77 2022 ANNUAL REPORT Notes to the CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2022 (cont.) 31 SHARE-BASED PAYMENT ARRANGEMENTS (cont.) (a) Performance rights granted during the year ended 30 June 2022: Project Incentive Opportunity (PIO) rights were granted to the Managing Director, Key Management Personnel, Senior Management and other operational employees during the period. The performance rights are split into three tranches based on different performance conditions measured over a period commencing 1 July 2022 to the vesting date which is 30 June 2023 if the conditions are met. Details of the PIO rights granted during the period are summarised below: Project Incentive Opportunity – (Expiry date: 30 June 2023) Tranche A Tranche B Tranche C Total Total PIO rights 5,775,306 2,887,654 2,887,654 11,550,613 Value per right $0.28 $0.28 $0.28 Valuation per tranche $1,617,086 $808,543 $808,543 $3,234,172 Condition criteria Greater than a specified number of gold ounces produced across both KOTH and Darlot mines (50% weighting) Greater than a specified number of tonnes of ore processed at the KOTH processing plant (25% weighting) Greater than a specified volume of development metres completed at the Darlot underground mine (25% weighting) In addition, a safety gate applies to all PIO KPI’s whereby no workplace fatalities occur at either the KOTH or Darlot operations. LTIP Performance rights were granted to the Managing Director, Key Management Personnel, Senior Management and other operational employees during the period. The performance rights are split into two tranches based on different performance conditions measured over a period commencing 1 July 2022 to the vesting date which is 30 June 2024 if the conditions are met. Details of the performance rights granted during the period are summarised below: LTIP Performance Rights 2024 series – (Expiry date: 30 June 2024) Tranche A Tranche B Total Total performance rights 12,887,002 5,522,998 18,410,000 Value per right $0.217 $0.28 Valuation per tranche $2,796,479 $1,546,440 $4,342,919 Condition criteria TSR ranking relative to TSR of S&P/ASX All Ordinaries Gold Total Return Index Growth in the Company’s Ore Reserves (proved and probable), excluding 50% of acquired Ore Reserves In addition, vesting of the performance rights is also conditional on the following being exceeded: 1. a positive Company TSR for the measurement period; and 2. 90% of budgeted gold production over the measurement period. TSR > Index TSR +20% 100% Stretch: 35% or over 100% TSR > Index TSR +10% 50% Target: 20% 50% TSR < or equal to Index TSR nil Threshold: 15% 25% < 15% nil
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