CONTENTS FINANCIAL STATEMENTS YEAR IN REVIEW DIRECTORS’ REPORT CORPORATE DIRECTORY SHAREHOLDER INFORMATION 17. Reserves (continued) The table lists the inputs to the model for valuation of performance rights issued during the year: Grant date 20 November 2024 20 November 2024 20 November 2024 Vesting date 30 June 2025 30 June 2027 30 June 2027 Expiry date 29 November 2029 29 November 2029 29 November 2029 Number 919,805 1,492,539 1,492,539 Exercise price Nil Nil Nil Dividend yield 0% 0% 0% Expected volatility 55% 55% 55% Risk-free interest rate 4.08% 4.08% 4.08% Expected life of options 4.78 years 4.78 years 4.78 years Grant date share price $0.17 $0.17 $0.17 Fair value at grant date $0.17 $0.05 $0.11 The weighted average remaining contractual life of the performance rights as at 30 June 2025 is 3.08 years (2024: 2.42 years). Movement in performance rights 2025 2024 Rights Performance rights number Weighted average fair value at grant date Performance rights number Weighted average grant price Outstanding at the beginning of the year 4,241,585 $0.40 4,508,419 $0.42 Granted during the year 4,093,320 $0.11 298,089 $0.68 Exercised during the year (1,635,043) $0.34 (538,796) $0.68 Lapsed during the year (313,191) $0.61 (26,127) $0.59 Forfeited/Cancelled during the year (188,437) – – – Outstanding at the end of the year 6,198,234 $0.43 4,241,585 $0.40 Exercisable at the end of the year 2,293,352 $0.50 625,315 $0.69 18. Accumulated losses Reconciliation of movements in accumulated losses at the end of the year is as follows: 2025 $’000 2024 $’000 Equity Accumulated losses at the beginning of the year (31,576) 615 Loss after income tax (22,050) (32,191) (53,626) (31,576) 69 Sheffield Resources Limited Annual Report 2025
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