ANNUAL REPORT June 2026 Notes to the Consolidated Financial Statements 21. SHARE BASED PAYMENTS At 30 June 2026 the consolidated entity had the following share-based payment arrangements. (a) Equity-settled share options The Group operates an equity-settled share option program designed to attract, retain and incentivise eligible key management personnel by aligning their interests with those of shareholders and supporting long-term performance objectives. Under the program, participants are granted options over ordinary shares. Each vested option entitles the holder to acquire one ordinary share in the Company upon payment of the applicable exercise price. Options do not carry voting or dividend rights prior to exercise and are settled through the physical delivery of shares. The options are subject to vesting conditions determined by the Board. During the reporting period, vesting was contingent upon a service condition, requiring participants to remain employed by the Group throughout the vesting period. Options that do not satisfy the applicable vesting conditions, or that are not exercised within the specified exercise period, lapse in accordance with the terms of the plan. The fair value of employee options is measured at grant date and recognised as an expense over the vesting period with a corresponding increase in equity. For options granted to non-employee service providers, where the fair value of services received cannot be measured reliably, the transaction is measured by reference to the fair value of the equity instruments granted in accordance with AASB 2. The following table details the movements in share options outstanding during the year. 2026 Number 2026 WAEP 2025 Number 2025 WAEP Outstanding at the beginning of the year 89,400,000 0.0236 16,100,000 0.0299 Granted 122,875,000 0.1989 79,300,000 0.0223 Forfeited/cancelled - - (6,000,000) 0.0223 Exercised (52,480,000) 0.0238 - - Expired - - - - Outstanding at year end 159,795,000 0.1583 89,400,000 0.0236 Exercisable at year end 85,320,000 0.1071 73,300,000 0.0239 The weighted average share price at the date of exercise of options exercised during the year ended 30 June 2026 was $0.2125 (2025: Nil). 96 EQ Resources Limited Annual Report 2026 Notes to the Consolidated Financial Statements continued
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