Vertex Minerals Director Tully Richards' Securities Adjust After Expiry of VTXOA Listed Options

Vertex Minerals' Market Role and Director Shareholding Structure

Vertex Minerals Limited, ABN 68 650 116 153, operates as an ASX-listed mineral exploration entity. The company issues various securities including ordinary shares, listed options, and performance rights to support exploration and development activities. Directors’ holdings in these securities are closely scrutinized by regulators and the market to ensure transparency and to identify any potential conflicts or significant changes in director commitment.

Director Tully Richards holds a substantial interest in Vertex Minerals through his related entity, Central West Scientific Pty Ltd (Richards Family A/C), which is the registered holder of his relevant securities. As a director, Richards is obligated to disclose any changes in his holdings, providing the market and investors with insight into his confidence and financial exposure to the company.

Details of the 17 July 2026 Expiry of VTXOA Listed Options

On 17 July 2026, Richards’ 155,952 VTXOA Listed Options expired unexercised. These options had an exercise price of $0.25 per share and reached their contractual expiry date on that day. The lapse of these options without exercise indicates Richards chose not to convert them into ordinary shares, resulting in no transaction or consideration exchanged.

Option expiries like this are common in listed companies and often reflect that the exercise price was not favorable relative to the market price or that the holder opted not to exercise for strategic reasons. Disclosure of such expiries is a regulatory requirement under ASX listing rules, ensuring transparency regarding changes in director shareholdings.

Richards’ Remaining Securities After Expiry

Following the expiry, Richards continues to hold 1,646,978 ordinary shares via Central West Scientific Pty Ltd. Additionally, he retains 177,334 VTXO Listed Options exercisable at $0.15 per share, expiring on 17 July 2027. These options provide a separate potential equity upside at a lower exercise price than the expired VTXOA options.

Richards also holds 3,000,000 unlisted performance rights, which typically vest upon meeting specified company performance milestones. This blend of ordinary shares, listed options at differing strike prices, and performance rights illustrates a diversified financial interest aligned with Vertex Minerals’ future success.

Compliance with Regulatory and Closed Period Trading Rules

The expiry of the VTXOA Listed Options occurred outside any ASX-imposed closed period, meaning no prior written clearance was necessary. Closed periods restrict trading around sensitive company announcements to prevent insider trading and ensure market fairness under the Corporations Act.

Since the expiry was an automatic lapse rather than an active trade, it did not require clearance. Nonetheless, all changes in director relevant interests must be disclosed to maintain market transparency and investor confidence.

Director Interest Disclosure Obligations Under the Corporations Act

Vertex Minerals’ lodgement of this director’s interest notice meets its obligations under section 205G of the Corporations Act and ASX listing rule 3.19A.2. These regulations mandate prompt disclosure of any changes in directors’ relevant securities interests, including direct and indirect holdings through related entities or trusts.

The notice forms part of the company’s continuous disclosure record, accessible to all investors and monitored by ASX Surveillance. Timely and accurate disclosures are critical to compliance, with potential enforcement actions for failures by the company or directors.

Richards’ Interest Held via Central West Scientific Pty Ltd

Richards’ securities are registered under Central West Scientific Pty Ltd (Richards Family A/C), a related corporate entity. Such structures are common for directors and major shareholders for purposes including tax efficiency and asset protection. This indirect interest means Richards controls the securities and exercises associated voting and economic rights.

Disclosure of the registered holder and the nature of the indirect interest ensures transparency for investors, aids in assessing conflicts of interest, and reflects director alignment with company performance.

Evolution of Richards’ Holdings Prior to Expiry

Before the 17 July 2026 expiry, Richards held 1,646,978 ordinary shares, 177,334 VTXO Listed Options exercisable at $0.15, 155,952 VTXOA Listed Options exercisable at $0.25, and 3,000,000 unlisted performance rights. His ordinary shareholding remained stable, indicating no recent purchases or disposals and suggesting sustained long-term commitment.

The previous disclosure was made on 5 June 2026, making this the latest update on Richards’ relevant interests. Tracking director holdings over time offers investors insights into confidence levels and strategic views on company prospects.

Context of Listed Options and Exercise Prices

The expired VTXOA Listed Options had a $0.25 exercise price, which was likely out-of-the-money at expiry, making exercise uneconomical. Listed options are often issued during capital raising or incentive schemes and trade independently.

Richards’ retention of VTXO Listed Options with a lower $0.15 exercise price and a 2027 expiry suggests a strategic preference for options with a more attractive exercise price and longer term. The 40% difference between the two exercise prices is significant in assessing potential value and leverage.

Investor Implications of Director Shareholding Changes

Investors closely watch director shareholding changes as indicators of insider sentiment. While option expiries do not inherently signal negative views, Richards’ maintained substantial ordinary shares and performance rights indicate ongoing alignment with shareholder interests.

The 3,000,000 performance rights represent conditional equity that vests upon achieving performance goals, linking Richards’ remuneration to company success. Investors should consider these holdings alongside the company’s governance and remuneration disclosures to understand management incentives fully.