted
during the
fiscal year
Number
     
Exercised
during the
fiscal year
Number
     
Forfeited
during the
fiscal year
Number
     
Balance at
end of the
fiscal year
Number
     
Vested and
exercisable
at end of the
fiscal year
Number
  
July 31, 2015
      August 5, 2025        0.248        847,600        —         —         —         847,600        —   
        
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
         
 
847,600
 
   
 
— 
 
   
 
— 
 
   
 
— 
 
   
 
847,600
 
   
 
— 
 
        
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Fair value of options granted
No options granted during the fiscal year ended June 30, 2025 (2024 – nil). The fair value at grant date is determined using a Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option.
(d) Expenses arising from share-based payment transactions
Total expenses arising from share-based payment transactions recognized during the period as part of employee benefit expense were as follows:
 
 
  
Consolidated
 
 
  
June 30, 2025

A$
 
  
June 30, 2024

A$
 
Employee share-based payment expense
      1,163,543        1,796,286  
  
 
 
     
 
 
  
  
 
1,163,543
 
  
 
1,796,286
 
  
 
 
     
 
 
  
Share-based payment transactions with employees are recognized during the period as a part of corporate and administrative expenses.