23 Nov

Extension of Managing Directors Contract

23 November 2021 ACN 099 116 361 Level 1 , 1292 Hay Street West Perth WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 9322 1182 F: +61 8 9321 0556 info@neometals.com.au neometals.com.au EXTENSION OF MANAGING DIRECTOR’S CONTRACT Neometals Ltd (ASX: NMT) ( “Neometals” or “the Company” ) is please d to announce that the term of its executive services agreement with its Managing Director, Mr Chris topher Reed, has been extended until 30 June 2024. The other material terms of Mr Reed’s executive services agreement are: Annual Salary Package $570,000 inclusive of statutory superannuation (subject to annual review). Short - Term Incentive For each financial year, the Board, at its sole discretion, may award Mr Reed a cash bonus of up to 50% of the Annual S alary Package. The basis for determining the bonus will be a range of criteria determined by the Board including Mr Reed’s personal performance and the Company’s performance . Long - Term Incentive For each financial year, Mr Reed will be invited to apply for pe rformance rights under the Company’s performance rights plan, as previously approved by the Company’s shareholders. The number of performance rights available for grant will equate to 50% of the Annual Salary package divided by the 60 - day - VWAP of the Comp any’s shares, prior to 1 July for the particular financial year. Vesting of the performance rights is subject to criteria relating to the Company’s performance and achievement of certain strategic objectives over a 3 - year period . Termination Notice Perio ds In addition to accelerated “for cause” reasons, t he agreement is terminable at either party’s discretion upon 6 months’ notice . If t he agreement is termina ted at the Company ’s discretion, then an additional amount is payable of up to 6 months’ Annual Sa lary Package. Authorised on behalf of Neometals Ltd by Jason Carone , Company Secretary. ENDS About Neometals Ltd Neometals innovatively develops opportunities in minerals and advanced materials essential for a sustainable future. With a f ocus on the energy storage megatrend, the strategy focuses on de - risking and developing long life projects with strong partners and integrating down the value chain to increase margins and r eturn value to shareholders. Neometals has three core projects that support the globa l transition to clean energy and span the battery value chain: Recycling and Resource Recovery: • Lithium - ion Battery Recycling – a proprietary process for recovering nickel, cobalt and other valuable materials from spent and scrap lithium batteries. Show cas e demonstration plant trials targeted for DecQ 2021with 50:50 JV partner SMS group. Targeting a development decision in Mar Q 2 022; and • Vanadium Recovery – sole funding evaluation studies to form a 50:50 joint venture with Critical Metals Ltd to recover hi gh - purity vanadium pentoxide from processing by - products (“Slag”) from leading Scandinavian steelmaker SSAB. Underpinned by a 10 - year Slag supply agreement, Neometals is targeting an investment decision to develop a 200,000tpa processing plant in Dec Q 202 2. Upstream Industrial Minerals: • Barrambie Titanium and Vanadium Project - one of the world's highest - grade hard - rock titanium - vanadium deposits, working towards a development decision in 2022 with potential operating JV partner IMUMR and potential corners tone product off - taker, Jiuxing Titanium Materials Co.
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