Notes to the Consolidated Financial Statements for the year ended 30 June 2024 17. Reserves (continued) The table lists the inputs to the model for rights issued during the year: Number 298,089 Expiry date 1 December 2028 Grant date 22 November 2023 Vesting date 30 June 2024 Exercise price Nil Dividend yield 0% Expected volatility 70% Risk-free interest rate 4.15% Expected life of rights 4.42 years Grant date share price $0.68 Fair value at grant date $0.68 298,089 rights issued with vesting date of 30 June 2024 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 2024 is 2.42 years (2022: 3.24 years). Movement in performance rights 2024 2023 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 4,508,419 $0.42 5,227,005 $0.45 Granted during the year 298,089 $0.68 271,526 $0.59 Exercised/Vested during the year (538,796) $0.68 (674,051) $0.79 Lapsed during the year (26,127) $0.59 (316,061) $0.33 Outstanding at the end of the year 4,241,585 $0.40 4,508,419 $0.42 Exercisable at the end of the year 625,315 $0.69 918,712 $0.71 18. Retained earnings/(Accumulated losses) Reconciliation of movements in retained earnings/(accumulated losses) at the end of the year is as follows: 2024 $’000 2023 $’000 Equity Retained earnings at the beginning of the year 615 9,225 Loss after income tax (32,191) (8,610) (31,576) 615 68 Annual Report 2024 Sheffield Resources Limited
RkJQdWJsaXNoZXIy MjE2NDg3