ANNUAL Report June 2024 Notes to the Consolidated Financial Statements 51 For service provider options, the value of the service rendered was unable to be measured reliably, and therefore, the value was measured by reference to the fair value of the options issued. (b) Options Issued The following table details the number and movements in options issued as employment incentives to Key Management Personnel during the year. 2024 Number 2024 WAEP 2023 Number 2023 WAEP Outstanding at the beginning of the year 33,250,000 0.061 42,000,000 0.058 Granted 1,000,000 0.010 1,250,000 0.065 Forfeited/cancelled (27,000,000) 0.059 - - Exercised1 (5,000,000) 0.059 (10,000,000) 0.050 Expired - - - - Outstanding at year end 2,250,000 0.104 33,250,000 0.061 Exercisable at year end 1,250,000 0.104 33,250,000 0.061 1 Options are deemed exercised upon the resignation of Key Management Personnel. The 1,250,000 Options issued to Directors as part of the October 2022 placement have been excluded as they were not issued as remuneration. (c) Performance Rights / Options lapsed during the reporting period No performance rights were issued during the reporting period. 30. EMPLOYEE BENEFITS 2024 $ 2023 $ Current Annual leave benefits 488,203 413,798 Long service leave benefits 28,727 26,121 516,930 439,919 Non-current Long service leave benefits 22,383 31,868 Total employee benefits 539,313 471,787 31. PROVISIONS 2024 $ 2023 $ On acquisition of subsidiary Provision for dismantling costs 2,264,374 - Total provisions 2,264,374 - 32. NEW ACCOUNTING STANDARDS AND INTERPRETATIONS Adoption of New Standards and Interpretations Changes in accounting policies on the initial application of Accounting Standards From 1 July 2023, the Company has adopted all the standards and interpretations mandatory for annual periods beginning on or after 1 July 2023. The adoption of these standards and interpretations did not have any effect on the statements of the company's financial position or performance. The Company has not elected to early adopt any new standards or amendments. EQ Resources Limited Annual Report 2024 117
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