Speciality Metals International Limited Annual Report 2020

Speciality Metals International Limited Annual Report 2020 53 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Page | 54 20. SUBSEQUENT EVENTS There have been no material events subsequent to 30 June 2020 that have not previously been reported other than: - issue of the following options to Kim Cavallaro upon commencement of employment as the Group’s Chief Commercial Officer on 1 July 2020: § Two (2) million options exercisable at $0.04 on or before 1 July 2023. These options were issued under the Company’s Equity Incentive Plan and will vest upon the completion of six (6) months employment with the Company; and § Three (3) million options exercisable at $0.06 on or before 1 July 2023. These options were issued under the Company’s Equity Incentive Plan and will vest upon the completion of twelve (12) months employment with the Company; - the Company as part of the project consortium awarded a $220,000 grant by METS Ignited Australia Limited under the Queensland METS Collaborative Projects Fund for the Company’s mine waste transformation project titled “Optimised X-Ray Ore Sorting Technologies and Material Handling Concepts for Historic Tungsten Mine Waste Transformation” (refer ASX announcement “Govt Support for Mt Carbine Mine Waste Transform. Initiative dated 24 July 2020); - appointment of Ms Suzanne Irwin as Company Secretary on 1 September 2020 following the resignation of Mr Adrien Wing on the same day (refer ASX announcement “Change in Company Secretary and Registered Office” dated 1 September 2020); - the Company also changed its registered office as from 1 September 2020 to: Office 06-110 Level 6, 25 King Street Bowen Hills Qld 4006 (refer ASX announcement “Change in Company Secretary and Registered Office” dated 1 September 2020); and - the commencement of the XRT Sorting Pilot Plant Test Program being undertaken with CRONIMET Australia Pty Ltd showing positive early results and significant tungsten ore upgrade. (refer ASX announcement “Pilot Sorter Delivers Significant Tungsten Ore Upgrade” dated 7 September 2020).