b'Centaurus Metals Limited and its controlled entities Financial Report 31 December 202416.8Equity InstrumentsOptions may be granted under the ESIP. Eligibility to participate in the ESIP (including participation by Executive and Non-Executive directors) is determined by the Board in its absolute discretion as are vesting and exercise conditions. Employees must remain in employment during the vesting period. Options may also be granted by the Company outside of the ESIP, but under similar terms and conditions. The Group has a policy that prohibits directors and employees who are granted share options as part of their remuneration from entering into arrangements that limit their exposure to losses that would result from share price decreases. 16.8.1LTI Performance for 2022 OptionsThe three year assessment period for the options issued under the LTIP in 2022 closed at the end of the reporting period. Subsequent to year-end an assessment was undertaken by the Board to determine the number of options that would vest. The vesting condition for tranche 1 was based on the TSR relative to a peer group of companies determined by the Board and disclosed in the 2022 Annual Report, while the vesting condition for tranche 2 was based on absolute TSR.The Board determined that the vesting condition for tranche 1 had been met with the relative TSR of 68.75% resulting in a pro rata vesting of 87.5%. A total of 459,953 options vested and 80,331 were forfeited. Tranche 2 vesting conditions were not met, and 540,284 options were forfeited. The outcome for KMP is shown in the table below. The vested and forfeited options were held by each KMP at year-end and are included in the 31 December 2024 total balance in 15.8.3. LTIP ZEPOs issued in 2022VestedForfeited Directors Mr D P Gordon195,151250,908 Mr B R Scarpelli67,96187,378 ExecuKves Mr R J Fitzhardinge51,18295,052 Mr J W Westdorp70,41590,534 Mr W E Foote75,24496,742 16.8.2Analysis of Options over Equity Instruments Granted as Compensation Details of vesting profiles of the options granted as remuneration both during the current and prior years to KMP of the Group are detailed below. During the period 450,001 options issued in 2020 and 710,515 options which were issued in 2022 lapsed. A total of 1,758,040 options previously granted as compensation with a weighted average exercise price of $0.243 were exercised raising $426,750. Fair Value Number ofper Option% OptionsExpiryExerciseat Grant% VestedForfeitedYear ExecutiveIssuedGrant DateDatePriceDatein Yearin YearVesting Directors Mr D M Murcia600,00029/05/2031/05/24$0.405$0.16672023 (1)Mr D P Gordon235,30719/02/2131/12/24$0.000$0.7833-100%2024 (2) 235,30719/02/2131/12/24$0.000$0.675691.7%8.3%2024 (3) 223,03023/03/2231/12/25$0.000$1.14852025 (4)223,02923/03/2231/12/25$0.000$1.04962025 (5)231,35726/05/2331/12/26$0.000$0.48482026 (6)231,35726/05/2331/12/26$0.000$0.25922026 (7)581,56828/05/2431/12/27$0.000$0.44902027 (8)581,56828/05/2431/12/27$0.000$0.28372027 (9)Page 22 of 60CENTAURUS METALS LIMITED ANNUAL REPORT 47'