20974 29Metals AR23 WEB V1 - Flipbook - Page 129
2023 key
results
Chair letter and
CEO report
About
29Metals
Our
assets
Sustainability
& ESG Report
Mineral Resources
and Ore Reserves
Annual
Financial Report
125
29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
50
Directors’ Report
Remuneration Report
2023 LTI
Vesting condition
3. solute Total
hareholder
Return (‘Ăd^Z’)
20
Description
Link to shareholder value & strategy
29Metals total shareholder return performance over the vesting
period.
aT R has een included to ensure that there is always a direct lin
etween e ecutive MP remuneration outcomes and positive
shareholder returns regardless of relative mar et conditions.
29Metals’ cumulative aT R performance over the T R Performance
Period
▪
elow 10 results in ero vesting of the aT R tranche
▪
at 10 results in 0 vesting of the aT R tranche and
▪
a ove 20 results in a 100 vesting of the aT R tranche.
aT R etween 10 and 20 results in a pro rata vesting outcome
of 0 100 of the aT R tranche on a straight line asis.
1.
Continued service is a threshold vesting condition. nless the oard determines otherwise (eg, “good leaver”), unvested performance rights awarded under the 2023 T award
are forfeited if the relevant holder ceases to e an employee of the 29Metals roup efore e piry of the vesting period.
2.
dŽƚĂů^ŚĂƌĞŚŽůĚĞƌZĞƚƵƌŶ (or d^Z) is calculated as the aggregate of
▪
change in price per share (as uoted on the
or T , as the case may e) at the end of the vesting period relative to the price per share at 1 January 2023 (in $)
▪
dividends paid in the vesting period, on a $ share asis and
▪
other capital returned to shareholders during the T R Performance Period, on an $ share asis.
roup of peer companies comprise R Copper Corp. (T
R ), Tase o Mines imited (T T ), talaya Mining Plc (T
M), andfire Resources imited (
R), eris
Resources imited (
), Capstone Mining Corp (T C ), and ud ay Minerals nc (T
M), Copper Mountain Mining Company (T CMMC).
The Company’s share price as at the commencement of the Performance Period was $1.8623 (1 January 2023).
3.
.
Performance rights awarded to e ecutive MPs under the 2023 T have a nil e ercise price at vesting.
The ma imum amount to e recognised in future periods in respect of performance rights awarded under the 2023 T is
$31 ,916 (calculated at 31 ecem er 2023). Refer to ote 3 ( )(v) to the Consolidated inancial tatements for further
information regarding recognition and measurement of share ased payments.
etails of performance
rights awarded to e ecutive
MPs under the T , including
the including the fair value
applied to awards for accounting
purposes, is set out in section
.8.
4.5 Performance rights vested or lapsed in the Reporting Period
o performance rights awarded to e ecutive MPs lapsed during the Reporting Period.
n e ruary 2023, the second (and final) tranche of performance rights awarded to e ecutive MPs under the taff ffer ncentive in 2021, comprising
61,
performance rights vested (in the aggregate), resulting in the issue and allocation of 61,
fully paid ordinary shares at nil e ercise price to
e ecutive MPs. Refer to section .6 for further information regarding the taff ffer ncentive.
The ta le elow outlines taff ffer ncentive performance rights held y e ecutive MPs that vested during the Reporting Period.
Executive KMP
WĞƚĞƌůďĞƌƚ
Award
Number of
performance rights
vested
Number of shares
allocated to executive
KMPs
taff ffer ncentive
22, 00
22, 00
ĚŽŽŶĞLJ
taff ffer ncentive
13,02
13,02
WĞƚĞƌ,ĞƌďĞƌƚ
taff ffer ncentive
13,02
13,02
ůŝĨĨŽƌĚdƵĐŬ
taff ffer ncentive
13,02
13,02
The performance conditions applica le to the 2022 T performance rights award have een satisfied and new shares upon vesting of the performance
rights are e pected to e issued and allotted on or a out the date of this Remuneration Report.
The ta le elow outlines 2022 T performance rights held y e ecutive MPs where performance conditions have een satisfied and that are due to
vest.
Executive KMP
Award
Number of
performance rights to
vest1
Number of shares to
be allocated to
executive KMPs
WĞƚĞƌůďĞƌƚ
2022 T
1 ,30
1 ,30
ĚŽŽŶĞLJ
2022 T
,31
,31
WĞƚĞƌ,ĞƌďĞƌƚ
2022 T
,
,
ůŝĨĨŽƌĚdƵĐŬ
2022 T
,
,
1.
s noted a ove, the performance conditions applica le to the 2022 T performance rights award have een satisfied and new shares upon vesting of the performance rights are
e pected to e issued and allotted on or a out the date of this Remuneration Report.
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