Share-Based Payments

12 Months Ended

Jun. 30, 2025

Share-Based Payments [Abstract]

Share-Based Payments

16 Share-based payments

(a) Employee Option Plan

The establishment of the ‘Omnibus Incentive Plan’ (OIP) was renewed by shareholders at the annual general meeting held on 16 November 2023. The plan is designed to provide long-term incentives for employees (including directors) to deliver long-term shareholder returns. Participation in the plan is at the board’s discretion, and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits.

The options issued under the plan have vesting conditions based on the achievement of service milestone, which are achieved if the holder remains with the group until the date is reached. The dates vary from the initial public offering up to 5 years from the grant dated. There are no performance or market conditions attached to any of the below options under the plan.

Set out below are summaries of all listed and unlisted options.

	2025					2024				2023
	Weighted average exercise price per share		Number of			Weighted average exercise price per share		Number of		Weighted average exercise price per share		Number of
	option		options			option		options		option		options
As at 1 July	$	0.31		77,473,719		$	0.36		58,678,263	$	0.60		27,873,360
Granted during the year	$	0.05		164,772,115		$	0.11		18,795,456	$	0.17		32,804,903
Forfeited during the year		0.01		(4,650,648	)	$	-		-	$	0.36		(2,000,000	)
As at 30 June	$	0.13		237,595,186		$	0.31		77,473,719	$	0.36		58,678,263
Vested and exercisable at 30 June	$	0.30		68,176,817		$	0.46		32,931,239	$	0.60		11,583,676

Share options outstanding at the end of the year have the following expiry date and exercise prices:

Grant date	Expiry date	Exercise price		Share options 30 June 2025		Share options 30 June 2024		Share options 30 June 2023
2021-03-29	2025-11-25		0.60		1,900,002		1,900,022		1,900,002
2021-04-05	2025-11-25		0.60		1,900,002		1,900,002		1,900,002
2021-04-26	2025-11-25		0.60		1,900,002		1,900,002		1,900,002
2021-06-27	2026-11-25		0.60		2,533,336		2,533,336		2,533,336
2021-07-28	2026-11-25		0.60		2,533,336		2,533,336		2,533,336
2021-08-02	2026-11-25		0.60		8,666,678		8,666,678		8,666,678
2021-12-21	2025-12-21		0.60		400,000		400,000		400,000
2022-03-02	2027-05-27		0.60		740,000		740,000		740,000
2022-04-22	2027-06-01		0.60		1,666,500		2,500,000		2,500,000
2022-07-01	2027-07-01		0.17		13,137,976		13,137,976		13,137,976
2022-11-16	2026-12-01		0.60		3,800,004		3,800,004		3,800,004
2022-11-16	2027-06-30		0.17		18,366,927		18,366,927		18,366,927
2023-02-07	2028-02-01		0.16		100,000		100,000		100,000
2023-05-18	2028-05-18		0.20		200,000		200,000		200,000
2023-06-01	2026-05-31		0.14		505,598		505,598		-
2023-07-01	2028-07-01		0.112		3,658,514		7,176,190		-
2023-07-24	2028-07-24		0.121		500,000		500,000		-
2023-11-16	2028-07-01		0.11		10,113,668		10,113,668		-
2023-12-13	2028-12-13		0.076		500,000		500,000		-
2024-06-01	2027-05-31		0.032		2,300,838		2,300,838		-
2024-07-01	2029-07-01		0.041		30,480,627		-		-
2024-08-23	2026-09-30		0.060		24,000,000		-		-
							-		-
2024-11-25	2029-06-30		0.041		59,290,690		-		-
2024-11-25	2029-09-30		0.060		48,000,000		-		-
2025-01-30	2028-12-13		0.027		400,000		-		-
Total					237,594,698		79,774,557		58,678,263

The following options were granted outside of the OIP plan to non-employees, vesting immediately upon issue. The outstanding balance at the end of the year is detailed below:

Grant date	Expiry date	Exercise price		Share options 30 June 2025		Share options 30 June 2024		Share options 30 June 2023
2021-09-13	2024-11-25		0.90		-		13,680,012		13,680,012
2022-11-25	2026-11-30		0.20		79,352,040		79,352,040		79,352,040
2023-11-14	2028-07-01		0.11		7,500,000		7,500,000		-
2024-02-06	2028-04-30		0.09		8,955,224		8,955,224		-
2024-08-28	2026-08-24		0.060		818,890,534		-		-
Total					914,697,798		109,487,276		93,032,052

Weighted average remaining contractual life of options outstanding at end of year 3.12 2.98 3.68

(i) Fair value of options granted

The assessed fair value of options at grant date was determined using the Black-Scholes option pricing model that takes into account the exercise price, term of the option, security price at grant date and expected price volatility of the underlying security, the expected dividend yield, the risk-free interest rate for the term of the security and certain probability assumptions.

The model inputs for options granted during the year ended 30 June 2025 included:

	Expiry date	Exercise price ($)		No. of options		Share price at grant date ($)		Expected volatility			Dividend yield			Risk-free interest rate			Fair value at grant date ($)
01/06/2024	31/05/2027		0.032		2,300,838		0.032		74.49	%		0.00	%		3.77	%		37,504
01/07/2024	01/07/2029		0.041		30,480,627		0.041		77.09	%		0.00	%		3.80	%		734,582
23/08/2024	30/09/2026		0.060		24,000,000		0.034		67.23	%		0.00	%		3.60	%		187,200
23/08/2024	24/02/2025		0.050		149,925,040		0.034		32.19	%		0.00	%		3.60	%		29,985
28/08/2024	24/08/2026		0.060		818,890,534		0.033		-			-			-			-
25/11/2024	30/09/2025		0.060		48,000,000		0.026		81.15	%		0.00	%		4.08	%		628,794
25/11/2024	30/06/2029		0.041		59,290,690		0.026		81.15	%		0.00	%		4.08	%		865,644
30/01/2025	13/12/2028		0.027		400,000		0.027		88.95	%		0.00	%		3.79	%		6,960
					1,133,287,729

(b) Expenses arising from share-based payment transactions

	30 June 2025 $		30 June 2024 $		30 June      2023           $
Options issued		2,157,778		3,029,236		4,221,280