Issue of Performance Rights

RNS Number : 6117G

Future Metals NL

16 November 2022

 

16 November 2022

Future Metals NL

Issue of Performance Rights

Future Metals NL ( ASX | AIM : FME ) ("Future Metals" or the "Company") announces that yesterday it issued a total of 3,549,999 performance rights ("Performance Rights") to members of its senior management and other key employees/contractors under the terms of its Performance Rights Plan approved by shareholders on 4 June 2021. This includes 999,999 Performance Rights issued to Jardee Kininmonth (Managing Director & CEO of the Company), further to the approval of Resolution 7 by shareholders at the Company's Annual General Meeting held on 7 November 2022 and as detailed in the associated Explanatory Statement in respect of such meeting.

Under the Company's Performance Rights Plan, the 3,549,999 Performance Rights are exercisable for nil consideration up to and including 15 November 2025 and t he vesting criteria are outlined in the table below:

Performance Criteria	No . of Performance Rights
12 months continuous employment from the date of 17 August 2022	500,000
20-day volume weighted average market price per ordinary share in the capital of the Company ("Ordinary Share") exceeding A$0.25 and 24 months continuous employment	333,333
20-day volume weighted average market price per Ordinary Share exceeding A$0.30 and 24 months continuous employment	333,333
20-day volume weighted average market price per Ordinary Share exceeding A$0.25 and 12 months continuous employment	525,000
20-day volume weighted average market price per Ordinary Share exceeding A$0.30 and 12 months continuous employment	125,000
20-day volume weighted average market price per Ordinary Share exceeding A$0.25 and 12 months continuous employment from the date of 17 August 2022	250,000
20-day volume weighted average market price per Ordinary Share exceeding A$0.30 and 12 months continuous employment from the date of 17 August 2022	250,000
A 'sulphide discovery hole', being a JORC compliant report being published by the Company detailing a drill hole which has been drilled by the Company intersecting at least 10 metres true width greater than or equal to 1.5% NiEq at the Panton Project. The Board will ultimately have discretion in determining whether a discovery hole has been drilled	733,333
The Company announcing the completion of a Pre-Feasibly Study on the Panton PGM Project that results in the Board making a decision to undertake a Definitive Feasibility Study on the Panton PGM Project and 12 months continuous employment from the date of 17 August 2022	500,000
	3,549,999

Further details are provided in the below PDMR Notification Form, announced in accordance with Article 19 of the Market Abuse Regulation (EU) 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

This announcement has been approved for release by the Company Secretary of Future Metals NL.

For further information, please contact :

Future Metals NL	[phone]
Jardee Kininmonth	[e-mail]
Strand Hanson Limited (Nominated Adviser & Joint Financial Adviser)	[phone]
James Harris / James Bellman James Bellman
Panmure Gordon (UK) Limited (UK Broker & Joint Financial Adviser)	[phone]
John Prior / Hugh Rich / Soman Thakran
White Noise Communications (Australian IR / PR)	[phone]
Fiona Marshall
FlowComms (UK IR / PR)	[phone]
Sasha Sethi

PDMR Notification Form :

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jardee Kininmonth
2.	Reason for the Notification
a)	Position/status	Managing Director and CEO
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Future Metals NL
b)	LEI	213800WZ1MNQPOAKNU50
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Performance Rights over Ordinary Shares
	Identification code	AU0000157745
b)	Nature of the Transaction	Issue of Performance Rights
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 999,999
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	15 November 2022
f)	Place of the transaction	Outside of a trading venue

 

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