Auric Mining Director Steven Morris Granted New Options and Performance Rights After AGM Approval

Shareholder Approval at 28 May 2026 AGM Enables New Security Issuance to Morris

The issuance of securities to Steven John Morris followed shareholder approval obtained at Auric Mining’s Annual General Meeting held on 28 May 2026, in compliance with ASX Listing Rule 10.11 which requires prior shareholder consent for director-related security issues. The securities were formally issued on 26 June 2026. The change is described as an "Issue of Options and Performance Rights to a Director under Listing Rule 10.11, following Shareholder approval at the Annual General Meeting held 28 May 2026."

This procedure ensures transparency and shareholder oversight for equity-based director remuneration. The notice confirms no securities were sold and no cash was exchanged, with consideration recorded as nil.

All New Securities Held Indirectly via Foam Street Pty Ltd

All securities granted in this transaction are held indirectly through Foam Street Pty Ltd, a company where Morris is both director and shareholder. This arrangement is fully disclosed in accordance with Corporations Act and ASX Listing Rules requirements for indirect interests. Prior to this issuance, Foam Street Pty Ltd did not hold any Auric Mining securities on Morris’s behalf, establishing it as a new indirect holding entity. Two other indirect entities—the Morris Family Superfund Account and Targo Holdings Pty Ltd—hold fully paid ordinary shares but were not involved in this transaction.

Options Issued in Three Tranches at $0.237 Exercise Price, Expiring 26 June 2031

Morris received 744,166 unquoted options divided into three tranches: 288,750 Tranche 2 options, 288,750 Tranche 3 options, and 166,666 Tranche 4 options. Each tranche carries a $0.237 exercise price and expires on 26 June 2031. Vesting conditions apply as detailed in the Notice of Meeting dated 24 April 2026.

These options complement Morris’s existing direct holding of 247,500 Tranche 1 options at a $0.225 exercise price expiring 31 January 2029. The new tranches significantly expand his options-based remuneration and align his financial interests with Auric Mining’s share price performance through mid-2031. The fair value of these options was not disclosed in this notice.

Performance Rights Totaling 3,750,000 Issued Across Five Classes

In addition to options, Morris was granted 3,750,000 performance rights across five classes: 500,000 Class A, 1,000,000 Class C, 1,000,000 Class D, 500,000 Class E, and 750,000 Class F performance rights. These are held indirectly through Foam Street Pty Ltd and subject to performance-based vesting conditions outlined in the 24 April 2026 Notice of Meeting.

Performance rights vest only upon meeting specified performance hurdles and will lapse if unvested by 26 June 2031. The detailed milestones—potentially related to operational, financial, or share price targets—are contained in the April 2026 Notice of Meeting, not the Appendix 3Y notice. Investors should consult that document for full vesting criteria.

Steven Morris’s Comprehensive Auric Mining Holdings Post-26 June 2026 Transaction

Following this issuance, Morris’s holdings include 1,500,000 fully paid ordinary shares and 247,500 Tranche 1 options held directly. Indirect holdings span three entities: the Morris Family Superfund Account holds 3,774,999 fully paid ordinary shares; Targo Holdings Pty Ltd holds 2,162,500 fully paid ordinary shares; and Foam Street Pty Ltd holds the newly issued options and performance rights.

Combined, indirect ordinary shares total 5,937,499, adding to the 1,500,000 directly held shares for a total of 7,437,499 fully paid ordinary shares before considering potential dilution from options or performance rights. The company did not disclose the percentage this represents of total issued capital.

Prior Holdings and Increased Equity-Linked Incentives Provide Context

Before 26 June 2026, Morris’s direct holdings were 1,500,000 fully paid ordinary shares and 247,500 Tranche 1 options expiring January 2029. Indirect holdings were limited to fully paid shares via the Morris Family Superfund and Targo Holdings. The last disclosure was on 12 June 2025, about twelve months prior.

The new tranches markedly increase the equity-linked component of Morris’s remuneration, introducing a more complex incentive structure tied to company performance through 2031. This longer-term horizon likely aligns with Auric Mining’s strategic plans and anticipated value-creation milestones.

No Cash Paid and Compliance with Trading Policies Confirmed

The notice states no cash consideration was paid by Morris for the securities, consistent with typical long-term incentive grants where value is realized through future performance. Additionally, the securities were not traded during a closed period requiring prior clearance, confirming compliance with Auric Mining’s trading policies.

Vesting Conditions and 26 June 2031 Expiry Are Crucial for Investors

Vesting conditions on the newly issued options and performance rights represent key future milestones. All securities held via Foam Street Pty Ltd are subject to these conditions, with performance rights lapsing if unvested by 26 June 2031. Detailed vesting criteria are available in the 24 April 2026 Notice of Meeting.

The five-year period to expiry indicates incentives are designed to reward sustained performance rather than short-term results. As Auric Mining advances its operational goals, investors should track progress against these milestones to assess potential value realization for Morris. Further Appendix 3Y filings may follow upon vesting or exercise events.

Multi-Entity Holding Structure Reflects Common Director Practices

Morris’s Auric Mining interests are held through a combination of direct ownership, a self-managed superannuation fund (Morris Family Superfund), and two private companies (Targo Holdings Pty Ltd and Foam Street Pty Ltd). He serves as trustee and member of the superfund, and as director and shareholder of both companies.

This multi-entity structure is typical among Australian directors for purposes including estate planning, tax efficiency, and asset protection. The Appendix 3Y notice comprehensively reports these holdings, complying with ASX Listing Rule 3.19A.2 and Corporations Act Section 205G.

Share Price Impact and Investor Focus on Operational Milestones

The immediate impact on Auric Mining’s share price from this disclosure is unclear. Such director interest notices are routine and do not directly affect the company’s financial position or share count, as options and performance rights convert to shares only upon exercise or vesting.

Investors will likely focus on updates regarding the operational and financial targets linked to the vesting conditions. The next regulatory updates may include further Appendix 3Y notices triggered by vesting or exercise activity. For comprehensive details on the incentive terms, shareholders are advised to review the 24 April 2026 Notice of Meeting.