SHARE-BASED PAYMENTS (Tables)

12 Months Ended

Jun. 30, 2019

During the past three years, the following equity-settled share-based payments have been recognised:

	2019			2018			2017
	US$			US$			US$
Expense arising from equity-settled share-based payment transactions		(438,375	)		(1,172,164	)		(861,973	)

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:

	2019 Number			2019 WAEP		2018 Number			2018 WAEP		2017 Number			2017 WAEP
Outstanding at beginning of year		81,200,000		$	A0.13		58,650,000		$	A0.10		4,400,000			—
Options granted during the year		4,950,000		$	A0.22		28,650,000		$	A0.17		56,450,000		$	A0.10
Rights lapsed during the year		(1,100,000	)		—		(1,100,000	)		—		(2,200,000	)		—
Rights converted during the year		(350,000	)		—		(5,000,000	)	$	A0.05		—			—
Outstanding at end of year		84,700,000		$	A0.14		81,200,000		$	A0.13		58,650,000		$	A0.10

Note:

⁽¹⁾

The above number of Incentive Options granted during the 2019 year and outstanding at June 30, 2019, do not include 1,200,000 Incentive Options that were issued and allotted during the 2019 year but were not granted at June 30, 2019 on the basis that the proposed employee had not yet commenced rendering services to the Group.

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 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
Series 31	Options		375,000	13-Jul-18	30-Jun-20		$0.25	$	0.0630
Series 32	Options		375,000	13-Jul-18	31-Dec-20		$0.35	$	0.0590
Series 33	Options		500,000	1-Aug-18	30-Jun-20		$0.25	$	0.0640
Series 34	Options		500,000	1-Aug-18	31-Dec-20		$0.35	$	0.0580
Series 35	Options		1,500,000	7-May-19	30-Jun-21		$0.15	$	0.0680
Series 36	Options		1,500,000	7-May-19	30-Jun-22		$0.20	$	0.0680
Series 37	Options		100,000	1-Oct-18	30-Jun-20		$0.25	$	0.0260
Series 38	Options		100,000	1-Oct-18	31-Dec-20		$0.35	$	0.0240

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:

	2019 Incentive Options			2019 Performance Rights		2018 Incentive Options			2018 Performance Rights		2017 Incentive Options			2017 Performance Rights
Fair value at grant date (weighted average)	$	A0.064			—	$	A0.051		$	A0.187	$	A0.030			—
Share price at grant date (weighted average)	$	A0.16			—	$	A0.104		$	A0.187	$	A0.064			—
Exercise price (weighted average)	$	A0.22			—	$	A0.175			—	$	A0.104			—
Expected life of options/ rights (weighted average)⁽¹⁾	2.01 years				—	3.69 years			1.40 years		3.23 years				—
Risk-free interest rate (weighted average)		1.59	%		—		2.11	%		—		1.67	%		—
Expected volatility⁽²⁾		78	%		—		85.00	%		—		85.00	%		—
Expected dividend yield⁽³⁾		—			—		—			—		—			—

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.