Westgold Resources Limited Annual Report 2021

89 Westgold Resources Limited Annual Report 2021 29. SHARE-BASED PAYMENTS (CONTINUED) (d) Share options and performance rights (continued) The following table represents the outstanding balance as at 30 June 2021: Grant Date Vesting date Expiry date Exercise price Number of Options / Rights Options lapsed / forfeited Options / Rights Issued / (exercised) Number of Options / Rights at end of the year On issue Vested PEPO - Tranche 1 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 1,225,000 – (1,225,000) – 1,225,000 ZEPO - Tranche 2 28/11/2018 30/06/2021 30/06/2021 $0.00 230,307 (160,371) (69,936) – 69,936 10/05/2019 30/06/2021 30/06/2023 $0.00 568,250 (362,482) – 205,768 205,768 ZEPO - Tranche 3 07/05/2020 30/06/2022 30/06/2022 $0.00 153,810 – – 153,810 – 07/05/2020 30/06/2022 30/06/2022 $0.00 530,331 (196,192) 33,681 367,820 – Rights - Tranche 4 24/11/2020 30/06/2023 30/06/2023 $0.00 – – 233,506 233,506 – 24/11/2020 30/06/2023 30/06/2023 $0.00 – – 1,252,994 1,252,994 – Total 5,107,698 (719,045) (2,174,755) 2,213,898 3,900,704 Weighted average remaining contractual life of share-based payments The weighted average remaining contractual life for the share-based payments outstanding as at 30 June 2021 is 1.76 years (2020: 0.93 years). Range of exercise price of share-based payments The range of exercise price for share-based payments outstanding at the end of the year is $0.00 (2020: $0.00 to $2.31). Weighted average fair value of share-based payments The weighted average fair value of share-based payments granted during the year was $1.77 (2020: $0.80). Valuation of share-based payments The fair value of the equity-settled share-based payments 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 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 or right, and the probability of fulfilling the required hurdles. – 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 – Tranche 4 Rights vest subject to performance hurdles, measured for the period 1 July 2020 to 30 June 2023