Shares under option At the date of this report, there were 30 million unquoted options over ordinary shares of the Company outstanding, per the table below Grant Date Options outstanding Expiry date Value per option $/share Total value $ Vesting condition Share price at grant date $/share Share volatility % Risk free rate of return % 3 November 2021 12,000,000 2/11/2024 $0.0310 372,000 $0.100 $0.068 131% 0.69% 17 October 2023 12,000,000 17/10/2026 $0.0044 52,800 $0.042 $0.014 85% 4.095% 6 February 2024 6,000,000 5/2/2027 $0.0044 26,400 $0.042 $0.011 102% 4.095% 30,000,000 451,200 Weighted average remaining life 1.6 years Post 30 June 2024 and up to the date of this report, there were no shares issued as a result of the exercise of options. Insurance of officers During the period the Company paid a premium to insure the Directors and officers of the Company. Under the terms of the policy the Company cannot publish amounts paid for premiums or the extent of the liabilities insured. No indemnities have been given, during or since the end of the financial year, for any person who is or has been an officer or auditor of the consolidated group. Proceedings on behalf of the Company No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party, for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237 of the Corporations Act 2001. Auditors’ Independence Declaration A copy of the auditors’ independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 30. Audit and Non-Audit Services At the Annual General Meeting held in October 2023, shareholders approved the appointment of HLB Mann Judd to perform the external audit of Sunstone Metals Limited. The external auditor prior to this appointment was BDO Audit Pty Ltd. As there were no non-audit services provided by HLB Mann Judd during the year, the Board has determined that the auditor independence requirements of the Corporations Act 2001 were not compromised. This is on the basis that as no non-audit were services provided, the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants were not undermined, as the auditor did not review or audit the auditor’s own work, act in a management or decision making capacity for the Group, act as an advocate for the Group or jointly share risks and rewards. Details of the amounts paid to the auditor of the Group, currently HLB Mann Judd (2023: BDO Audit Pty Ltd), and their related practices for audit and non-audit services provided during the year are set in Note 22 to the consolidated financial statements. This report is made in accordance with a resolution of the Directors. Mr Graham Ascough Chair Brisbane, Queensland 13 September 2024 29 Sunstone Metals Limited Annual Report 2024
RkJQdWJsaXNoZXIy MjE2NDg3