Long Term Incentive Programme
Asiamet Resources Limited has implemented a long-term incentive program (LTIP) for key executives, granting performance rights convertible into new common shares. A total of 79,849,067 Tranche 1 Performance Rights have been issued to executives. Specifically, the Executive Chairman, Tony Manini, received 20,449,761 Performance Rights, and the Chief Executive Officer, Darryn McClelland, received 24,599,713. Tranche 1 Performance Rights will convert at a price of 0.912p per right, representing a 20% premium to the floor price of 0.76p set for the LTIP. Subsequent tranches will be priced at premiums to future capital raises, with a minimum 12-month hold period for new shares issued.
Select text to share a quote on X · sign in to keep highlights & notes in your ARS notes
Asiamet Resources Limited (AIM: ARS) announces that it has implemented a long-term incentive programme ("LTIP") for key executives designed to directly align variable remuneration with the achievement of major funding, development and operating milestones for the BKM Copper Project in Central Kalimantan, Indonesia.
LTIP grants will be in the form of performance rights ("Performance Rights") convertible into new common shares in the Company ("Common Shares") upon the achievement of certain vesting criteria.
Performance Rights will be issued in three tranches sequentially, with the vesting criteria for each tranche linked to clear value milestones for the Company. The quantum of Performance Rights to be issued and the vesting criteria for each tranche will vary depending on the role and area of responsibility of the executive. Examples of vesting criteria include:
o Tranche 1 - Completion of a full project finance facility for the BKM mine development being the signing of all finance documentation, inclusive of debt, equity and other forms of finance. Completion of Process Plant Detailed Engineering Design.
o Tranche 2- Sixth month anniversary of the first drawdown of the project finance facility. Completion of the heap leach facility earthworks.
o Tranche 3- Delivery of the BKM project to agreed time and budget. Achieving average production
of 850 tonnes per month of copper cathode over any rolling six-month period.
The Company has issued an aggregate of 79,849,067 Tranche 1 Performance Rights to executives. The awards of Tranche 1 Performance Rights to Directors and PDMRs are summarised below.
| Director/PDMR | Position | Number of Performance Rights |
|---|---|---|
| Tony Manini | Executive Chairman | 20,449,761 |
| Darryn McClelland | Chief Executive Officer | 24,599,713 |
Tranche 1 of the Performance Rights will convert into new Common Shares subject to satisfying the Tranche 1 vesting criteria, at price of 0.912p per Performance Right, being a 20% premium to the floor price of 0.76p that has been set for the issue of any Performance Rights under the LTIP. Once Tranche 1 vests, the Tranche 2 Performance Rights shall be issued and priced at a 20% premium to the Company's most recent capital raise at such time. Once Tranche 2 vests, Tranche 3 Performance Rights will be issued at a 50% premium to the issue price of the Company's most recent capital raise at such time. A minimum hold period of 12 months post vesting will apply to any new Common Shares issued under the LTIP. In the event of a change of control of the Company, its subsidiaries or its projects, industry standard provisions will apply.
Asiamet's Chairman, Tony Manini, commented:
"Implementing the executive incentive programme is critical to attracting and retaining high calibre executive management. Importantly, it ties executive incentives directly to the delivery of key value driving milestones - from securing a full project funding package, to mine construction and the steady state production of copper. These incentive targets represent complex, multi-year achievements with each vesting milestone in the LTIP delivering a significant step-change in value for shareholders and stakeholders. By directly aligning executive reward with transformational outcomes for the Company, the LTIP ensures management success is closely tied to shareholder success."
Notification and public disclosure of transactions by Persons Discharging Managerial Responsibilities ("PDMR") and persons closely associated with them ("PCA")
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 1. Tony Manini 2. Darryn McClelland |
| 2 | Reason for the notification | |
| a) | Position/status | 1. Executive Chairman 2. Chief Executive Officer (PDMR) |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Asiamet Resources Limited |
| b) | LEI | 213800PWJMT1NG28TA88 |
| a) | Description of the financial instrument, type of instrument | Common Shares of par value US$0.01 each |
| Identification code | BM04521V1038 | |
| b) | Nature of the transactions | Award of Performance Rights under the Company's LTIP |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 1. 0.912p | 20,449,761 | |
| 2. 0.912p | 24,599,713 | |
| d) | Aggregated information | N/A, each a single transaction |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 6 October 2025 |
| f) | Place of the transaction | Outside of a trading venue |
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Chairman
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.