The options outstanding at 31 December 2025 have an exercise price of nil (2024: nil) and the weighted average remaining 
contractual life is 2.33 years (2024: 2.40 years).  
There were 523,238 options exercised during the year (2024: 1,808,580). There were 4,900,298 options issued during the 
year (2024: 3,901,896). Details of the options issued during the year are as follows: 
Grant Date 
Number of 
Options 
Vesting Period(1) 
Option Term 
Directors 
 
 
 
26/05/25 
1,082,401 
36 months(2) 
48 months 
26/05/25 
1,082,401 
36 months(3) 
48 months 
Total 
2,164,802 
 
 
 
 
 
 
Employees 
 
 
 
07/02/25 
1,367,748 
36 months(2) 
48 months 
07/02/25 
1,367,748 
36 months(3) 
48 months 
Total 
2,735,496 
 
 
(1) From 1 January 2025 subject to continued employment.  
(2) Options will vest in the future subject to performance and services based vesting conditions being met. The Company’s share price 
performance is measured via relative total shareholder return (TSR). The Company’s TSR is measured against a peer group of 
companies. Vesting will occur subject to meeting a three-year service condition to 31 December 2027 and where the relative TSR 
performance condition for the period 1 January 2025 to 31 December 2027 is met. 
(3) Vesting will occur subject to meeting a three-year service condition to 31 December 2027 and where the absolute TSR performance 
condition for the period 1 January 2025 to 31 December 2027 is met. 
The following table sets out the vesting outcome based on the Company’s relative TSR performance 
Percentile Ranking compared to 
Peers 
Amount of ZEPO to Vest 
Less than 50th Percentile 
Zero 
Between 50th and 75th Percentile 
Pro rata between 50% and 100% 
Greater than 75th Percentile 
100% 
No options will vest unless the percentile ranking of the Company’s TSR for the relevant performance year, as compared to 
the TSRs for the peer group companies, is at or above the 50th percentile. 
The following table sets out the vesting outcome based on the Company’s absolute TSR performance 
Threshold TSR Level over 
Assessment Period 
Amount of ZEPO which will vest 
and become exercisable 
Less than 25% 
Zero 
Between 20% and 27.5% 
25% 
Between 27.5% and 35% 
50% 
Between 35% and 42.5% 
75% 
42.5% or greater 
100% 
 
 
64
ANNUAL REPORT     CENTAURUS METALS LIMITED
CENTAURUS METALS ANNUAL REPORT 2025

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