Dynamic Metals Director Karen Wellman Awarded 33,684 Class E Performance Rights After Shareholder Approval

Issuance of Class E Performance Rights to Karen Wellman at No Cost on 30 June 2026

Dynamic Metals Limited has informed the market that director Karen Wellman was granted 33,684 Class E Performance Rights on 30 June 2026 without any cash consideration. This issuance was authorised by shareholders at the Annual General Meeting held on 20 November 2025, demonstrating that the board secured the necessary approval well ahead of the grant date.

Such performance rights are a standard long-term incentive tool for directors and executives within Australian listed companies. They generally vest only after meeting specified performance targets or milestones, meaning they do not immediately confer economic value. The company’s update did not specify the vesting criteria or performance hurdles attached to the Class E Performance Rights.

Ms Wellman’s Direct Shareholding in Dynamic Metals Remains Unchanged

The disclosure confirms that Ms Wellman’s direct holding of 250,000 fully paid ordinary shares in Dynamic Metals remains unchanged following this issuance. No direct acquisition or disposal of shares occurred in connection with this notice, with the change relating solely to the addition of performance rights.

This distinction between direct and indirect holdings is significant for investors assessing how director remuneration aligns with shareholder interests. While Ms Wellman’s direct equity stake remains constant, the new Class E Performance Rights potentially increase her future equity interest if the performance conditions are met.

Serpentine Investment Trust’s Role in Ms Wellman’s Indirect Securities Holdings

A portion of Ms Wellman’s interest in Dynamic Metals is held indirectly through the Serpentine Investment Trust, where she is a beneficiary. Before this change, the Trust held 849,734 fully paid ordinary shares, 2,000,000 options exercisable at $0.495 each expiring on 21 November 2028, and 250,000 Class D Performance Rights.

After the update, the Trust’s holdings are recorded as 99,338 fully paid ordinary shares, 2,000,000 options exercisable at $0.30 each expiring on 16 January 2026, 250,000 Class A Performance Rights, and 117,647 Class C Performance Rights. Differences between the "prior to change" and "after change" figures may reflect earlier transactions captured in the previous director’s interest notice dated 8 January 2026, rather than changes solely from this notice.

Multiple Classes of Performance Rights Comprise Ms Wellman’s Remuneration Package

The update shows Ms Wellman holds performance rights across several classes following the latest grant. Her total holdings now include 250,000 Class A Performance Rights and 117,647 Class C Performance Rights (both via Serpentine Investment Trust), 250,000 Class D Performance Rights (previously noted), and the newly issued 33,684 Class E Performance Rights.

Using multiple performance rights classes is common among smaller listed companies aiming to link director remuneration to staged operational and financial milestones. Each class may have distinct vesting schedules or performance criteria. Dynamic Metals did not disclose the specific conditions for each class in this update; investors may need to consult the company’s remuneration report or AGM materials from November 2025 for further details.

Options Held Through Serpentine Investment Trust and Their Expiry Dates

The Serpentine Investment Trust also holds options in Dynamic Metals. The update references 2,000,000 options exercisable at $0.30 each expiring on 16 January 2026. Given the change date of 30 June 2026, these options would have expired by the time of disclosure, indicating they may no longer be active.

Previously, the Trust held 2,000,000 options exercisable at $0.495 each expiring on 21 November 2028. The discrepancies between the "before" and "after" figures highlight the importance of reviewing the current disclosure alongside the prior director’s interest notice dated 8 January 2026 to fully understand the timeline of Ms Wellman’s securities holdings. The company did not elaborate on these differences in the current notice.

Shareholder Approval at 20 November 2025 AGM Enabled This Grant

The Class E Performance Rights issuance was explicitly approved by shareholders at Dynamic Metals’ Annual General Meeting on 20 November 2025. This complies with ASX Listing Rules and the Corporations Act, which mandate shareholder approval for granting securities—including performance rights—to directors of listed entities.

The approximately seven-month interval between shareholder approval and the grant date is typical, as companies often time performance rights issuances to coincide with financial year milestones or board policies. Securing approval well in advance enhances transparency and governance assurance for the market.

No Securities Disposed and No Closed Period Trading by Ms Wellman

The update confirms no securities were sold in connection with this change. The number of securities disposed is nil, and the transaction solely involves the issuance of performance rights. Ms Wellman has not sold shares, exercised options for cash, or otherwise reduced her economic exposure to Dynamic Metals in relation to this notice.

Furthermore, the interests disclosed were not traded during a closed period, rendering the closed period clearance sections inapplicable. This aligns with the fact that the change stems from a corporate issuance rather than an open-market transaction initiated by Ms Wellman.

Implications of the Updated Director Interest Register for Dynamic Metals Investors

For Dynamic Metals investors, director interest notices like this provide valuable insight into how executives and board members are incentivised and how their interests align with those of shareholders. Awarding performance rights instead of cash bonuses is generally viewed as shareholder-friendly, linking remuneration to the company’s future performance.

Investors should monitor future announcements for updates on the vesting or lapsing of Ms Wellman’s various performance rights classes, as such events require disclosure under ASX Listing Rule 3.19A.2. Key upcoming milestones include any director interest notices indicating whether the Class A, C, D, or E Performance Rights have vested or lapsed.

Dynamic Metals and Karen Wellman’s Continued Governance Role

Dynamic Metals Limited, an ASX-listed company with ABN 37 659 154 480, names Karen Wellman as a director whose direct and indirect interests must be disclosed per ASX Listing Rules and Section 205G of the Corporations Act 2001. The previous director’s interest notice for Ms Wellman was dated 8 January 2026; this current notice reflects her position as of 30 June 2026.

This update does not include operational, financial, project, or strategic developments related to Dynamic Metals’ broader business. It is a compliance-driven disclosure triggered by changes in a director’s relevant interests. No immediate impact on the company’s share price was evident from publicly available information.