Westgold Resources Limited Annual Report 2020

92 Westgold Resources Limited Annual Report 2020 Financial Report Notes to the Consolidated Financial Statements for the year ended 30 June 2020 29. SHARE-BASED PAYMENTS (CONTINUED) (d) Share options (continued) The following table represents the outstanding balance as at 30 June 2020: Grant Date Vesting date Expiry date Exercise price Number of Options Options lapsed / cancelled Options Issued / (exercised) Number of options at end of the year On issue Vested ZEPO - Tranche 1 28/11/2018 30/06/2020 30/06/2020 $0.00 230,307 (230,307) – – – 10/05/2019 30/06/2020 30/06/2022 $0.00 769,493 (769,493) – – – ZEPO - Tranche 2 28/11/2018 30/06/2021 30/06/2021 $0.00 230,307 – – 230,307 – 10/05/2019 30/06/2021 30/06/2023 $0.00 769,493 (201,243) – 568,250 – ZEPO - Tranche 3 07/05/2020 30/06/2022 30/06/2022 $0.00 153,810 – 153,810 153,810 – 07/05/2020 30/06/2022 30/06/2022 $0.00 530,331 – 530,331 530,331 – PEPOS 22/11/2017 22/11/2018 24/11/2020 $2.31 2,400,000 – – 2,400,000 2,400,000 23/11/2017 24/11/2018 24/11/2020 $2.31 2,900,000 (845,000) (830,000) 1,225,000 1,225,000 24/11/2016 11/1/2018 11/1/2020 $2.02 2,250,000 – (2,250,000) – – 11/1/2017 11/1/2018 11/1/2020 $2.02 7,450,000 – (7,450,000) – – Total 16,999,600 (2,046,043) (9,845,859) 5,107,698 3,625,000 Weighted average remaining contractual life of share options The weighted average remaining contractual life for the share options outstanding as at 30 June 2020 is 0.93 years (2019: 1.06 years). Range of exercise price of share options The range of exercise price for options outstanding at the end of the year is $0.00 to $2.31 (2019: $0.00 to $2.31). Weighted average fair value of share options The weighted average fair value of options granted during the year was $0.80 (2019: $0.57). Share option valuation The fair value of the equity-settled share options granted under the ESOP is estimated at the date of grant using either a Black & Scholes or a Monte Carlo model, which takes into account factors including the option’s exercise price, the volatility of the underlying share price, the risk-free interest rate, the market price of the underlying share at grant date, historical and expected dividends and the expected life of the option, and the probability of fulfilling the required hurdles. Tranche 1 options lapsed during the period. Tranche 2 options vest subject to performance hurdles, measured for the period 1 July 2018 to 30 June 2021. Tranche 3 options vest subject to performance hurdles, measured for the period 1 July 2019 to 30 June 2022. The two measures are: – Growth in Return on Capital Employed over the Performance Periods; and – Total shareholder return relative to the S&P/All Ordinaries Gold Index over the Performance Periods.