b'Centaurus Metals Limited and its controlled entities Financial Report 31 December 202416.2Remuneration Framework The executive remuneration and reward framework consists of: 4Total Fixed Remuneration (TFR) comprising base salary and superannuation; 4short term incentives (STIs); 4long term incentives (LTIs); and 4other benefits such as insurances. In addition, where market circumstances require it, retention bonuses are also provided as part of the overall remuneration package of KMP. 16.2.1Total Fixed Remuneration TFR is base salary inclusive of superannuation. Executives are offered a competitive TFR that is reflective of current market conditions. TFR for senior executives is reviewed annually to ensure the executives remuneration is competitive with the market. An executives TFR is also reviewed on promotion.There are no guaranteed TFR increases included in any senior executive contracts. In accordance with regulatory requirements relating to superannuation, Directors and employees are permitted to nominate a superannuation fund of their choice to receive superannuation contributions.16.2.2Short Term Incentives The STI Plan is designed to reward executives for the achievement of annual performance targets. The STI Plan and the annual performance objectives under the STI Plan are reviewed annually by the Remuneration Committee and approved by the Board. All awards to KMP are assessed and recommended by the Remuneration Committee and approved by the Board. For 2024, KMP other than the Managing Director, can earn up to 45% of Total Fixed Remuneration (TFR) under the STI Plan whilst the Managing Director can earn up to 50% of TFR. Other Managers of the Group can earn up to 20-40% of TFR under the Plan.The annual performance targets are based on challenging goals with a mix of both Company performance and project specific targets. Given its status as a pre-revenue exploration and evaluation focused entity, the Company does not consider that financial targets such as net profit are relevant measures for a STI program. The STI Plan has a gateway with no award being made in the event of fatality, permanent disabling injury and/or material environmental breach. The Groups key STI performance measures for the year ending 31 December 2024 are summarised below;4effective management of environmental conditions and safety performance; 4community and land owner engagement in Brazil; 4achievement of drilling program objectives for the Boi Novo project; 4achievement of key deliverables in relation to the licensing, feasibility study, offtake and other development activities of the Jaguar Nickel Project; and 4achievement of value adding outcomes for the Jambreiro Iron Ore project. Details of STI incentives awarded during the year are provided in Section 16.6. 16.2.3Long Term Incentives LTIs may be granted from time to time to reward performance in the realisation of strategic outcomes and long-term growth in shareholder wealth and to ensure the retention of KMP. Options or performance rights may be utilised to deliver long term incentive awards. The Board has discretion to grant options or performance rights for no consideration. Options or performance rights do not carry voting or dividend entitlements.Information on share options granted during the year is set out in Section 16.8. During the period, KMP were granted options with no exercise price which are subject to vesting conditions related to achieving performance targets measured over a three-year period. The options were issued under the Companys ESIP and under ASX Listing Rule 10.11 to Executive Directors. KMP, other than the Managing Director and the Brazil Country Manager, were issued with options up to the value of 60% of TFR whilst the Managing Director and the Brazil Country Manager were issued with options up the value of 100% and 70% of TFR respectively. The ESIP is approved by shareholders for a 3-year period with vesting conditions set by the Board on an annual basis in order to ensure responsiveness to changes in business circumstances. The terms and conditions of the zero exercise priced options affecting remuneration during the reporting period are set out below. Page 16 of 60CENTAURUS METALS LIMITED ANNUAL REPORT 41'