EQ Resources Limited Annual Report 2021

30 EQ Resources Limited Annual Report 2021 Directors’ Report continued ANNUAL Report June 2021 Directors’ Report 16 The key terms of the options issued during the year are as follows: Directors Directors Executives Executives Grant date 25/05/2021 25/05/2021 01/07/2020 01/07/2020 Number issued 11,000,000 11,000,000 2,000,000 3,000,000 Share price at grant date $0.026 $0.026 $0.031 $0.031 Exercise Price $0.060 $0.060 $0.004 $0.060 Life of options (years) 3 Years 3 Years 3 Years 3 Years Expected share price volatility 115.288% 115.288% 107,942% 107.942% Weighted average risk-free interest rate 0.100% 0.100% 0.270% 0.270% Fair value per option $0.01402 $0.01402 $0.01878 $0.01642 Vesting conditions 12 Month Anniversary 1 24 Month Anniversary 1 6 Month Anniversary 2 12 Month Anniversary 3 Executives Executives Grant date 23/06/2021 23/06/2021 Number issued 5,000,000 5,000,000 Share price at grant date $0.026 $0.026 Exercise Price $0.060 $0.060 Life of options (years) 3 Years 3 Years Expected share price volatility 92.397% 92.397% Weighted average risk-free interest rate 0.200% 0.200% Fair value per option $0.01031 $0.01031 Vesting conditions 12 Month Anniversary 2 24 Month Anniversary 2 1 Anniversary – Date of Shareholder approval. Subject to the option holder remaining as a Director of the Company until vesting date. 2 Anniversary – Issue date. Subject to continuous employment by the Company to vesting date. 3 Vested upon resignation as resolved by the Board of Directors. (iii) Loans to Key Management Personnel No loans have been made to Key Management Personnel of the consolidated Group, including their personally-related entities. (iv) Other Transactions and Balances Consulting Services Payments made for Key Management Personnel noted in (c) Details of Remuneration above are to Specialised Metallurgical Projects (Pty) Limited and Northern Star Nominees Pty Ltd as payments for consulting services.