Notes to the Consolidated Financial Statements for the year ended 30 June 2025 17. Reserves (continued) Movement in options 2025 2024 Options Options number Weighted average exercise price Options number Weighted average exercise price Outstanding at the beginning of the year 2,546,786 $0.54 3,041,271 $0.55 Granted during the year – – 465,515 $0.68 Exercised during the year – – – – Lapsed during the year (485,800) $0.33 (960,000) $0.65 Cancelled during the year – – – – Outstanding at the end of the year 2,060,986 $0.66 2,546,786 $0.54 Exercisable at the end of the year 1,174,200 $0.67 960,000 $0.75 Employee incentive plan The Employee Incentive Plan was established to enable employees of the Group (including Directors) to be issued with performance rights entitling each participant to a fully paid ordinary share. The performance rights issued for nil consideration are issued in accordance with the terms and conditions approved at a General Meeting by shareholders and in accordance with performance criteria established by the Directors. The objective of the Employee Incentive Plan is to assist in the recruitment, reward, retention and motivation of employees of the Group. Employees do not possess any rights to participate in the Employee Incentive Plan as participation is solely determined by the Directors. Performance rights convert to one fully paid ordinary share in Sheffield at an exercise price of nil upon meeting certain non-market-based performance conditions. The performance rights do not provide any dividend or voting rights and are not quoted on the Australian Securities Exchange. If an employee ceases to be employed by the Group within the period, the unvested performance rights will be forfeited. The following performance rights were in place at the end of the year and are subject to the Company Performance Rights plan: Expiry date Grant date Exercise price Number under rights 1 December 2025 30 November 2018 Nil 439,018 30 October 2026 25 November 2021 Nil 67,273 30 October 2026 25 November 2021 Nil 1,649,023 1 December 2027 22 November 2022 Nil 119,023 1 December 2028 22 November 2023 Nil 19,014 29 November 2029 20 November 2024 Nil 3,904,8831 6,198,234 Note 1: Performance rights issued during the year as part of remuneration to Key Management Personnel, as approved by the 2024 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. 68 Sheffield Resources Limited Annual Report 2025
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