CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION What happens to LTIs when a participant ceases employment? Where a participant ceases to be employed by the Company, unvested Performance Rights are typically automatically forfeited. In limited circumstances in accordance with the Incentive Performance Rights Plan, the Board may exercise discretion as to whether any unvested performance rights remain on foot and become capable of vesting in accordance with the Incentive Performance Rights Plan rules. Reasons may include, but are not limited to, death, total and permanent disablement, retirement or redundancy. How is the Long Term Incentive Award treated upon a Change of Control? For the period up to and including 30 June 2024, and in accordance with the Incentive Performance Rights Plan rules, vesting conditions attached to LTIs will be deemed to be automatically waived in the circumstances where a Change of Control occurs, such that all LTIs will vest and become capable of being exercised. Are there any malus or clawback provisions associated with a Long Term Incentive Award? Yes. Where, in the opinion of the Board, a Senior Executive KMP acts fraudulently or dishonestly, is grossly negligent or has his or her employment or office terminated due to serious or willful misconduct or otherwise for cause without notice, the Board may undertake necessary steps to annul, cancel or seek commensurate compensation for any Performance Rights or Share Options granted in favour of the Senior Executive KMP associated with the Long Term Incentive award. Does the Company have a policy in relation to hedging at-risk remuneration? Yes, the Incentive Performance Rights Plan rules prohibit participants from entering an arrangement where the effect would result in limiting their exposure to risk relating to Performance Rights that have not vested. What other rights of participation exist in relation to Performance Rights and Share Options? There are no participating rights or entitlements inherent in the options and the holders will not be entitled to participate in new issues of capital offered to shareholders during the currency of the options. All shares allotted upon the exercise of options will rank pari passu in respect with other shares. How does the Company consider industry benchmarks when granting Long Term Incentives? In the case of the current financial year, remuneration consultants engaged by the Company considered a range of ASX-listed resource peer companies by market capitalisation and sector similarity. The benchmark comparator group for the year ended 30 June 2024 is described below, in the table titled “ASX Companies – Comparator Group”. ASX Companies – Comparator Group Arafura Rare Earths Limited Cobalt Blue Holdings Limited Northern Minerals Limited AIC Mines Limited Global Lithium Resources Limited Ora Banda Mining Limited Aurelia Metals Limited Image Resources NL Pantoro Limited Australian Strategic Materials Ltd Jupiter Mines Limited Sovereign Metals Limited Base Resources Limited Lindian Resources Limited Strandline Resources Limited BCI Minerals Limited Meteoric Resources NL VHM Limited 31 Sheffield Resources Limited Annual Report 2024
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