CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION 2024 STI Performance Criteria The STI performance criteria for the 2024 financial year were set at the following levels: Performance Hurdle Nil award Minimum Performance (for a STI award above 0%) Threshold Performance (50% award) Target Performance (75% of award) Stretch Performance (100% of award) Production >30% below target performance 30% below target performance 10% below target performance Meets Board approved budgeted product throughput quantity milestones 10% above target performance Customer Shipments >30% below target performance 30% below target performance 10% below target performance Meets Board approved budgeted concentrate product volume shipments 10% above target performance Per Tonne Unit Operating Costs Costs >12.5% above target performance Costs 12.5% above target performance Costs 4.2% above target performance Meets Board approved budgeted costs of production Costs 7.5% below target performance Progress – South Atlantic Project No progress on South Atlantic Project activities announced on 28 February 2023 Some progress (above 0%) of Board nominated project development milestones Completion of 50% of Board nominated project development milestones Completion of 75% of Board nominated project development milestones Completion of all nominated project development milestones Where actual performance achievement falls between performance hurdle intervals (e.g., between Minimum, Threshold and Target performance), the actual award outcome will be determined on a sliding scale basis. For example, where actual production performance is 5% below target performance and thereby falls between Threshold and Target performance, the actual award associated with the Production performance hurdle would equate to 62.5% of the maximum award. Going forward into the 2025 Financial Year, the Committee has considered amendments to the above STI arrangement. This has been discussed further within Section 9 - 2025 Financial Year Planned Remuneration Changes. 2024 STI Performance Outcomes Following the end of the 2024 financial year, the Committee considered actual performance and achievements compared to the 2024 STI Performance Criteria described in the above table. Following the Committee’s consideration, the Board resolved to award 17% of the maximum award outcome, with Production performance hurdles achieved above Threshold performance, but below Target performance. The Board resolved that actual performance for each of the other performance hurdles did not meet minimum performance levels. 29 Sheffield Resources Limited Annual Report 2024
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