Analyst Summary
- Nova Minerals is proposing to issue options to directors, contractors, and employees under the Company’s Employee Share Option Plan (ESOP).
- The purpose of the option issuance is to align the interests of directors, contractors, and employees with those of shareholders, incentivizing long-term value creation.
- The options are considered reasonable and appropriate as they provide incentive and compensation in advancing the development of the Company’s gold, antinomy and critical minerals Estelle Project, whilst conserving the Company’s cash resources.
- The exercise price for the options is $0.45 (45 Australian cents) per Option.
- Options will expire three years after the date of issue.
- Tranche 1 Options will vest on 31 December 2025, Tranche 2 Options will vest on the share price closing price being greater than or equal to a 5 day VWAP of $0.75 on the ASX, Tranche 3 Options will vest if the RPM Area Pre-Feasibility Study (PFS) is completed by the end of 2026, and Tranche 4 Options will vest on the first commercial sale of Antinomy to an unrelated third party.
- The issue of options to directors under the ESOP requires approval under ASX Listing Rule 10.14.