Remuneration Report (Audited) continued Shareholder approval was obtained at the Annual General Meeting on 17 October 2023, for the issue of 6,000,000 Performance Rights with an exercise period of 3 years to Mr M Norris on the following terms (grant to other key management personnel as per above table on the same terms and same allocation between tranches): – Tranche 1 – 33.33% to vest upon the later of both the following vesting conditions occurring: – Closing Price of Sunstone Shares being $0.067 or more for 10 trading days out of any 20 consecutive trading days; and – 12 months after issue; – Tranche 2 – 33.33% to vest upon TSR performance as measured against the ASX Small Resources Index, as follows: – Performance below the index no shares will vest. – Performance equal to the index will see 50% vest, increasing linearly with outperformance of the index by up to 25%, such that 100% of shares will vest should Sunstone’s performance be greater than 25% above the index performance. Testing will be annually on 30th June; and – Tranche 3 – 33.33% to vest upon the later of both the following vesting conditions occurring: – Closing Price of Sunstone Shares being $0.085 or more for 10 trading days out of any 20 consecutive trading days; and – 12 months after issue. Grant Date Rights Outstanding Expiry Date Value per Right $/share Total Value $ Vesting Condition Share price at Grant Date $/share Share Volatility % Risk Free rate of return % 17 Oct 2023: Tranche 1 7,100,000 17/10/26 0.0072 51,120 $0.067 0.014 85.0 4.095 17 Oct 2023: Tranche 2 7,100,000 17/10/26 0.0121 85,910 TSR 0.014 85.0 4.095 17 Oct 2023: Tranche 3 7,100,000 17/10/26 0.0062 44,020 $0.085 0.014 85.0 4.095 31 Oct 2022: Tranche 1 6,666,667 31/10/25 0.0183 122,000 $0.090 0.031 131.4 3.37 31 Oct 2022: Tranche 2 6,666,667 31/10/25 0.0249 165,667 TSR 0.031 131.4 3.37 31 Oct 2022: Tranche 3 6,666,667 31/10/25 0.0154 102,667 $0.135 0.031 131.4 3.37 Total 41,300,000 571,384 Weighted average 0.0138 0.022 Weighted average remaining life 1.8 years Option movements during the financial year: 2024 Beginning balance Granted as remuneration Lapsed Exercised during the year Balance at end of the year Vested and exercisable at end of year G Ascough 6,000,000 6,000,000 – – 12,000,000 6,000,000 S Stroud 6,000,000 6,000,000 – – 12,000,000 6,000,000 P Duffy – 6,000,000 – – 6,000,000 – Total 12,000,000 18,000,000 – – 30,000,000 12,000,000 27 Sunstone Metals Limited Annual Report 2024
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