Impact Minerals Ltd Annual Report 2023 65 Notes to the Consolidated Financial Statements continued NOTE 26: 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 $422,717 (2022:$585,400). The model inputs for options granted during the year ended 30 June 2023 are as follows: Inputs Issue 50 Issue 51 Exercise price $0.0125 $0.0125 Grant date 24 Nov 2022 7 Dec 2022 Vesting date immediate 6 Dec 2023 Expiry date 30 Nov 2025 30 Nov 2025 Share price at grant date $0.0125 $0.0125 Expected price volatility 114% 114% Risk-free interest rate 3.16% 3.07% Expected dividend yield 0% 0% Movements in share options during the year Movement in the number of share options on issue during the year: 2023 2022 Number of options Weighted average exercise price $ Number of options Weighted average exercise price $ Outstanding at the beginning of the year 365,754,389 0.02 157,000,000 0.02 Granted during the year 85,000,000 0.0125 248,754,389 0.02 Expired during the year (24,500,000) 0.0354 (40,000,000) 0.03 Outstanding at the end of the year 426,254,389 0.018 365,754,389 0.02 Exercisable (vested) at the end of the year 391,254,389 0.018 361,754,389 0.02 The weighted average remaining contractual life of share options outstanding at the end of the year was 1.5 years (2022: 2.03 years).
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