Remuneration Report (Audited) continued Shareholder approval was obtained at the General Meeting on 2 July 2024, for the issue of 15,000,000 Performance Rights to Mr P Duffy 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% to vest upon the closing price of Sunstone Shares being at or above 2.232 cents per share on or before 30 June 2025; – Tranche 2 – 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% to vest upon the closing price of Sunstone Shares being at or above 3.10 cents per share on or before 30 June 2025; At 30 June 2025, the vesting conditions were assessed for the performance rights issued to Mr Duffy as approved at the General Meeting on 2 July 2024. This assessment determined that the condition for Tranche 2 was met with 5,000,000 rights vesting, however the conditions for Tranches 1 and 3 were not met and these rights lapsed. There are no performance rights outstanding at 30 June 2025 in relation to these tranches. 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 % 31 Oct 2022: Tranche 1 5,066,667 31 Oct 25 0.0183 92,720 $0.090 0.031 131.4 3.37 31 Oct 2022: Tranche 2 5,066,667 31Oct 25 0.0249 125,907 TSR 0.031 131.4 3.37 31 Oct 2022: Tranche 3 5,066,666 31 Oct 25 0.0154 78,027 $0.135 0.031 131.4 3.37 17 Oct 2023: Tranche 1 5,400,000 17 Oct 26 0.0072 38,880 $0.067 0.014 85.0 4.095 17 Oct 2023: Tranche 2 5,400,000 17 Oct 26 0.0121 65,340 TSR 0.014 85.0 4.095 17 Oct 2023: Tranche 3 5,400,000 17 Oct 26 0.0062 33,480 $0.085 0.014 85.0 4.095 24 Oct 2024: Tranche 1 33,967,757 30 Jun 27 0.0033 112,094 $0.0227 0.006 85.0 3.503 24 Oct 2024: Tranche 2 33,967,757 30 Jun 27 0.0026 88,316 $0.0341 0.006 85.0 3.503 Total 99,335,514 634,764 Weighted average 0.0064 0.011 Weighted average remaining life 1.6 years Option movements during the financial year: 2025 Beginning balance Granted as remuneration Options acquired1 Lapsed Exercised during the year Balance at end of the year Vested and exercisable at end of year S Stroud 12,000,000 – 2,000,000 (6,000,000) – 8,000,000 8,000,000 P Duffy 6,000,000 – 5,000,000 – – 11,000,000 11,000,000 M Norris – – 1,000,000 – – 1,000,000 1,000,000 N O’Connor – – 2,500,000 – – 2,500,000 2,500,000 L Welsh – – 3,000,000 – – 3,000,000 3,000,000 Total 18,000,000 – 13,500,000 (6,000,000) – 25,500,000 25,500,000 (1) Free attaching options received from subscribing to the Placement in September 2024 and the Share Purchase Plan in October 2024. 33 Sunstone Metals Limited Annual Report 2025
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