19 FINANCIAL REPORT ALLUP SILICA Year Ending 30 June 2023 ALLUP SILICA LIMITED DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) REMUNERATION POLICY The Company's Remuneration Policy is as follows. 1.1 Non-Executive Director Remuneration Non-Executive Directors are normally remunerated by way of fees, in the form of cash, non-cash benefits, superannuation contributions or salary sacrifice into equity and do not normally participate in schemes designed for the remuneration of executives. Shareholder approval must be obtained in relation to the overall limit set for non-executive Directors’ fees. The maximum aggregate remuneration approved by shareholders for Non-Executive Directors is $500,000 per annum. The Directors set the individual Non-Executive Directors fees within the limit approved by shareholders. Non-Executive Directors are not provided with retirement benefits. 1.2 Executive Remuneration The Company’s remuneration policy is designed to promote superior performance and long term commitment to the Company. Executives and employees receive a base remuneration which is market related and may be entitled to performance-based remuneration which is determined on an annual basis. The Company’s financial performance for the period from commencement of operations has been as follows: June June June 2023 2022 2021 (unlisted) $ $ $ Revenue 93,734 1,308 - Net loss after tax (1,645,916) (891,140) (180,488) Basic and diluted loss per share (cents per share) (1.9476) (1.5104) (1.3462) Net assets 4,144,643 5,732,827 1,003,694 Share price (at balance date) $0.063 $0.084 - As the Company is currently in exploration and evaluation phases, historical earnings are not yet an accurate reflection of Company performance and cannot be used as a long-term incentive measure. Consideration of the Company’s earnings will be more relevant as the Company matures. Overall remuneration policies are subject to the discretion of the Board and can be changed to reflect competitive and business conditions where it is in the interests of the Company and shareholders to do so. Executive remuneration and other terms of employment are reviewed annually by the Board having regard to the performance, relevant comparative information and expert advice.
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