Altamin Limited Grants 4.5 Million Performance Rights to Senior Management Under Employee Award Plan

Altamin Announces 4.5 Million AZIAD Performance Rights Issuance on 30 June 2026

On 1 July 2026, Altamin Limited officially notified the market of the issuance of 4,500,000 performance rights under the security code AZIAD, with an issue date of 30 June 2026. These securities are unquoted and therefore not tradable on the ASX in their current form. They were granted as part of the company’s ongoing employee incentive program. The announcement was made via an Appendix 3G, the standard regulatory form for reporting unquoted equity securities to the ASX.

Performance rights are commonly used by ASX-listed companies to align key management personnel’s interests with those of shareholders. Instead of immediately issuing new shares and diluting existing shareholders, performance rights typically convert into ordinary shares only after meeting specified performance criteria or vesting conditions. The exact vesting terms and performance hurdles for this tranche of AZIAD rights were not detailed in the company’s update; interested parties should consult the Employee Award Plan documentation lodged with the ASX on 30 October 2023 for further information.

Issuance Executed Under Listing Rule 7.2 Exception 13

The 4,500,000 performance rights were issued under Listing Rule 7.2 Exception 13, which exempts securities granted under employee incentive schemes from requiring shareholder approval under Listing Rule 7.1. This exemption applies to companies with an ASX-approved employee incentive plan, enabling boards to efficiently grant securities to eligible participants without convening a general meeting.

Utilizing this exception allowed Altamin’s board to issue the performance rights promptly and in line with the Employee Award Plan lodged on 30 October 2023. This practice is typical among ASX-listed exploration and development companies, where retaining and motivating skilled management is vital to achieving corporate objectives. The company did not specify whether this issuance is part of an annual grant cycle or triggered by a particular corporate event.

Recipients Confirmed as Key Management Personnel

The company confirmed that the 4,500,000 AZIAD performance rights were allocated to key management personnel or their associates. KMP generally includes executive directors, the CEO, CFO, and other senior executives responsible for strategic planning and operational control. The specific recipients were not named in the update.

This disclosure is material for shareholders as grants to senior management reflect the company’s approach to long-term incentive compensation for its leadership team. Such grants are subject to Australian accounting disclosure requirements and are usually detailed in the company’s annual remuneration report. Investors seeking a comprehensive breakdown of individual KMP entitlements should refer to Altamin’s forthcoming Annual Report or future remuneration disclosures.

Total AZIAD Performance Rights Outstanding Double to 9 Million

With this latest issuance, the total AZIAD performance rights outstanding have doubled to 9,000,000, indicating that a previous tranche of 4,500,000 rights was already on issue. The company did not provide details regarding the vesting status, expiry dates, or performance conditions of either the existing or newly issued AZIAD rights.

Additionally, Altamin holds several classes of unquoted options, including 10,000,000 AZIAE options expiring 28 November 2030 with an exercise price of $0.022, and three option tranches expiring 30 November 2028 with exercise prices of $0.09, $0.12, and $0.15, each comprising approximately 7,766,666 or 7,766,667 securities. Collectively, these unquoted incentive securities represent a significant pool of potential future shares contingent on vesting and exercise.

Altamin’s Ordinary Share Capital Following Performance Rights Issuance

As of the date of the update, Altamin Limited has 792,384,754 fully paid ordinary shares (ASX:AZI) quoted on the ASX. This figure represents the current share capital base against which any future conversion of performance rights or exercise of options will be measured for dilution. The company noted that automated figures in the securities on issue section may not perfectly reflect issued capital if other forms are being processed concurrently by the ASX.

Performance rights do not impact the company’s cash position at grant, unlike capital raises or placements. Instead, they represent a non-cash compensation expense recognised over the vesting period under AASB 2 Share-Based Payment accounting standards. The financial impact depends on the fair value assigned at grant and the vesting duration, neither of which were disclosed.

Employee Award Plan’s Role in Retaining Exploration Expertise

Altamin’s Employee Award Plan, under which these performance rights were issued, was lodged with the ASX on 30 October 2023. Such plans aim to attract, retain, and motivate key personnel by providing a financial stake in the company’s long-term success. In the competitive resources exploration sector, where skilled talent is in high demand, these plans are crucial for management continuity.

Performance rights align management’s interests with shareholders as they convert only upon achieving defined milestones, which may include share price targets, exploration results, resource milestones, or corporate objectives. The specific conditions for the AZIAD rights were not restated; interested parties should review the Employee Award Plan documentation for full terms.

Implications of AZIAD Securities Being Unquoted

AZIAD performance rights are unquoted securities, meaning they cannot currently be traded on the ASX. This is standard for employee incentive securities, which are held until vesting conditions are met, at which point they usually convert into ordinary AZI shares that are quoted and tradeable. The unquoted status is administrative and does not affect the underlying value of the rights.

From a shareholder perspective, the main consideration is potential dilution if the rights vest and convert. With 9,000,000 AZIAD rights outstanding, full conversion would represent about 1.1% of Altamin’s current share count of 792,384,754 ordinary shares. While modest alone, combined with unquoted options, the total potential dilution is more significant. Shareholders should watch for disclosures on vesting and conversions.

Altamin’s Wider Unquoted Option Portfolio

Beyond AZIAD performance rights, Altamin holds multiple unquoted option classes. The AZIAE options total 10,000,000 with an exercise price of $0.022 and expire 28 November 2030, representing the most in-the-money tranche relative to early-stage exploration valuations. The AZIAS, AZIAT, and AZIAU option tranches each have approximately 7.77 million securities expiring 30 November 2028 with exercise prices of $0.09, $0.12, and $0.15 respectively.

If exercised, these options would provide cash proceeds at their respective exercise prices, though exercise likelihood depends on Altamin’s future share price. The immediate share price impact of the performance rights issuance was not disclosed. Investors should monitor Altamin’s capital management and how it handles this unquoted securities pool alongside future funding or corporate developments.

Upcoming Milestones for Investors to Monitor

With the performance rights now issued and market-notified, investors should watch for disclosures on vesting outcomes or conversions of AZIAD rights into ordinary AZI shares. Such conversions would be reported via Appendix 3B, the standard ASX form for new quoted securities issues. Conversions would increase Altamin’s ordinary share count and may cause modest dilution.

More broadly, investors will focus on Altamin’s operational and exploration progress, which will influence whether management’s performance rights vest fully, partially, or not at all. The company did not provide operational updates or guidance in this announcement. Ongoing project developments, resource updates, and corporate activities will drive shareholder value over the medium term, with the performance rights plan aligning management incentives with these outcomes.