Impact Minerals Limited Annual Report 2021

DIRECTOR’S REPORT Impact Minerals Ltd Annual Report 2021 88 j) Equity instruments held by key management personnel The following tables detail the number of fully paid ordinary shares and options over ordinary shares in the Company that were held during the financial year and the previous financial year by key management personnel of the Group, including their close family members and entities related to them. Options Opening balance at 1 July Granted as remuneration Options exercised Net change (other) Balance at 30 June Vested but not exercisable Vested and exercisable Vested during the year 2021 Directors P Unsworth 32,000,000 - - (2,000,000) 30,000,000 - 30,000,000 13,000,000 M Jones 71,000,000 - - (5,000,000) 66,000,000 - 66,000,000 28,000,000 P Ingram 17,000,000 - - (1,000,000) 16,000,000 - 16,000,000 7,000,000 M Elsasser 17,000,000 - - (1,000,000) 16,000,000 - 16,000,000 7,000,000 TOTALS 137,000,000 - - (9,000,000) 128,000,000 - 128,000,000 55,000,000 2020 Directors P Unsworth 19,333,335 18,000,000 - (5,333,335) 32,000,000 - 19,000,000 8,000,000 M Jones 41,250,001 36,000,000 - (6,250,001) 71,000,000 - 43,000,000 20,000,000 P Ingram 8,000,000 10,000,000 - (1,000,000) 17,000,000 - 10,000,000 4,000,000 M Elsasser 8,000,000 10,000,000 - (1,000,000) 17,000,000 - 10,000,000 4,000,000 TOTALS 76,583,336 74,000,000 - (13,583,336) 137,000,000 - 82,000,000 36,000,000 During the year, no ordinary shares in the Company were issued to Directors as a result of the exercise of remuneration options. Shareholdings Opening balance at 1 July Granted as remuneration Options exercised Net change (other) Balance at 30 June 2021 Directors P Unsworth 15,994,098 - - - 15,994,098 M Jones 7,715,052 - - - 7,715,052 P Ingram 580,680 - - - 580,680 M Elsasser 23,310,402 - - - 23,310,402 TOTALS 47,600,232 - - - 47,600,232 2020 Directors P Unsworth 15,994,098 - - - 15,994,098 M Jones 7,715,052 - - - 7,715,052 P Ingram 580,680 - - - 580,680 M Elsasser 23,310,402 - - - 23,310,402 TOTALS 47,600,232 - - - 47,600,232 The assessed fair value at grant date of options granted to individuals is allocated equally over the period from grant date to vesting date, (and the amount included in the remuneration tables above). Fair values at grant date are determined using a Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option.