Announcement PDF Coda Minerals Ltd. 2022 Directors’ Report and ABN: 49 625 763 957 Annual Financial Report DIRECTORS’ REPORT For the year ended 30 June 2022 The directors of Coda Minerals Ltd (‘the Company’ or ‘Coda’) present their report together with the financial statements of the Company and its Subsidiaries (‘the Group’) for the financial year ended 30 June 2022 and the Auditor’s Report thereon. In order to comply with the provisions of the Corporations Act 2001, the Directors’ report as follows: DIRECTORS The directors of the Company at any time during or since the end of the financial year were: Name & Qualifications Mr Keith F Jones BBus, FCA, FAICD, FFin Non-Executive Chairman Experience and Special Responsibilities Mr Jones is an experienced public company Chairman with a background of over 40 years professional experience providing advisory and consulting services to the mining and resources sector. Appointed: 26 April 2018 Mr Jones served for 10 years on the Board of Deloitte Australia and was elected Chairman of Deloitte Australia for four years. He is the former Chairman of Gindalbie Metals Limited and Cannings Purple and currently serves as a Non-Executive Director of ASX listed Ora Banda Mining Limited. Other current directorships: Ora Banda Mining Limited (Appointed April 2019) Former directorships in last 3 years: Gindalbie Metals Ltd (February 2013 to July 2019) Mr Andrew Marshall I Eng (UK), MAICD Non-Executive Director Appointed: 19 July 2019 Former directorships in last 3 years: Gindalbie Metals Ltd (December 2010 to July 2019) Mr Jones has significant executive leadership experience serving for 15 years as the Managing Partner of Deloitte in Western Australia and as Leader of the National Chinese Services Group and National Energy and Resources Group. Mr Andrew (Robin) Marshall has previously been involved in managing the successful delivery of some of the world’s largest resource projects, including major projects for BHP Billiton, Vale Inco, Western Mining and North Limited. At Vale Inco, he held the position of Project Director with responsibility for delivery of the multi-billion dollar Goro Nickel Project in New Caledonia through to its commissioning in early 2009. At BHP Billiton Iron Ore, Mr Marshall held the position of Vice President – Asset Development Projects with responsibility for the development of a number of projects in the first wave of expansion in the iron ore business sector. In additional to these roles, Mr Marshall also previously held key positions of Project Manager for the West Angelas Iron Ore Project with North Limited, Project Director with Iron Ore Company of Canada, Manager Projects for Forrestania Gold/LionOre Australia, Manager Engineering & Project Services for Western Mining Corporation and Project Manager for Nedpac (Signet Engineering). Mr Marshall provides consulting services to major companies and has extensive experience with overseas projects and operations. Mr Colin Moorhead BSc (Hons), FAusIMM (CP), FSEG, GAICD. Non-Executive Director Appointed: 21 August 2019 Other current directorships: Xanadu Mines Ltd (Appointed November 2019) Aeris Resources Ltd (Appointed July 2020) Sihayo Gold Ltd (Appointed July 2020) Former directorships in last 3 years: Merdeka Copper Gold Ltd (January 2016 to July 2020) Finders Resources Ltd (August 2018 to October 2019) Mr Moorhead is an experienced mining professional. He is well recognised in the mining industry, including building safe, successful and highly regarded technical teams; ability to develop and deliver strategy, culture and governance; a thorough understanding of the technical, legal and commercial aspects of the mining business with an exposure to many different cultures and operating environments. Also recognised as a leader in the areas of health, safety, environment and community. Prior to joining Coda Minerals, he served as CEO PT Merdeka Copper Gold Tbk (2016-2018), EGM Minerals, Newcrest Mining Ltd, Australia (2008-2015), GM Resources & Reserves of the same company (2006-2008), Geology Manager, PT Nusa Halmahera Minerals, Gosowong Gold Mine, Indonesia (2003-2006), Technical Services Manager, Cadia Holdings Ltd, NSW, Australia (1997-2003), and various other positions in the mining industry in a career spanning 34 years since 1987. In addition to this role at Coda, Colin is also the Executive Chairman of Xanadu Mines Ltd, Executive Chairman of Sihayo Gold Limited and a Non-Executive Director of Aeris Resources Limited. Mr. Moorhead is a former President of The Australasian Institute of Mining and Metallurgy (AusIMM) and a former member of The JORC Committee. He is also a graduate of the Australian Institute of 1 DIRECTORS’ REPORT For the year ended 30 June 2022 Company Directors and the Harvard Business School Advanced Management Program (AMP183, 2012). Mr Paul Hallam BE(Hons)Mining, FAICD, FAusIMM Non-Executive Director Appointed: 21 August 2019 Other current directorships: Greatland Gold Plc. (Appointed September 2021) Former directorships in last 3 years: Sandfire Resources Ltd (May 2013 to November 2021) Gindalbie Metals Ltd (December 2011 to July 2019) Mr Chris Stevens BA (Hons), MA (Oxon), MSc, GAICD, FAusIMM Chief Executive Officer Appointed: 26 April 2018 Other current directorships: Enterprise Metals Limited (Appointed October 2021) Mr Hallam has more than 40 years Australian and international resource industry experience. His operating and corporate experience is across a range of commodities (iron ore, bauxite, alumina, aluminium, gold, silver, copper, zinc and lead) and includes both surface and underground mining. Mr Hallam retired in 2011 to pursue a career as a professional non-executive director. He has held Australian and international non-executive director roles since 1997. His former executive roles include Director – Operations with Fortescue Metals Group, Executive General Manager – Developments & Projects with Newcrest Mining Limited, Director – Victorian Operations with Alcoa and Executive General Manager – Base and Precious Metals with North Ltd. Mr Hallam is a qualified mining engineer and holds a BE (Hons) Mining from Melbourne University and a Certificate of Mineral Economics from Curtin University. He is a Fellow of the Australian Institute of Company Directors and the Australasian Institute of Mining & Metallurgy. Mr Stevens is an experienced resources executive and mineral economist who joined Coda after holding the role of CEO at Gindalbie Metals. Prior to joining Gindalbie in 2016, Mr Stevens was the Western Australian Mining Consulting Lead at PricewaterhouseCoopers (PwC), where he managed professional teams to devise strategy, evaluate investment options and assist in delivery of major transactions for various ASX listed mining and energy companies. Prior to joining PwC, Mr Stevens held senior roles in the mining industry including General Manager- Commercial at Asia Iron and Commercial Manager at Gindalbie Metals. In addition to his executive resources experience, Mr Stevens has over 18 years’ experience working with Chinese companies in commercial consulting and private equity. Mr Stevens is a Fellow of the AusIMM, holds an Honours degree from the University of Oxford, a Master of Science in Mineral Economics from Curtin University, and is a fluent Chinese speaker. Mr Zhu Changjiang Bachelor of Mining Mechanical Engineering Non-Executive Director Appointed: Resigned: 22 May 2020 31 August 2021 Mr Zhu is an experienced mining engineer. Mr Zhu has been with Ansteel since 1987 and is now the CEO of Karara Mining Limited (a wholly owned subsidiary of Ansteel). He joined the Board of Coda as a Nominee of Ansteel Mining on 22 May 2020 and resigned on 31 August 2021. COMPANY SECRETARY The Company’s company secretary is Ms Susan Park BCom, ACA, F Fin, FGIA, FCIS, GAICD. Ms Park was appointed to the position of company secretary on 25 November 2020. 2 DIRECTORS’ REPORT For the year ended 30 June 2022 PRINCIPAL ACTIVITIES The principal activities of the Company during the financial year were the progression of exploration and evaluation activities associated with the Elizabeth Creek Copper Cobalt Project (“Elizabeth Creek”) and Cameron River Copper Gold Project (“Cameron River”), exploration for and evaluation of projects and potential joint ventures with other mining companies to explore for minerals. REVIEW OF OPERATIONS Coda’s business strategy is to build long term shareholder value through the exploration and commercialisation of copper, gold, cobalt and other base and battery minerals in the world’s premier mining jurisdictions. Coda’s primary focus is on exploration and development opportunities at its Elizabeth Creek Copper Project in South Australia. The Company has a dual strategy for success at Elizabeth Creek. Firstly, it is working to rapidly advance studies on the Zambian-style copper-cobalt Resources at Emmie Bluff, MG-14, and Windabout. Secondly, it is implementing a substantial exploration programme at Emmie Bluff Deeps to rapidly and efficiently evaluate the potential for a Tier-1 IOCG system following a major mineralised intercept in June 2021. The Company’s primary focus is on work at Elizabeth Creek, particularly the preliminary scoping studies following the delivery of the maiden resource at Emmie Bluff and the exciting IOCG exploration. However, the Company is also actively exploring for copper-gold mineralisation at Cameron River following acquiring the rights to earn up to 80% interest in this highly prospective tenement package in . Key events for the year ended 30 June 2022 include: • Standout maiden Indicated and Inferred Mineral Resource Estimate (MRE) of 43Mt at 1.83% CuEq delivered for the Emmie Bluff Zambian-style copper-cobalt deposit. The MRE, which contains approximately 560kt of copper, 20kt of cobalt, 15.5Moz of silver ad 66kt of zinc (800kt CuEq), provides strong support for the go-forward case at Emmie Bluff and Elizabeth Creek more broadly. • The Emmie Bluff Copper Cobalt Scoping Study continued to advance steadily on time and budget with mining studies well advanced and the initial flowsheet design complete. Initial metallurgical test work results undertaken using the well-established Albion ProcessTM for base metal concentrates resulted in initial recoveries of greater than 99% being achieved for copper and cobalt from Emmie Bluff concentrates which is a standout result for a base metals project and a major boost for the Scoping Study. • Exceptional copper-gold mineralisation intersected across numerous holes at the emerging Emmie Bluff Deeps IOCG deposit, located 16km south-west of the world-class Oak Dam discovery (BHP) and ~400m south-west of the Emmie Bluff deposit. The data being accumulated from the drilling is beginning to reveal the presence of multiple stacked lodes and a high-grade, bornite-dominated core surrounded by classic IOCG copper sulphide zonation. The drilling during the financial year continued to extend the mineralisation laterally across hundreds of metres in multiple directions. • Reverse Circulation (RC) drill programme at MG14 North encountered mineralisation to the east of the existing JORC compliant MG14 Mineral Resource, opening up the potential for future expansion of the deposit. • Multiple potential new base and precious metal prospects were identified by a desktop review of historical geophysics at the Cameron River Project in North Queensland. A maiden drill programme to test the 2km long Cooper Weed/Rebound geochemical anomaly at Cameron River, comprising approximately 30 holes for 3,000m of Reverse Circulation drilling was commenced in September 2022. • In June 2022, Coda completed the acquisition of 100% of the issued share capital of Torrens Mining Limited (“Torrens”) via an off-market takeover offer of 0.23 new Coda shares for every Torrens share held to create a leading base and precious metals exploration company focussed on the Elizabeth Creek Copper Project (“Elizabeth Creek”) in South Australia. Torrens was an Australian public company listed on the Australian Securities Exchange, which, through its subsidiaries, held exploration interests in Australia and Papua New Guinea. Torrens held 25% of the Elizabeth Creek as Coda’s joint venture partner on the project prior to the acquisition. Coda’s key rationale for the transaction was to obtain 100% ownership consolidation of Elizabeth Creek into a single entity to provide full exploration optionality and deliver management and cost synergies. Coda issued 26,381,493 shares with a fair value of $16,507,467 to Torrens shareholders as well as 382,500 shares with a fair value of $248,625 to Torrens key management personnel who held Torrens options as consideration for the acquisition. FINANCIAL RESULTS The net loss for the year ended 30 June 2022 was $14,210,882 (net loss for the year ended 30 June 2021 was $6,523,291). As at the reporting date, the Company has $8,178,668 of cash reserves. 3 DIRECTORS’ REPORT For the year ended 30 June 2022 COVID-19 The ongoing COVID-19 pandemic affecting Australia and the world has had a limited impact on Coda’s operations with restrictions on interstate travel and challenges associated with maintaining government recommended social distancing practices being the key areas the Company has had to consider. Although these factors have the potential to impact Coda’s ability to undertake fieldwork safely and cost effectively, the impact to date has been limited during the current field programmes. The Company’s COVID-19 management plan has been established to address the ongoing potential future impact. The Company will continue to monitor and manage the impact on its operations. CORPORATE GOVERNANCE In recognising the need for high standards of corporate behaviour and accountability, the Directors support and have substantially adhered to the best practice recommendations set by the ASX Corporate Governance Council. The Company’s corporate governance policies are all available on the Company’s website at www.codaminerals.com COMMITTEE MEMBERSHIPS The Company maintains an Audit and Risk Committee and a Nomination and Remuneration Committee which consist of the following Directors: Audit and Risk Committee P Hallam (Chairman) KF Jones A Marshall Nomination and Remuneration Committee KF Jones (Chairman) A Marshall P Hallam C Moorhead DIRECTORS’ MEETINGS The number of Directors’ meetings held during the financial year and the numbers of meetings attended by each Director were: Directors’ meetings KF. Jones A. Marshall C. Moorhead P. Hallam C. Stevens C. Zhu Held 9 9 9 9 9 1 Attended 9 9 9 9 9 1 Nomination and Remuneration Committee meetings Held Attended 2 2 2 2 2 2 2 2 2 2 - Audit and Risk Committee meetings Held 3 3 3 3 3 - Attended 3 3 3 3 3 - SIGNIFICANT CHANGES IN STATE OF AFFAIRS There were no significant changes in the state of affairs of the Company during the year not otherwise disclosed in this report. EVENTS SUBSEQUENT TO REPORTING DATE No matters or circumstances have arisen since the end of the financial year apart from the following: • • • On the 4th of July 2022, Coda agreed to divest its Mt Piper Gold Project in central Victoria to Kalamazoo Resources Limited (“Kalamazoo”) for a $300,000 cash consideration upon completion, 1,525,000 fully paid ordinary shares in Kalamazoo upon completion (escrowed for 12 months) and a 1.0% net smelter royalty payable on any minerals extracted from the tenements. Completion subsequently occurred on the 16th of September 2022; On the 12th of July 2022, 499,742 performance rights were issued to employees under the Employee Incentive Plan; and On the 12th of July 2022, 50,928 Coda shares were issued to employees upon the exercise of vested performance rights that were under the Employee Incentive Plan. CORPORATE STRATEGY & LIKELY DEVELOPMENTS Elizabeth Creek Copper Cobalt Project Scoping study The Elizabeth Creek Scoping Study is advancing steadily on time and budget towards an anticipated release date in the third quarter of the 2022 calendar year. 4 DIRECTORS’ REPORT For the year ended 30 June 2022 Exploration The 2022 financial year exploration program at Elizabeth Creek resulted in the company updating the geological model for the Emmie IOCG, and this updated model provides Coda with three key opportunities to target additional mineralisation: 1. 2. 3. Extension of bornite zone and associated mineralisation along strike at the three known major conduits; Discovery of additional conduits and mineralised zones in areas where they have been inferred or within the bounds of the Emmie IOCG geophysical signature (which covers approximately 3 square kilometres); and Additional discoveries through the examination of nearby gravity anomalies within the broader Emmie Bluff mineralised footprint, which extends several kilometres in multiple directions. The next step in Coda’s phased exploration approach at Emmie IOCG will be the deployment of Fleet Space Technologies’ “ExoSphere” – an Acoustic Noise Tomography (ANT) survey. ExoSphere is a real-time ANT passive seismic exploration technique that makes use of pervasive seismic noise from natural and anthropogenic sources to visualise a three-dimensional subsurface shear wave velocity model. The initial survey is expected to cover an area of roughly 40 square kilometres across Emmie Bluff, Emmie IOCG and numerous other prospective density related anomalies in the immediate area. The survey has been designed to produce an image of the paleotopographic surface, allowing for detailed 3D constrained forward modelling of magnetic and gravity data, as well as providing indications of velocity anomalies which may indicate the presence of material iron oxide deposition. Such an understanding of the geometries may provide a more detailed understanding of major horst and graben structures as well as potentially indicating the presence of any large-scale conduits not yet identified by drilling. The survey is also expected to isolate in detail the extent and gross geometry of any Tapley Hill shale in the area, offering the potential to expand the shallower Zambian-style Cu-Co-Ag mineralisation at Coda’s Emmie Bluff Mineral Resource. The survey data is expected to be collected in December and fully processed and interpreted early in calendar year 2023, enabling the Company to plan next steps, including further drilling or geophysics, with the maximum potential for success. Cameron River Copper Gold Project Exploration Coda commenced a drill programme at Cameron River comprising approximately 30 holes for 3,000m of Reverse Circulation Drilling in September 2022. ENVIRONMENTAL REGULATION The Company’s current exploration and development activities are conducted in accordance with environmental regulations under both Commonwealth and State legislation. As stated in the Environmental Policy, the Company is committed to achieving superior standards in its environmental performance. It has employed environmental professionals to monitor this area of operating performance, with responsibility for monitoring of environmental exposures and compliance with environmental regulations. Compliance with the requirements of environmental regulations and with specific requirements of the relevant managing authorities including the Department of Environment and Conservation, and the Department of Industry and Resources was achieved across all aspects of the current operations. There were no instances of non-compliance in relation to any instructions or directions from the relevant governing agencies. The Board is not aware of any significant breaches during the period covered by this report. 5 REMUNERATION REPORT - AUDITED For the year ended 30 June 2022 REMUNERATION REPORT – Audited The directors present the Coda Minerals Ltd 2022 remuneration report, outlining key aspects of our remuneration policy and framework, and remuneration awarded this year. (a) Key management personnel The following persons were deemed to be Key Management Personnel (“KMP”) during or since the end of the financial year for the purpose of Section 300A of the Corporations Act 2001 and unless otherwise stated were KMP for the entire reporting period. Non-executive directors Keith F. Jones Andrew Marshall Colin Moorhead Paul Hallam Non-Executive Director & Chairman Non-Executive Director Non-Executive Director Non-Executive Director Mr Zhu Changjiang was a Non-Executive Director until his resignation on 31 August 2021. He did not receive any remuneration during the financial year. Executive directors Chris Stevens Chief Executive Officer & Executive Director Other executives Kudzai Mtsambiwa Chief Financial Officer (b) Remuneration policy for key management personnel The Board is responsible for determining the appropriate remuneration for directors and senior management via the Remuneration Committee. The committee is made up of independent non-executive directors. The Company’s remuneration policy is designed to: • ensure that coherent remuneration policies and practices are observed which enable the attraction and retention of directors and management who will create value for shareholders; • fairly and responsibly reward directors and senior management having regard to the Company's performance, the performance of the senior management and the general pay environment; and • comply with all relevant legal and regulatory provisions. 6 REMUNERATION REPORT - AUDITED For the year ended 30 June 2022 Remuneration policy for key management personnel (continued) Non-executive directors The board’s policy is to remunerate Non-executive Directors at market rates for comparable companies for time, commitment and responsibilities. The Remuneration Committee on behalf of the board determines payments to the Non-executive Directors and reviews their remuneration annually to ensure it remains aligned to business needs and meets remuneration principles. From time to time, the committee also engages external remuneration consultants to assist with this review. Although no remuneration consultant was engaged during the current Financial Year the board undertook comparable benchmarking of peer remuneration. In particular, the board aims to ensure that remuneration practices are: • competitive and reasonable, enabling the company to attract and retain key talent; • aligned to the company’s strategic and business objectives and the creation of shareholder value; • transparent and easily understood; and • acceptable to shareholders. The maximum aggregate amount of fees that can be paid to Non-executive Directors is $950,000 as approved by shareholders in July 2019. Fees for Non-executive Directors are not linked to the performance of the economic entity. However, to align Directors’ interests with shareholder interests, the Directors are encouraged to hold shares in the Company. Executive directors and other senior executives The remuneration policy for employees is developed by the Remuneration Committee taking into account market conditions and comparable salary levels for companies of a similar size and operating in similar sectors. The Board will make decisions regarding the remuneration of executive directors and senior management having regard to various factors including performance and any recommendations made by the Managing Director/CEO, senior management, compensation consultants and other advisors. The Board will also make a decision regarding the remuneration of non-executive directors having regard to, amongst other things, any recommendations made by compensation consultants and other advisors. The Company adopted a Employee Incentive Plan (“EIP”) for its staff, executive KMP and Non-executive Directors on 19 June 2020. The board believes that the EIP will assist the Company in remunerating and providing ongoing incentives to employees of the Company. The rules of the EIP enable the Company to issue shares, options or performance rights to eligible personnel subject to performance and vesting conditions determined by the Company. All remuneration provided to KMP in the form of share based payments are valued pursuant to AASB 2 Share-Based Payment at fair value on grant date and are expensed on a pro rata basis over the vesting period of the relevant security. (c) Elements of remuneration Remuneration for non-executive directors may contain any or all of the following: (i) annual fees - reflecting the value of the individuals' personal performance, time commitment and responsibilities of the role; (ii) equity based remuneration - issues of shares or securities, reflecting the contribution of the Director towards the Company's medium and long term performance objectives; and (iii) other benefits - superannuation payments, but not including retirement benefits that are additional to the individual's superannuation. Remuneration for executive directors and other senior executives may incorporate fixed and variable pay performance elements with both a short term and long term focus. Remuneration packages may contain any or all of the following: (i) annual base salary - reflecting the value of the individuals' personal performance, their ability and experience, as well as the Company's obligations at law and labour market conditions and should be relative to the scale of the business of the Company; (ii) performance based remuneration - rewards, bonuses, special payments and other measures available to reward individuals and teams following a particular outstanding business contribution having regard to clearly specified performance targets and to the Company's circumstances, values and risk appetite; (iii) equity based remuneration - share participation via employee share and option schemes, reflecting the Company's short, medium and long term performance objectives; (iv) other benefits - such as holidays, sickness benefits, superannuation payments and long service benefits; (v) expense reimbursement - for any expenses incurred in the course of the personnel's duties; and (vi) termination payments - any termination payments should reflect contractual and legal obligations and will not be made when an executive is removed for misconduct. 7 REMUNERATION REPORT - AUDITED For the year ended 30 June 2022 (d) Link between remuneration and performance The table below sets out summary information about the Consolidated Entity’s earnings and movements in shareholder wealth for the three years to June 2022. 30 June 2022 $ Revenue Net loss before tax Net loss after tax 30 June 2021 $ (14,210,882) (14,210,882) $/share $1.25 $0.26 cents/share (0.14) Share price at start of year Share price at end of year Basic loss per share (6,523,291) (6,523,291) $/share $0.30 1 $1.25 cents/share (0.09) 30 June 2020 $ (3,937,764) (3,937,764) $/share cents/share (0.12) (e) KMP remuneration expenses The KMP received the following amounts during the year as compensation for their services as directors and executives of the Company. PostEmployment Short-Term Employee Benefit 2022 Salary & Fees NonMonetary(iii) Bonus(v) $ $ $ Benefit Share Based Payments Super- Annual Leave Movement(ii) annuation $ $ Remuneration Performance Rights Options Linked to Total Performance $ $ $ % Non-executive directors Keith F. Jones Andrew Marshall Colin Moorhead(vi) 100,000 10,000 28,000 138,000 - 9,333 64,333 - 9,333 64,333 - 9,333 64,333 - - - - 55,999 330,999 - 52,369 28,000 522,283 23% 23,568 52,369 28,000 522,283 9,182 17,796 - - 243,081 2,791 9,182 17,796 - - 243,081 6,391 25,631 63,864 52,369 83,999 1,096,363 - - - - - - - - - - - - - - - - - - 328,997 69,300 3,600 16,449 23,568 328,997 69,300 3,600 16,449 184,385 28,927 2,791 184,385 28,927 765,882 98,227 50,000 52,500 Paul Hallam 50,000 Zhu Changjiang(iv) 252,500 5,000 2,500 5,000 22,500 - Executive directors Chris Stevens Other executives Kudzai Mtsambiwa(i) 12% Total Notes: (i) Mr Mtsambiwa was appointed Chief Financial Officer on 20 September 2021. (ii) The amounts disclosed represent the movement in the associated annual leave provision balances. The value may be negative when an Executive resigns or takes more leave than the entitlement accrued during the year. (iii) Non-monetary benefits relate to office car parking. (iv) Mr Zhu Changjiang resigned on 31 August 2021. (v) The FY22 bonus was approved by the Remuneration Committee in June 2022 following analysis of attainment of KPIs against criteria set . Bonuses for eligible employees are based on a percentage of Total Fixed Remuneration (TFR) and assessed against companywide criteria. During the FY22 period, the CEO was eligible for a cash bonus of up to 33% of TFR and the CFO was eligible for a cash bonus of up to 25% of TFR. During the FY22 period, the cash bonus paid to the CEO was 20% of TFR and the cash bonus paid to the CFO was 14% of TFR. (vi) Mr Moorhead received a superannuation guarantuee employer shortfall exemption certificate from the Australian Taxation Office and as such the shortfall in superannuation was paid as directors fees. 1 The Company listed on ASX on 28 October 2020 at $0.30 per share. 8 REMUNERATION REPORT - AUDITED For the year ended 30 June 2022 FY22 KPIs were set based on the following criteria: Area Threshold Target Exceed 50% Weight 75% 100% 1. Safety, Environment and Heritage 76-100% Construction and Mining Industry benchmark LTIFR. 51-75% Construction and Mining Industry benchmark LTIFR. ≤50% Construction and Mining Industry benchmark LTIFR. 10% 2. Adherence to Budget Adherence to approved FY22 budget with utilisation of contingency and minor overruns or variations. Adherence to FY22 budget with strong budgetary controls and no material overruns or material variations. Board assesses budgetary control to be beyond expectations and with clear