34 2022 ANNUAL REPORT 12. REMUNERATION REPORT (AUDITED) (cont.) 12.4 EXECUTIVE REMUNERATION FRAMEWORK AND COMPONENTS (cont.) 12.4.1 One-off Project Incentive Opportunity (PIO) The PIO is a one-off incentive designed specifically to support the successful development of the KOTH project and broader production based objectives and help mitigate retention and attraction risks for executives and other critical employees. PIO awards were offered at the start of FY22 and are to be delivered in 60% cash and 40% Performance Rights subject to performance assessment (including continued employment) at 30 June 2023 in consideration of the following project metrics: \ \ Gold produced (50%): based on a specified number of gold ounces produced across both the KOTH and Darlot mines based on budgeted production schedules; \ \ Ore processed (25%): based on a specified volume of ore processed at the KOTH processing plant based on forecast mining schedules; and \ \ Development metres (25%): based on a specified volume of development metres completed at the Darlot underground mine based on forecast mining schedules. A safety gate of no fatalities at either the KOTH or Darlot operations applies to all PIO KPIs. The KOTH mine and process plant is progressively ramping up to full production and the Company will provide production guidance for KOTH when it achieves steady state production in 1H FY23. The performance hurdles are set at threshold, target and stretch levels, achievement of which will result in different vesting outcomes (as illustrated in the following table: Performance level Vesting outcome (% of PIO opportunity to vest) Below Threshold level 0% Threshold (represents the minimum acceptable level of performance) 33% Target (represents a challenging level of performance) 67% Stretch (represents an exceptional level of performance) 100% * The award for performance between Threshold and Target, Target and Stretch will be determined on a pro- rata/sliding basis. 12.5 FY22 EXECUTIVE REMUNERATION OUTCOMES The following table summarises key measures of Company performance for FY22 and the previous four financial years: Performance outcomes over the past five FYs FY22 FY21 FY20 FY19 FY18 ASX share price at year end $0.25 $0.19 $0.20 $0.18 $0.08 Profit/(loss) after income tax attributable to owners of the company for continuing operations ($’000) (48,664) (9,478) 4,544 (3,030) (11,928) Profit/(loss) after income tax attributable to owners of the company ($’000) (28,615) (43,245) 4,544 (3,030) (11,928) Dividends paid ($’000) - - - - - Underlying EBITDA (a) ($’000) (4,258) 11,635 53,978 29,890 297 (a) Underlying EBITDA is a non-IFRS measure which is unaudited. DIRECTORS’ Report (cont.)
RkJQdWJsaXNoZXIy MjE2NDg3