Announcement PDF PharmAust Limited for the financial year ended 30 June 2023 Appendix 4E Preliminary Final Statements to the Australian Securities Exchange PharmAust Limited and its controlled entities ABN 35 094 006 023 Reporting period – For the year ended 30 June 2023 Previous period – For the year ended 30 June 2022 Results for Announcement to the Market Revenue (Loss) for the year after tax from continuing operations (Loss) attributable to members of the parent entity 30 June 2023 $ 3,900,297 (6,211,560) 30 June 2022 $ 4,510,705 (1,708,209) Change Change $ (610,408) (4,503,351) % (14) (264) (6,211,560) (1,708,209) (4,503,351) (264) Dividends No dividends have been declared or paid during the financial year ended 30 June 2023. Operating Results The results of the consolidated entity for the year ended 30 June 2023 was a loss, after income tax expense of $6,211,560 (2022: loss of $1,708,209). Financial Position The net assets of the consolidated entity were $3,889,135 as at 30 June 2023 (30 June 2022: $7,844,434). Dividends Since the end of the financial year, no dividend has been paid, declared or recommended. Significant Changes in State of Affairs A review of events during the reporting period can be found in the review of operations. Net Tangible Assets per Security 30 June 2023 Cents 0.22 Control gained over entities and loss of control over entities The consolidated entity did not gain or lose control over any entity. Details of associates and joint venture entities The company has no associates or joint venture entities. 30 June 2022 Cents 1.49 PharmAust Limited for the financial year ended 30 June 2023 Status of Audit The 30 June 2023 financial report and accompanying notes for PharmAust Limited have been audited and attached to the appendix 4E. Sam Wright Director & Company Secretary ABN 35 094 006 023 Annual Report 2023 2023 ANNUAL REPORT AND STATUTORY FINANCIAL STATEMENTS PharmAust Limited and its Controlled Entities CONTENTS Corporate Directory 3 Directors' Report 4 Auditor’s Independence Declaration 19 Independent Auditor’s Report 20 Directors’ Declaration 23 Statement of Profit or Loss and Other Comprehensive Income 24 Statement of Financial Position 25 Statement of Changes in Equity 26 Statement of Cash Flows 27 Notes to the Financial Statements 28 Shareholder Information 53 -2- 2023 ANNUAL REPORT AND STATUTORY FINANCIAL STATEMENTS PharmAust Limited and its Controlled Entities CORPORATE DIRECTORY DIRECTORS Dr Roger Aston Mr Robert Bishop Mr Sam Wright Mr Neville Bassett AM CHIEF EXECUTIVE OFFICER Dr Michael Thurn (commencing 1 September 2023) COMPANY SECRETARY Mr Sam Wright REGISTERED OFFICE Suite 116, 1 Kyle Way Claremont, Western Australia 6010 Tel +61 (8) 9202 6814 Fax +61 (8) 9467 6111 PRINCIPAL PLACE OF BUSINESS PharmAust Limited Suite 116, 1 Kyle Way Claremont, Western Australia 6010 Tel +61 (8) 9202 6814 Fax +61 (8) 9467 6111 www.pharmaust.com ASX CODE: PAA SHARE REGISTRY Computershare Investor Services Pty Limited Level 11, 172 St George’s Terrace Perth, Western Australia 6000 AUDITORS RSM Australia Partners 2 The Esplanade Perth, Western Australia 6000 SOLICITORS Fairweather Corporate Lawyers Suite 2, 589 Stirling Highway Cottesloe, Western Australia 6011 STOCK EXCHANGE Australian Securities Exchange Central Park 152-158 St Georges Terrace Perth, Western Australia 6000 ASX CODE: PAA -3- 2023 ANNUAL REPORT AND STATUTORY FINANCIAL STATEMENTS PharmAust Limited and its Controlled Entities DIRECTORS’ REPORT The Directors present their report, together with the financial statements, on the consolidated entity consisting of PharmAust Limited and the entities it controlled at the end of, or during, the year ended 30 June 2023. Directors The following persons held office as directors of PharmAust Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Dr Roger Aston Mr Neville Bassett Mr Robert Bishop Mr Sam Wright Executive Chairman Non-Executive Director Executive Director Non-Executive Director & Company Secretary Principal Activities The principal continuing activities constituted by PharmAust Limited and the entities it controlled during the year were to develop its own drug discovery intellectual property for the treatment of different types of cancers, neurological diseases and viral infections, as well as providing highly specialised medicinal and synthetic chemistry services on a contract basis to clients. Operating Results The results of the consolidated entity for the year ended 30 June 2023 was a loss, after income tax expense of $6,211,560 (2022: loss of $1,708,209). Financial Position The net assets of the consolidated entity were $3,889,135 as at 30 June 2023 (2022: $7,844,434). Dividends Since the end of the financial year, no dividend has been paid, declared or recommended. Review of Operations PITNEY PHARMACEUTICALS PTY LIMITED – 100% OWNED SUBSIDIARY PharmAust Limited (PharmAust) specialises in repurposing approved and marketed products and is currently focused on the development of therapeutics for cancer, neurodegenerative diseases and viral infections for humans. PharmAust's veterinary program, now approaching the commercialisation phase, is aimed at cancer for pet dogs. PharmAust’s lead molecule for this purpose is monepantel (MPL). MPL is a veterinary drug registered and owned by a major pharmaceutical company for use as an anti-parasitic in many global jurisdictions, however key patents owned by Elanco are due to expire in major global markets in 2024 and 2025. PharmAust discovered independently that MPL interacts in a previously unrecognized ”off-target” fashion with the mTOR (mechanistic Target of Rapamycin) pathway, an important regulatory pathway in mammalian cells. It is apparent that molecules such as MPL that target the mTOR pathway have a relevant and realised therapeutic value in a wide range of diseases. PharmAust’s wholly owned subsidiary Pitney Pharmaceuticals Pty Ltd (Pitney) owns a number of granted patents offering protection for the use of MPL as a cancer therapy and providing coverage for the use of MPL in neurodegenerative diseases such as Motor Neurone Disease (MND), Parkinson’s Disease and Alzheimer’s Disease. Pitney has additional novel patents to cover the use of MPL in the treatment of viral infections and was granted a European Patentfor the use of MPL in combination with other anti-cancer therapies for cancer. The fact that MPL is already approved and marketed for use in food chain animals in a number of major jurisdictions (EU/UK and Australia) means that the drug development process for MPL is simpler, carries less risk and more cost effective than it would be if MPL was a new API (Active Pharmaceutical Ingredient). Phase I/II Human Trial in Motor Neurone Disease PharmAust previously announced it has received a funding commitment of A$881,085 for a Phase ½ clinical trial examining the effects of MPL in Motor Neurone Disease (MND), otherwise known as Lou Gehrig’s disease or Amyotrophic Lateral Sclerosis (ALS). These funds have been granted by FightMND, the largest independent funder of MND research in Australia. The trial’s lead Principal Investigator is Professor Susan Mathers of Calvary Health Care, Bethlehem, Melbourne and includes a second trial site headed by Professor Dominic Rowe of the Centre for Motor Neurone Disease Research Faculty of Medicine and Health Research at Macquarie University in Sydney. The funding agreement provides that PharmAust will own all intellectual property generated from the trial. The trial has successfully completed treatment of 3 dosing Cohorts. The dose of MPL has been incrementally increased from one cohort to the next to establish the recommended Phase 2 dose. Cohort 4 is currently in progress. Importantly, all patients have -4- 2023 ANNUAL REPORT AND STATUTORY FINANCIAL STATEMENTS PharmAust Limited and its Controlled Entities elected to continue on MPL treatment with some patients receiving MPL treatment for up to 10 months with no signs of significant side effects and appeared "stable". An interim analysis of preliminary biomarkers and efficacy endpoints was undertaken based on the recommendation by thePrincipal Investigator. The interim analysis pointed to a possible benefit. PharmAust expects to proceed to a Phase 2 clinical trial given the favourable efficacy biomarker results and planning is underway. PharmAust expects that in due course MPL could receive Orphan Drug Designation by the United States (US) Food and Drug Administration forMND/ALS. Such designations come with a number of financial incentives and regulatory development benefits. The Orphan Drug Act provides for granting special status to a drug or biological product to treat a rare disease or condition upon request of a sponsor. Factors Supporting PharmAust’s Focus on MPL as Treatment for Neurodegenerative Disease: 1. 2. 3. 4. 5. Precedent published literature implicates mTOR pathways in the control of neurological diseases. PharmAust has published preclinical research demonstrating that MPL impinges upon molecular cascades relevant to correct induction of autophagic flux relevant to the clearance of misfolded neurodegenerative causing proteins. PharmAust has demonstrated MPL’s capacity to cross the blood brain barrier, making MPL a rare drug that inhibits mTOR signaling while being able to act directly on the brain following oral administration as a tablet. MPL’s strong safety profile in the clinic and in animal models including the veterinary cancer studies will support development through Phase I/II trials for the tablet. FightMND, Australia's largest independent funder of MND research, is investing $881,085 in PharmAust’s Phase1/2 MND study. Phase 2 Canine Trials PharmAust has made significant progress in the clinical trials of its primary drug candidate, Monepantel (MPL). PharmAust is endeavouring to repurpose MPL as a safe and effective cancer treatment without the associated side effects of chemotherapy.. Veterinary trial centres have been set up in Australia, New Zealand and the United States to evaluate the anti-cancer benefit of MPL in dogs diagnosed with B-cell lymphoma and which have not received any treatment for the lymphoma. PharmAust is recruiting pet dogs with untreated B cell lymphoma to finalise the Phase 2 evaluation of the drug MPL, which has demonstrated statistically effective anti-cancer activity in the Phase 2 trial. PharmAust has determined an optimum drug plasma range for anti-cancer activity and minimal side effects. Two dogs have had a partial response (>30% decrease in cancer tumour) and ten others have enjoyed a stable disease response. One patient (Louie the Beagle) surpassed one year with stable disease and continued excellent Quality of Life (QoL) In comparison, the most common side effects of a dog being treated with chemotherapy include gastrointestinal effects (vomiting, diarrhea or loss of appetite) and decreases in blood cell counts. Also, during chemotherapy, owners need to take precautions when handling their pets and their waste. Drugs may be excreted in the urine and faeces, so it is not advisable for children to play with their pets for a therapy specific duration. Post-trial, some veterinarians and the respective pet owners have elected to continue MPL treatment and, sometimes, in combination with prednisolone. The combination of MPL with prednisolone has provided extension of survival three-fold, to a median of150 days. Canines treated with MPL during the trial and after the trial at this optimum level experienced a high quality of life and minimum adverse events were reported. These canine outcomes bode well for further human cancer trials to be pursued. Phase 2 Human Cancer Trial Further to the responses and outcomes in canines, PharmAust continues to take key steps towards progressing the evaluation of MPL in human trials. Clinical interest has focused on leukaemia, glioblastoma, oesophageal, gastrointestinal, ovarian and pancreatic cancers. Factors Supporting PharmAust’s Focus on MPL as an Anti-Cancer Drug: 1. 2. 3. 4. The successful reformulation of MPL by BRI/Catalent into a robust and suitable tablet formulation. Demonstration of MPL activity against naturally occurring B-cell lymphoma in dogs. Demonstration of activity against a key cancer marker in humans and canines. Demonstration of and better understanding of the very good safety profile in animals tested to date. as well as the human participants in the clinical trial conducted at the Royal Adelaide Hospital. 5. Extensive preclinical R&D package evaluating MPL in many cancers and in many species. 6. Publications in peer-review journals describing anti-cancer activity of MPL in preclinical models. 7. The fact that MPL is already approved for the treatment of parasitic infections in farm animals, which implies that the drug has received extensive regulatory consideration as it is used in food-chain animals. 8. The provision by Elanco of 25 kg of GMP-quality MPL. 9. The independent capacity to produce GMP-quality MPL and the GMP-quality Pitney-owned MPL analogues using an alternative method with an alternative company. 10. The provision of the comprehensive regulatory package by Elanco, enabling data cross reference for successful discussions with regulatory bodies. -5- 2023 ANNUAL REPORT AND STATUTORY FINANCIAL STATEMENTS PharmAust Limited and its Controlled Entities EPICHEM PTY LTD - 100% OWNED SUBSIDIARY On 1 August 2023, David Hodgson and Andrew Hewitt, of Grant Thornton Australia Limited, were appointed as joint and several liquidators for the administration of the creditor’s voluntary winding-up proceedings for the Company’s 100% owned subsidiary, Epichem Pty Ltd (Epichem). A large contributing factor to Epichem’s success over the years has been its long-standing relationship and research contract with Drugs of Neglected Diseases Initiative (DNDi). This contract funded Epichem to do research into developing new treatments for neglected diseases. The contract with DNDI was not renewed past March of 2023 and as a result, Epichem was operating at a loss with the shortfall being funded by PharmAust. Epichem, as a Contract Research Organisation (CRO) relies heavily on the pharmaceutical sector which has been significantly impacted by COVID-19 and other movements in the industry. The Australian pharmaceutical industry has experienced a significant shift towards contracting off-shore in recent years. This trend can largely be attributed to the cost of running a CRO in Australia. Many CRO’s have elected to shift or expand their manufacturing facilities, research and development centres, and clinical trial operations in countries with lower production costs or emerging markets with high growth potential. It follows that this shift has led to a decline in local opportunities for contracts and a reduction in domestic employment opportunities within the industry. While Epichem has remained operational through these times, the increasing overseas presence raises challenges in terms of securing ongoing contracts when competing against overseas CRO’s who can operate at a lower cost. This can be seen through the loss of Epichem’s longstanding contract with DNDi. Funding for the research in this sector has dried up in Australia with much of the work being awarded to overseas CRO’s who can produce similar work for a reduced cost. Despite Epichem’s best endeavours, key long term contracts to replace the DNDi contract could not be secured. PharmAust engaged external advisors to conduct a review of the Epichem business and provide an independent report setting out the options available to PharmAust on how to restructure, recapitalise or exit the business of Epichem, the consequences of each option and what each option practically entails. Following review of this report, the Company has determined that it will not provide any further funding to Epichem. The decision to wind up Epichem was made in in the best interests of PharmAust shareholders. The voluntary liquidation of Epichem is not expected to impact upon the rest of PharmAust’s operations and this decision will furthermore enable the Company to focus all its resources on the clinical development of monepantel in human diseases and the canine anti-cancer and licensing activities. PHARMAUST LTD – PARENT ENTITY Annual General Meeting The Annual General Meeting of the Shareholders of PharmAust Limited was held on 10 November 2022 at the offices of RSM Australia, Level 32, 2 The Esplanade, Perth, WA. All resolutions were passed by a poll. PharmAust receives $654k R&D Tax Incentive Refund Following approval from the ATO of the Company’s application for a Research and Development rebate, an amount of $654,109 was deemed refundable on PharmAust’s 2022 Tax Return and paid to PharmAust in December 2022. Significant Changes in State of Affairs A review of events during the reporting period can be found in the review of operations. -6- 2023 ANNUAL REPORT AND STATUTORY FINANCIAL STATEMENTS PharmAust Limited and its Controlled Entities Subsequent Events On 1 August 2023 PharmAust announced that David Hodgson and Andrew Hewitt, of Grant Thornton Australia Limited,were appointed as joint and several liquidators for the administration of the creditor’s voluntary winding-up proceedings for the Company’s 100% owned subsidiary, Epichem Pty Ltd On 28 August 2023, PharmAust announced the appointment of Dr Michael Thurn, PhD, as Chief Executive Officer (CEO). Dr Thurn will assume the role on 1 September 2023. . No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years. Future Developments In the opinion of the Directors disclosure of information regarding likely developments in the Company’s operations and the expected results of those operations in subsequent financial years could prejudice the Company’s interests. Accordingly, this information has not been included in this report. Environmental Regulation The consolidated entity is subject to a range of environmental regulation. During the year, the consolidated entity met all reporting requirements under any relevant legislation. There were no incidents which required reporting. -7- 2023 ANNUAL REPORT AND STATUTORY FINANCIAL STATEMENTS PharmAust Limited and its Controlled Entities Information on Directors Dr Roger Aston – Executive Chairman Qualifications BSc (Hons), Ph.D Experience Dr Aston currently serves as Executive Chairman and Chief Executive Officer of PharmAust Ltd. Dr Aston served as Chief Executive Officer of Mayne Pharma Group until 15 February 2012. During his career, he has been closely involved in start-up companies and major pharmaceutical companies. Aspects of his experience include FDA and EU product registration, clinical trials, global licensing agreements, fundraising through private placements, and a network of contacts within the pharmaceutical, banking and stock broking sectors. Dr Aston is both a scientist and seasoned biotechnology entrepreneur, with a successful track record in both fields. Dr Aston holds a B.Sc. (Hons) and Ph.D. degrees from the University of Manchester from 1975 to 1981. Interests in Shares & Options at date of report Dr Aston holds 15,044,815 Fully Paid Ordinary Shares and 3,649,904 Listed PAAO Options. Contractual rights to shares Nil Other Current Directorships (ASX Listed Companies) Immuron Limited (ASX:IMC) and ResApp Health Limited (ASX:RAP) Previous Directorships (last 3 years) ASX Listed Companies Oncosil Limited (ASX: OSL) Special responsibilities: Not applicable Mr Robert C Bishop – Executive Director Qualifications Ll.B (Hons), Solicitor (New South Wales and England & Wales), MAICD Experience Mr Bishop has 35 years’ experience in corporate finance and equity capital markets. Having worked extensively in London and Sydney, first as a lawyer at Linklaters & Paines and Allen, Allen & Hemsley; and then as a stockbroker and investment banker at Ord Minnett, Robert Fleming and, since 1998, at his Sydney based corporate finance business, First Capital Markets. He has extensive experience in the areas of stock market flotation's, licensing and compliance work. Interests in Shares & Options at date of report Mr Bishop holds 9,511,060 Fully Paid Ordinary Shares, 2,302,766 Listed PAAO Options and 150,000 Unlisted Options. Contractual rights to shares Nil Other Current Directorships (ASX Listed Companies) Nil Previous Directorships (last 3 years) ASX Listed Companies Special responsibilities: Nil -8- Not applicable 2023 ANNUAL REPORT AND STATUTORY FINANCIAL STATEMENTS PharmAust Limited and its Controlled Entities Mr Neville Bassett AM – Non-Executive Director AM, FCA, B.Bus Qualifications Experience Mr Bassett has spent more than 35 years working in accounting, finance and stockbroking. During that time, he has had considerable involvement in Australian financial markets including numerous public Company listings and capital raisings, as well as mergers and acquisitions. In 1991, he became a Director/Councillor of the Royal Flying Doctor Service (RFDS) in WA and he was Chairman of RFDS Western Operations for eight years until his retirement in 2017. He also served six years as Western Operations representative on the Board of the Australian Council of the Royal Flying Doctor Service of Australia. In 2015, Mr Bassett’s decades of unwavering dedication to community service were recognised when he was awarded a Member of the Order of Australia (AM) in the Australia Day Honours. Interests in Shares & Options at date of report Mr Bassett holds 507,000 Fully Paid Ordinary Shares, 1,750 Listed PAAO Options and 250,000 Unlisted Options. Contractual rights to shares Nil Other Current Directorships (ASX Listed Companies) Auris Minerals Limited, Bulletin Resources Ltd, Pointerra Limited, and Tennant Minerals Ltd Previous Directorships (last 3 years) ASX Listed Companies Special responsibilities: Nil Not applicable Mr Sam Wright – Non-Executive Director & Company Secretary Qualifications AFin DipAcc ACIS MAICD Experience Sam Wright has twenty years’ experience in the administration of ASX listed companies, corporate governance and corporate finance. He is a member of the Australian Institute of Company Directors, the Financial Services Institute of Australasia, and the Chartered Secretaries of Australia. Mr Wright is currently a Director of ASX listed companies, PharmAust Limited, Reach Resources Limited and Structural Monitoring Systems plc. Mr Wright is Company Secretary for ASX listed companies, Buxton Resources Limited and Wide Open Agriculture Limited. He also fills the role of Director and Company Secretary with several unlisted companies. Mr Wright is the Managing Director of Perth-based corporate advisory firm Straight Lines Consultancy, specialising in the provision of corporate services to public companies. Mr Wright has extensive experience in relation to public company responsibilities, including ASX and ASIC compliance, control and implementation of corporate governance, statutory financial reporting, and shareholder relations with both retail and institutional investors. Interests in Shares & Options at date of report Mr Wright holds 4,550,000 Fully Paid Ordinary Shares, 875,000 Listed PAAO Options and 250,000 Unlisted Options. Other Current Directorships (ASX Listed Companies) Reach Resources Ltd (ASX: RR1) & Structural Monitoring Systems plc (ASX:SMN) Previous Directorships (last 3 years) ASX Listed Companies Nil Special responsibilities: Not applicable Meetings of Directors The number of meetings of the Company’s directors held during the year ended 30 June 2023, and the number of meetings attended by each director is set out below. In addition to the formal board meetings held during the year, regular executive meetings were held on a fortnightly basis throughout the year. Directors Dr Roger Aston Mr Neville Bassett Mr Robert Bishop Mr Sam Wright -9- Meetings of Directors Eligible to Number Participate Attended 1 1 1 1 1 1 1 1 2023 ANNUAL REPORT AND STATUTORY FINANCIAL STATEMENTS PharmAust Limited and its Controlled Entities DIRECTORS' REPORT (Cont.) Remuneration Report (Audited) The remuneration report, which has been audited, outlines the key management personnel (KMP) remuneration arrangements for the consolidated entity, in accordance with the requirements of the Corporations Act 2001 and its Regulations. This report details the nature and amount of remuneration for each director and executive of PharmAust Limited. Remuneration policy The remuneration of directors and executives of PharmAust Limited has been designed to align director and executive objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific long-term incentives based on key performance areas affecting the Company’s financial results. The Board of PharmAust Limited believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best executives and directors to run and manage the Company, as well as create goal congruence between directors, executives and shareholders. All executives receive a base salary (which is based on factors such as length of service and experience) and superannuation whilst some executives receive fringe benefits. The Board reviews executive packages periodically by reference to the Company’s performance, executive performance and comparable information from industry sectors and other listed companies in similar industries. The performance of executives is measured against criteria agreed regularly with each executive and is based on factors including the forecast growth of profits and shareholders’ value. The remuneration is designed to attract the highest calibre of executives and reward them for performance that results in long-term growth in shareholder wealth. The goal of the remuneration structures it to align the remuneration packages of the executives with the Company’s performance and specifically the Company’s earnings and the consequences of the Company’s performance on shareholder wealth including dividends, returns of capital and capital appreciation. The executive directors and executives receive a superannuation guarantee contribution required by the government and do not receive any other retirement benefits. Individuals, however, have the option to sacrifice part of their salary to increase payments towards superannuation. All remuneration paid to directors and executives is valued at the cost to the Company and expensed. Any shares given to directors and executives will be valued as the difference between the market price of those shares and the amount paid by the director or executive. Any options granted will be valued by an independent expert using the Black-Scholes, Binomial or any other methodologies that the independent expert deems appropriate. The Board policy is to remunerate non-executive directors at market rates for comparable companies for time, commitment and responsibilities. The Board (excluding the relevant director) determines payments to the directors and reviews their remuneration regularly, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by shareholders at the Annual General Meeting. Fees for non-executive directors are not linked to the performance of the Company. Voting and comments made at the Company's 2022 Annual General Meeting ('AGM'). At the 2022 AGM, held on 10 November 2022, 85.50% of the votes received supported the adoption of the remuneration report for the year ended 30 June 2022. The Company did not receive any specific feedback at the AGM regarding its remuneration practices. Details of remuneration Details of the nature and amount of each element of remuneration of each key management personnel of the consolidated entity are set out in the following tables. The key management personnel of the consolidated entity consisted of the following directors and other key management personnel: Directors Roger Aston Robert Bishop Sam Wright Neville Bassett Other Key Management Personnel Richard Mollard (resigned 6 July 2022) Fiona Milner (appointed 29 June 2022 and resigned 28 July 2023) - 10 - Executive Chairman Executive Director Non-Executive Director & Company Secretary Non-Executive Director Chief Scientific Officer – PharmAust Ltd Chief Executive Officer – Pitney Pharmaceuticals Pty Ltd General Manager – Epichem Pty Ltd 2023 ANNUAL REPORT AND STATUTORY FINANCIAL STATEMENTS PharmAust Limited and its Controlled Entities DIRECTORS' REPORT (Cont.) Remuneration Report (Audited) 2023 Directors Roger Aston Robert Bishop Sam Wright Neville Bassett Other Key Management Personnel Richard Mollard [3] Fiona Milner [2] 2022 Directors Roger Aston Robert Bishop Sam Wright Neville Bassett Other Key Management Personnel Richard Mollard [3] Martine Keenan [5] Colin La Galia [4] Fiona Milner [2] Short-term Benefits Salary & Fees $ Cash Bonus $ 260,000 128,000 138,000 [1] 40,000 - 5,762 191,943 763,705 - Short-term Benefits Salary & Fees $ 260,000 Cash Bonus $ 128,000 138,000 [1] 40,000 - 252,000 54,078 224,235 1,096,313 2,500 17,500 20,000 Post-employment Benefits Share-based Payments Superannuation $ Options & Performance Rights $ Total $ 27,300 - 287,300 13,440 - - 141,440 138,000 40,000 11,213 20,154 72,107 (92,508) [6] (92,508) 25,500 212,097 844,337 Post-employment Benefits Share-based Payments Superannuation $ Options & Performance Rights