68 Impact Minerals Ltd Annual Report 2022 Notes to the Consolidated Financial Statements continued NOTE 24: SHARE-BASED PAYMENTS (CONTINUED) Share Option Plan (continued) Fair value of share options granted during the year The fair value of share options at grant date is determined using a Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the share price at grant date, the expected price volatility of the underlying share and the risk-free rate for the term of the option. The fair value of options is determined at grant date and is expensed over the vesting period for those options. No director or employee options were issued during the reporting period. The fair value of Director and employee share options expensed during the year was $585,400 (2021: $138,838). The model inputs for options granted during the year ended 30 June 2022 are as follows: Inputs Issue 45 Issue 47 Exercise price $0.0217 $0.024 Grant date 30 Nov 2021 21 Apr 2022 Vesting date immediate 1,000,000 on 18 Mar 2023 3,000,000 on 18 Mar 2024 Expiry date 31 Oct 2025 31 Oct 2025 Share price at grant date $0.013 $0.016 Expected price volatility 90.8% 88.2% Risk-free interest rate 1.31% 2.8% Expected dividend yield 0% 0% Movements in share options during the year Movement in the number of share options on issue during the year: 2022 2021 Number of options Weighted average exercise price $ Number of options Weighted average exercise price $ Outstanding at the beginning of the year 157,000,000 0.02 176,500,000 0.03 Granted during the year 248,754,389 0.02 4,000,000 0.03 Exercised during the year – – (8,000,000) 0.0149 Expired during the year (40,000,000) 0.03 (15,500,000) 0.07 Outstanding at the end of the year 365,754,389 0.02 157,000,000 0.02 Exercisable at the end of the year 361,754,389 0.02 157,000,000 0.02 The weighted average remaining contractual life of share options outstanding at the end of the year was 2.03 years (2021: 1.72 years).
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