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SHARE-BASED PAYMENTS (Tables)
 12 Months Ended
Jun. 30, 2018
SHARE-BASED PAYMENTS [Abstract]  
Equity-Settled Share-Based Payments
During the past three years, the following equity-settled share-based payments have been recognised:
  
2018
  
2017
  
2016
 
  
US$
  
US$
  
US$
 
(Expense)/benefit arising from equity-settled share-based payment transactions
  
(1,172,164
)
  
(861,973
)
  
72,471
 
Number and Weighted Average Exercise Prices of Incentive Options and Performance Rights Granted
The following table illustrates the number and weighted average exercise prices (“WAEP”) of Incentive options and Performance Rights granted as share-based payments at the beginning and end of the financial year:
  
2018
 Number
  
2018
 WAEP
  
2017
 Number
  
2017
 WAEP
  
2016
 Number
  
2016
 WAEP
 
Outstanding at beginning of year
  
58,650,000
  
$
A0.10
   
4,400,000
   
—
   
10,400,000
   
—
 
Granted during the year
  
28,650,000
  
$
A0.17
   
56,450,000
  
$
A0.10
   
—
   
—
 
Lapsed during the year
  
(1,100,000
)
  
—
   
(2,200,000
)
  
—
   
(6,000,000
)
  
—
 
Exercised during the year
  
(5,000,000
)
 
$
A0.05
   
—
   
—
   
—
   
—
 
Outstanding at end of year
  
81,200,000
  
$
A0.13
   
58,650,000
  
$
A0.10
   
4,400,000
   
—
 
Incentive Options and Performance Rights Granted
The following Incentive Options and Performance Rights were granted as share-based payments during the past three years:
Series
 
Security
 Type
 
Number
 
Grant Date
 
Expiry Date
 


 Exercise
Price
 A$		  
Fair
Value
 A$
 
Series 1
 
Options
  
19,000,000
 
27-Sep-16
 
31-Dec-19
 
$
0.05
  
$
0.0360
 
Series 2
 
Options
  
13,000,000
 
27-Sep-16
 
31-Dec-19
 
$
0.10
  
$
0.0270
 
Series 3
 
Options
  
13,000,000
 
27-Sep-16
 
31-Dec-19
 
$
0.15
  
$
0.0220
 
Series 4
 
Options
  
1,000,000
 
9-Dec-16
 
31-Dec-19
 
$
0.08
  
$
0.0410
 
Series 5
 
Options
  
3,500,000
 
9-Dec-16
 
31-Dec-19
 
$
0.10
  
$
0.0370
 
Series 6
 
Options
  
3,500,000
 
9-Dec-16
 
31-Dec-19
 
$
0.15
  
$
0.0300
 
Series 7
 
Options
  
1,150,000
 
1-May-17
 
30-Jun-20
 
$
0.15
  
$
0.0400
 
Series 8
 
Options
  
1,150,000
 
1-May-17
 
30-Jun-20
 
$
0.20
  
$
0.0340
 
Series 9
 
Options
  
1,150,000
 
1-May-17
 
30-Jun-20
 
$
0.25
  
$
0.0300
 
Series 10
 
Options
  
6,000,000
 
10-Jul-17
 
10-Jul-20
 
$
0.10
  
$
0.0480
 
Series 11
 
Options
  
6,000,000
 
10-Jul-17
 
10-Jan-21
 
$
0.12
  
$
0.0470
 
Series 12
 
Options
  
6,000,000
 
10-Jul-17
 
10-Jul-21
 
$
0.16
  
$
0.0460
 
Series 13
 
Options
  
6,000,000
 
10-Jul-17
 
10-Jul-22
 
$
0.24
  
$
0.0450
 
               
Series
 
Security
 Type
 
Number
 
Grant Date
 
Expiry Date
 


 Exercise
Price
 A$		  
Fair
Value
 A$
 
Series 14
 
Options
  
150,000
 
13-Oct-17
 
30-Jun-20
 
$0.15
  
$
0.1030
 
Series 15
 
Options
  
150,000
 
13-Oct-17
 
30-Jun-20
 
$0.20
  
$
0.0910
 
Series 16
 
Options
  
150,000
 
13-Oct-17
 
30-Jun-20
 
$0.25
  
$
0.0810
 
Series 17
 
Options
  
1,050,000
 
1-Jan-18
 
30-Jun-20
 
$0.25
  
$
0.0910
 
Series 18
 
Options
  
1,050,000
 
1-Jan-18
 
31-Dec-20
 
$0.35
  
$
0.0850
 
Series 19
 
Rights
  
150,000
 
1-Jan-18
 
31-Dec-18
 
$Nil
  
$
0.1900
 
Series 20
 
Rights
  
150,000
 
1-Jan-18
 
31-Dec-19
 
$Nil
  
$
0.1900
 
Series 21
 
Options
  
100,000
 
26-Feb-18
 
30-Jun-20
 
$0.25
  
$
0.0680
 
Series 22
 
Options
  
100,000
 
26-Feb-18
 
31-Dec-20
 
$0.35
  
$
0.0630
 
Series 23
 
Options
  
100,000
 
12-Mar-18
 
30-Jun-20
 
$0.25
  
$
0.0600
 
Series 24
 
Options
  
100,000
 
12-Mar-18
 
31-Dec-20
 
$0.35
  
$
0.0560
 
Series 25
 
Options
  
500,000
 
7-May-18
 
30-Jun-20
 
$0.25
  
$
0.0550
 
Series 26
 
Options
  
500,000
 
7-May-18
 
31-Dec-20
 
$0.35
  
$
0.0510
 
Series 27
 
Rights
  
50,000
 
29-May-18
 
31-Dec-18
 
$Nil
  
$
0.1790
 
Series 28
 
Rights
  
50,000
 
29-May-18
 
31-Dec-19
 
$Nil
  
$
0.1790
 
Series 29
 
Options
  
150,000
 
15-Jun-18
 
30-Jun-20


$0.25
  
$
0.0810
 
Series 30
 
Options
  
150,000
 
15-Jun-18
 
31-Dec-20


$0.35
  
$
0.0750
 

(c)
Weighted Average Remaining Contractual Life
Valuation Model Used for Share Options Granted
The tables below list the inputs to the valuation model used for share options and performance rights granted by the Group during the last three years:
  
 2018
Incentive
 Options		 
 2018
Performance
 Rights		 
 2017
Incentive
 Options		   2017
Performance
 Rights		 
 2016
Incentive
 Options		 
 2016
Performance
 Rights		 
Fair value at grant date (weighted average)
 
A$0.051
 
A$0.187
 
A$0.030
  
—
  
—
  
—
 
Share price at grant date (weighted average)
 
A$0.104
 
A$0.187
 
A$0.064

 
—
  
—
  
—
 
Exercise price (weighted average)
 
A$0.175
 
—
 
A$0.104

 
—
  
—
  
—
 
Expected life of options/ rights (weighted average)1
 
 3.69 years 
 1.40 years 
 3.23 years
 
—
  
—
  
—
 
Risk-free interest rate (weighted average)
  
2.11%

 
—
  
1.67%

 
—
  
—
  
—
 
Expected volatility2
  
85.00%

 
—
  
85.00%

 
—
  
—
  
—
 
Expected dividend yield3
  
—
  
—
  
—
  
—
  
—
  
—
 


Notes:
1
The expected life is based on the expiry date of the options or rights.
2
The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual outcome.
3
The dividend yield reflects the assumption that the current dividend payout will remain unchanged.

16.
SEGMENT INFORMATION