ALLUP SILICA LIMITED NOTES TO THE FINANCIAL STATEMENTS 53 FINANCIAL REPORT ALLUP SILICA Year Ending 30 June 2023 Note 14: Reserves (cont.) Number of Performance Rights on Issue Opening balance 1 July 2022 - Performance Rights (Class A, B and C) issued on 27 November 2022 3,000,000 Closing balance 30 June 2023 3,000,000 Share Options The share option reserve arises as the share options granted vest over the vesting period. Amounts are transferred out of the reserve and into issued capital when options are exercised. The fair value of options was calculated using the Black Scholes model for both the Director sign-on options and Advisor options. The following inputs were used: Input Advisor Options Director sign-on options Exercise price $0.25 $0.096 Share price $0.20000 $0.20000 Grant date 2nd May 2023 23rd July 2021 Vesting date 2nd May 2023 23rd July 2021 Expected volatility 101.80% 105.32% Volatility basis Historical Historical Expiry date 2nd November 2025 27th October 2021 Expected dividends Nil Nil Risk free rate 1.50% -0.001% Value per option $0.08872 $0.1233 Number of options 5,000,000 2,500,000 Value of options $443 603 $308,350 Expensed to 30 June 2022 - $308,350 Expensed to 30 June 2023 $443,603 - Performance Rights On 29 November 2022, the Company has issued 3,000,000 performance rights in accordance with the ASX announcement. These performance rights were issued to key members of the Company, including 1,000,000 to Campbell Smyth as the Non-Executive Director of the Company. The key terms of each class of performance rights issued are as follows: Performance Rights Class A Class B Class C Issue Date 29-Nov-22 29-Nov-22 29-Nov-22 Vesting Date 29-Nov-25 29-Nov-25 29-Nov-25 Expiry date 29-Nov-27 29-Nov-27 29-Nov-27 Performance Hurdle The company achieving a share price of $0.25. The company achieving a JORC Minerals Resource Estimate of >100 million tonnes of a beneficiated grade containing no less than 99.5% SiO2 with =<100 ppm Fe2O3. The company achieving a JORC Minerals Resource Estimate of >200 million tonnes of a beneficiated grade containing no less than 99.5% SiO2 with =<100 ppm Fe2O3.
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