Review of Operations Directors’ Report Chairman’s Letter CEO’s Report Financial Report Shareholder Information 16 ISSUED CAPITAL (CONTINUED) (B) TERMS AND CONDITIONS OF CONTRIBUTED EQUITY Ordinary shares Ordinary shares have the right to receive dividends as declared, and, in the event of the winding up of the Company, to participate in the proceeds from the sale of surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. 17 RESERVES As at 30 June 2025 $ As at 30 June 2024 $ Share based payment reserve 1,767,761 1,803,134 Foreign currency translation reserve (103,494) (26,810) 1,664,267 1,776,324 Share based payment reserve* Balance at beginning of year 1,803,134 1,679,616 - Value of vested options that lapsed without being exercised transferred to accumulated losses (848,929) (711,255) - Fair value of options granted 813,556 834,773 Balance at end of year 1,767,761 1,803,134 Foreign currency translation reserve Balance at beginning of year (26,810) (45,076) Foreign currency translation (76,684) 18,266 Balance at the end of the year (103,494) (26,810) * The share-based payment reserve is used to record the fair value of equity instruments issued to employees, directors, and contractors. 18 ACCUMULATED LOSSES As at 30 June 2025 $ As at 30 June 2024 $ Balance at the beginning of the year (56,915,617) (51,072,522) Value of vested options that lapsed without being exercised 848,929 711,255 Net loss after income tax (6,932,280) (6,554,350) (62,998,968) (56,915,617) 51 Annual Report 2025
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