CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION 16. Reserves (continued) The following performance rights were in place and are subject to the Company Performance Rights plan: Expiry date Grant date Exercise price Number under rights 26 October 2025 6 November 2018 Nil 32,257 1 December 2025 22 December 2018 Nil 750,999 30 October 2026 25 November 2021 Nil 135,455 30 October 2026 25 November 2021 Nil 3,318,182 1 December 2027 22 November 2022 Nil 271,5261 4,508,419 Note 1: Performance rights issued during the year as part of remuneration to key management personnel, as approved by the 2022 Annual General Meeting of Shareholders. Detailed disclosures regarding vesting conditions of the Performance Rights are also set out in the Remuneration Report, which forms part of the Directors’ Report. The table lists the inputs to the model for rights issued during the year: Number 271,526 Expiry date 1 December 2027 Grant date 22 November 2022 Vesting date 30 June 2023 Exercise price Nil Dividend yield 0% Expected volatility 70% Risk-free interest rate 3.13% Expected life of rights 4.42 years Grant date share price $0.59 Fair value at grant date $0.59 271,526 rights issued with vesting date of 30 June 2023 were fully expensed during the year. The fair value of the performance rights measured at grant date was estimated by taking the market price of the Company’s shares on that date less the present value of expected dividends that will not be received on the performance rights during the vesting period. The weighted average remaining contractual life of the performance rights as at 30 June 2023 is 3.24 years (2022: 4.08 years). Movement in performance rights 2023 2022 Number under rights Weighted average grant price Number under rights Weighted average grant price Movement in performance rights Outstanding at the beginning of the year 5,227,005 $0.45 7,916,861 $0.53 Granted during the year 271,526 $0.59 3,769,698 $0.33 Vested during the year (674,051) $0.79 (532,794) $0.78 Lapsed during the year (316,061) $0.33 (4,751,235) $0.36 Forfeited/Cancelled during the year – – (1,175,525) $0.79 Outstanding at the end of the year 4,508,419 $0.42 5,227,005 $0.45 Exercisable at the end of the year 918,712 $0.71 – – 55 Sheffield Resources Limited Annual Report 2023
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