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Share-Based Payments
 12 Months Ended
Jun. 30, 2025
Notes and other explanatory information [abstract]  
Share-Based Payments

Note 28. Share-Based Payments

 

From time to time, the Group provides Incentive Options and Performance Rights to officers, employees, consultants and other key advisors as part of remuneration and incentive arrangements. The number of options or rights granted, and the terms of the options or rights granted are determined by the Board. Shareholder approval is sought where required. During the period the following share-based payments have been recognized:

 

Share-based payments

 

During the period, the following share-based payments have been granted/reversed:

 

   30 June 2025   30 June 2024   30 June 2023 
   Consolidated 
   30 June 2025   30 June 2024   30 June 2023 
   A$   A$   A$ 
             
Recognized in profit & loss :               
Director options (1&2)   (867,273)   549,174    332,560 
Consultant options (1&3)   (394,216)   249,624    144,590 
Total options granted   (1,261,489)   798,798    480,159 
                
Performance Rights               
Performance rights   -    (463,129)   300,076 
Total performance rights   -    (463,129)   300,076 
Total   (1,261,489)   335,669    780,235 

 

 

Notes to the Consolidated Financial Statements

For the Year Ended 30 June 2025

 

Note 28. Share-Based Payments (Continued)

 

   30 June 2025   30 June 2024   30 June 2023 
   Consolidated 
   30 June 2025   30 June 2024   30 June 2023 
   A$   A$   A$ 
Recognized in equity:               
Options issued to brokers   -    -    636,670 
Broker options on or before July 25, 2028(4)   112,792    

-

    - 
Broker options on or before September 24, 2029(5)   68,098    

-

    

-

 
Total equity   180,890    -    636,670 

 

Options Expense

 

1. For the options expensed during the current financial year, the directors reassessed the probability of achieving the vesting condition of meeting a $1 billion project valuation in an economic study completed by 30 November 2025 and determined that a revaluation was necessary. The valuation model inputs used to determine the fair value at the grant date, are as follows

 

  

2. Director Options

  3. Consultants Options
       
Recognized in  Profit & Loss  Profit & Loss
Grant date  29/11/2022  29/11/2022
Number of options issued  5,750,000  2,500,000
Expiry date  30/11/2025  30/11/2025
Vesting date  31/03/2023  31/03/2023
Share price at grant date  0.66  0.66
Exercise Price  1.20  1.20
Expected Volatility  90%  90%
Risk-Free Interest Rate  3.24%  3.24%
Trinomial step  200  200
Early exercise factor  2.50  2.50
Underlying fair value at grant date  0.299  0.299
The total share-based payment expense recognized from the amortization as of the 30 June 2024 for the issued options  549,174  249,624
Vesting terms
 
  Continuous employment and, A$1bn project valuation  Continuous employment and, A$1bn project valuation

 

 

Notes to the Consolidated Financial Statements

For the Year Ended 30 June 2025

 

Note 28. Share-Based Payments (Continued)

 

   4. Broker Options  5. Broker Options
       
Recognized in  Equity  Equity
Grant date  24/07/2024  24/09/2024
Number of options issued  1,425,000 (23,750 Nasdaq equivalent)  1,419,000 (23,650 Nasdaq equivalent)
Expiry date  25/07/2028  25/03/2029
Vesting date  24/07/2024  24/09/2024
Share price at grant date  6.92 (USD)  5.00 (USD)
Exercise Price  10.37 (USD)  9.80 (USD)
Expected Volatility  85%  85%
Risk-Free Interest Rate  4.12%  3.49%
Trinomial step  200  200
Early exercise factor  2  2.5
Underlying fair value at grant date  2.85 (USD)  1.97 (USD)
Fair Value  74,386 (USD)  23,650 (USD)
Fair Value  112,792 (AUD)  68,098 (AUD)

 

 

Notes to the Consolidated Financial Statements

For the Year Ended 30 June 2025

 

Note 28. Share-Based Payments (Continued)

 

Option/Warrant movement June 2025

 

Set out below are movements in options on issue over ordinary shares of Nova Minerals Limited during the 30 June 2025 financial year:

 

Exercise period  Exercise price   Beginning balance   Issued   Exercised   Lapsed   Ending balance 
                         
On or before 30 November 2025   1.20    8,250,000    -    -    -    8,250,000 
On or before 30 November 2024   1.10    13,614,264    -    -    (13,614,264)   - 
On or before 16 January 2026   0.91    1,714,286    -    -    -    1,714,286 
On or before 30 June 2025   1.00    216    -    -    (216)   - 
On or before 25 July 2029
(Quoted in the USA)*		   0.1806    -    31,350,000    (14,460,420)   -    16,889,580 
On or before 25 July 2028
(Quoted in the USA)*		   0.2580    -    1,425,000    -    -    1,425,000 
On or before 24 September 2029
(Quoted in the USA)*		   0.183    -    1,419,000    -    -    1,419,000 
         23,578,766    34,194,000    (14,460,420)   (13,614,480)   29,697,866 

 

* Nasdaq options are quoted on a 60 to 1 basis

 

Option/Warrant movement June 2024

 

Set out below are movements in options on issue over ordinary shares of Nova Minerals Limited during the 30 June 2024 financial year:

 

Exercise period  Exercise price   Beginning balance   Issued   Exercised   Lapsed   Ending balance 
                         
On or before 29 December 2023   0.75    1,100,000    -    -    (1,100,000)   - 
On or before 7 October 2023   2.20    1,900,000    -    -    (1,900,000)   - 
On or before 30 November 2025   1.20    8,250,000    -    -    -    8,250,000 
On or before 30 November 2024   1.10    13,614,264    -    -    -    13,614,264 
On or before 16 January 2026   0.91    1,714,286    -    -    -    1,714,286 
On or before 30 April 2024 (1)   0.70    6,993,608    -    (251)   (6,993,357)   - 
On or before 30 June 2025   1.00    -    216    -    -    216 
         33,572,158    216    (251)   (9,993,357)   23,578,766 

 

(1) For every two options exercised at A$0.70, holder will receive an option to purchase one additional ordinary share at an exercise price of A$1.00, with an expiry date of June 30, 2025.

 

Option/Warrant movement June 2023

 

Set out below are movements in options on issue over ordinary shares of Nova Minerals Limited during the 30 June 2023 financial year:

 

Exercise period  Exercise price   Beginning balance   Issued   Exercised   Lapsed   Ending balance 
                         
On or before 19 September 2022   0.40    6,100,000    -    (6,100,000)   -    - 
On or before 28 October 2022   0.56    150,000    -    (150,000)   -    - 
On or before 28 January 2023   0.60    750,000    -    -    (750,000)   - 
On or before 2 December 2022   3.00    1,050,000    -    -    (1,050,000)   - 
On or before 29 December 2023   0.75    1,100,000    -    -    -    1,100,000 
On or before 20 May 2023   1.35    1,100,000    500,000    -    (1,600,000)   - 
On or before 23 Sept 2023   2.20    1,700,000    200,000    -    -    1,900,000 
On or before 30 November 2024   1.10    -    13,614,264    -    -    13,614,264 
On or before 30 November 2025   1.20    -    8,250,000    -    -    8,250,000 
On or before 16 January 2026   0.91    -    1,714,286    -    -    1,714,286 
On or before 30 April 2024 (1)   0.70    -    6,993,793    (185)   -    6,993,608 
Total        11,950,000    31,272,343    (6,250,185)   (3,400,000)   33,572,158 

 

(1) For every two options exercised at A$0.70, holder will receive an option to purchase one additional ordinary share at an exercise price of A$1.00, with an expiry date of June 30, 2025.

 

 

Notes to the Consolidated Financial Statements

For the Year Ended 30 June 2025

 

Note 28. Share-Based Payments (Continued)

 

The weighted average year remaining contractual life

 

The weighted average number of years remaining for the contractual life for share-based payment options outstanding as at 30 June 2025 was 3.29 years (2024: 0.85 years 2023: 1.51 years).

 

The weighted average exercise price

 

The weighted average exercise price for the share-based payment options outstanding as at 30 June 2025 was A$0.51 (2024: A$1.12, 2023: A$1.08).

 

The average share price for the 30 June 2025 financial year was A$0.26 (30 June 2024: A$0.26, 30 June 2023: A$0.61)

 

 

Notes to the Consolidated Financial Statements

For the Year Ended 30 June 2025

 

Note 28. Share-Based Payments (Continued)

 

Performance rights

 

During the June 2022 Financial year the Company issued 24 million performance rights (2.4 million post-consolidation) to three directors. The terms of the performance rights issued were disclosed in the annual general meeting notice announced 22 October 2021. The performance rights are long-term incentives to offer conditional rights to fully paid ordinary shares in the Company upon satisfaction of vesting criteria over the vesting periods for no cash consideration. Fair value has been measured using the share price at grant date

 

Class of Performance   Applicable   Lapse   Rights  
Rights   Milestone   Date   Issued  
               
Class A Performance Rights   Completion of either a pre-feasibility study or a definitive feasibility study of the Korbel Main deposit that demonstrates at the time of reporting that extraction is reasonably justified and economically mineable indicating an internal rate of return to the Company of greater than 20% and an independently verified JORC classified mineral reserve equal to or greater than 1,500,000 oz Au with an average grade of not less than 0.4g/t for not less than 116Mt.   5 years from issue     600,000  
Class B Performance Rights   Completion of the first gold pour (defined as a minimum quantity of 500 oz.) from the Korbel Main deposit.   5 years from issue     600,000  
Class C Performance Rights   Achievement of an EBITDA of more than A$20m in the second half-year reporting period following the commencement of commercial operations at the Korbel Main deposit.   5 years from issue     1,200,000  

 

30 June 2025 performance rights

 

The performance rights were valued as the closing share price A$1.30 on the grant date 24 November 2021. No adjustment was made during the current period.

 

30 June 2024 performance rights

 

The performance rights were valued as the closing share price A$1.30 on the grant date 24 November 2021. During the current period the probabilities of meeting the vesting conditions were altered and the amount was reduced by A$463,129 to reflect the change in probability.

 

30 June 2023 performance rights

 

The performance rights were valued as the closing share price A$1.30 on the grant date 24 November 2021. The total share-based payment expense recognized from the amortization of the 2022 issued performance rights was A$300,076 for the 30 June 2023 financial year.

 

 

Notes to the Consolidated Financial Statements

For the Year Ended 30 June 2025

 

Note 28. Share-Based Payments (Continued)

 

Set out below are the summaries of Performance rights granted during period as share based payments

 Schedule of Performance Rights Granted During Period as Share Based Payments

          Price at           Expired/   Balance at 
          grant           Lapsed/   the end of 
Grant date  Expiry date  Class   date   Granted   Exercised   other   the year 
                            
24/11/2021  24/11/2026   A   A$ 1.30    600,000    -    -    600,000 
24/11/2021  24/11/2026   B   A$ 1.30    600,000    -    -    600,000 
24/11/2021  24/11/2026   C   A$ 1.30    1,200,000    -    -    1,200,000 

 

 

Notes to the Consolidated Financial Statements

For the Year Ended 30 June 2025