Elementos Limited Directors Partially Exercise and Let Expiring Options Lapse on 30 June 2026

Jonathon David Converts 666,667 Options at $0.30, Investing $200,000 to Increase Shareholding

On 30 June 2026, director Jonathon David, through his associated entity Double Shaka Pty Ltd—where he serves as director and is a trust beneficiary—exercised 666,667 unlisted options at an exercise price of $0.30 each. The total payment for this exercise was $200,000, as outlined in the company’s update. This resulted in the issuance of 666,667 new ordinary shares to Double Shaka Pty Ltd, raising its holding from 3,633,153 shares to 4,299,820 shares.

Adding the 24,679 ordinary shares held directly by David, which remained unchanged, his combined direct and indirect shareholding in Elementos Limited after this transaction totals 4,324,499 ordinary shares. The partial exercise of expiring options indicates a degree of ongoing commitment to the company at current share price levels, although this action reflects a personal financial choice and does not constitute forward-looking guidance.

Remaining 3,333,333 Options Held by David Expire Without Exercise

While exercising a portion of his options, Jonathon David allowed the majority of his expiring options to lapse on 30 June 2026. Specifically, 1,333,333 unlisted options at $0.30 and 2,000,000 unlisted options at $0.35, both held via Double Shaka Pty Ltd, expired unexercised. No consideration was received for these lapsed options, consistent with standard practice.

These lapses fully extinguished the $0.30 and $0.35 option tranches expiring on 30 June 2026 from David’s portfolio. Prior to expiry, Double Shaka Pty Ltd held 2,000,000 options at $0.30 and 2,000,000 options at $0.35. After the partial exercise and lapses, no options remain from these tranches. The company update did not provide further explanation regarding the selective exercise decision.

Jonathon David’s Securities Portfolio Following Expiry Events

After the expiry date, Jonathon David maintains a significant interest in Elementos Limited, comprising 24,679 ordinary shares held directly, 4,299,820 ordinary shares held indirectly through Double Shaka Pty Ltd, 3,600,000 performance rights, and 4,500,000 unlisted options with a $0.25 exercise price expiring 30 November 2028.

The 4,500,000 unlisted options expiring in November 2028 represent the largest remaining option incentive for David, offering potential upside over a longer term. The 3,600,000 performance rights remain outstanding, though their vesting criteria were not detailed in this update and require reference to prior company disclosures.

Calvin Treacy Lets All 1,000,000 Expiring Options Lapse via Seafour Investments

Director Calvin Treacy filed a separate Change of Director's Interest Notice for 30 June 2026. His indirect holding company, Seafour Investments Pty Ltd—where he is director and beneficiary—held 500,000 unlisted options at $0.30 and 500,000 at $0.35, both expiring on 30 June 2026. Treacy chose not to exercise any of these options, which lapsed with no consideration.

Unlike David, Treacy did not exercise any expiring options. The company update offered no explanation for this choice, consistent with standard reporting of option lapses. Following expiry, Seafour Investments Pty Ltd’s ordinary shareholding stands at 937,940 shares, with all options from the expired tranches extinguished.

Calvin Treacy’s Post-Expiry Holdings Across Multiple Entities

After the lapse of the Seafour Investments options, Treacy’s total holdings across his entities include 356,000 ordinary shares held directly, 937,940 shares via Seafour Investments Pty Ltd, and 1,040,000 shares through Four Seas Superannuation Pty Ltd. Additionally, Four Seas Superannuation holds 1,125,000 unlisted options at $0.25 expiring 30 November 2028.

The Four Seas Superannuation options were unaffected by the 30 June expiry as their expiration date is 30 November 2028. Treacy’s combined direct and indirect ordinary shareholding totals 2,333,940 shares. The update confirms no changes to ordinary shareholdings occurred during this period, only the lapse of the two option tranches.

Confirmation of No Trading During Closed Periods

Both directors confirmed in their Appendix 3Y filings that the securities transactions did not occur during a closed period requiring prior written clearance under the company’s trading policy. This routine disclosure ensures compliance with corporate governance standards and provides transparency to investors and regulators.

The notices were lodged by Company Secretary DP Cornish on 1 July 2026, promptly following the 30 June 2026 date of change, in accordance with ASX Listing Rule 3.19A.2.

Use of Private Entities as Indirect Interest Vehicles by Directors

The disclosures highlight that Jonathon David holds indirect interests via Double Shaka Pty Ltd, which holds assets through The J & C David A/C, where he is director and beneficiary. Calvin Treacy’s indirect holdings are through Seafour Investments Pty Ltd and Four Seas Superannuation Pty Ltd, where he also serves as director and beneficiary.

Such arrangements are common among ASX-listed company directors and are fully disclosed under the Corporations Act and ASX Listing Rules. These structures do not affect the directors’ economic exposure, which is treated as relevant interests for disclosure regardless of legal form. Future changes in securities held through these entities will require timely Appendix 3Y filings.

Significance of the 30 June 2026 Option Expiry Date

The concurrent expiry of multiple option tranches for both directors on 30 June 2026 suggests these options were part of related incentive schemes, evidenced by identical expiry dates and exercise prices. The two exercise prices, $0.30 and $0.35, indicate a tiered incentive design to reward performance at increasing share price levels, though original grant terms were not detailed.

The majority of these options lapsed unexercised by both directors, notably including all $0.35 options. This outcome reduces potential dilution in the company’s capital structure. David’s partial exercise added 666,667 new shares to the register. The company did not provide commentary on the broader capital structure impact or future incentive plans alongside these filings.

Remaining Director Incentives and November 2028 Option Tranches

Looking forward, the most substantial remaining option incentives for both directors are the $0.25 unlisted options expiring 30 November 2028. Jonathon David holds 4,500,000 of these through Double Shaka Pty Ltd, and Calvin Treacy holds 1,125,000 through Four Seas Superannuation Pty Ltd. Given the $0.25 exercise price is below the $0.30 tranche partially exercised by David, these options may be in-the-money depending on the current share price.

Additionally, Jonathon David retains 3,600,000 performance rights, representing further equity-based incentives subject to performance conditions. The presence of these rights and the November 2028 options indicates ongoing alignment between the board and shareholders over the medium term. Investors should monitor future Appendix 3Y filings for insights into director sentiment and alignment with Elementos Limited’s strategic direction.