This announcement is administrative rather than operational: it's a set of Change of Director's Interest notices covering three directors, Michael Griffith Jones, Frank Bierlein and Paul Ingram, reflecting the 10 to 1 share consolidation that completed on 15 December 2025.

A share consolidation reduces the number of securities on issue without changing what each director actually owns proportionally. So each director's holding of shares, options and performance rights has simply been divided by ten, along with corresponding adjustments to option exercise prices. Paul Ingram's notice also reflects the separate expiry of 400,000 unconsolidated Tranche 1 Performance Rights on 24 June 2026.

We should be upfront: these notices should have been lodged with the ASX at the time of the consolidation in December 2025, and were instead lodged late due to an administrative oversight. As soon as this was identified, we lodged the documents. We've reviewed our processes around director holdings and consider this an isolated breach, and we're satisfied current practices are adequate to meet our obligations under ASX Listing Rules 3.19A and 3.19B going forward.

For shareholders, there's no change in the substance of what directors hold, only the mechanical effect of the consolidation on the numbers reported. If you have questions about this announcement, we'd welcome you raising them with us through the question box on this page.