Announcement PDF ACN 640 432 819 Annual Financial Report For the year ended 30 June 2026 Dundas Minerals Limited ACN 640 432 819 Corporate Directory For the year ended 30 June 2026 - 2 - Corporate Directory Directors Steven Formica Independent Chairman Jonathan Downes Managing Director Graeme Purcell Non-Executive Director David Greig Non-Executive Director Company Secretary Aida Tabakovic Registered Office Suite 13, 100 Railway Road Daglish WA 6008 Telephone +61 (08) 9481 0389 E-mail admin@dundasminerals.com Website www.dundasminerals.com Incorporation Date 21 April 2020 Country of Incorporation and Domicile Australia Auditors PKF Perth 8/905 Hay St Perth WA 6000 Share Register Automic Registry Services Level 5, 191 St Georges Terrace Perth WA 6000 Tel: 1300 288 664, or +61 (02) 9698 5414 Stock Exchange Listing The Company’s securities are quoted on the Australian Securities Exchange (ASX) under the ASX code DUN. Dundas Minerals Limited ACN 640 432 819 For the year ended 30 June 2026 - 3 - CONTENTS Page Corporate Directory 2 Directors Report 4 Auditor’s Independence Declaration 18 Statement of Financial Position 19 Statement of Profit or Loss and other Comprehensive Income 20 Statement of Changes in Equity 21 Statement of Cash Flows 22 Notes to the Financial Statements 23 Consolidated Entity Disclosure Statement 44 Directors’ Declaration 45 Independent Auditor’s Report 46 Additional Information 52 DUNDAS MINERALS LIMITED DIRECTORS’ REPORT For the year ended 30 June 2026 - 4 - DIRECTORS’ REPORT The directors present their report on Dundas Minerals Limited for the year ended 30 June 2026. BOARD OF DIRECTORS The names and details of the Dundas Minerals Limited (“Company”) directors in office during the period covered by this report and until the date of this report are as follows: Shane Volk B Bus (Acc); AGIA ACIS Managing Director & Company Secretary Appointed 21 April 2020, Resigned 7 October 2025 Shane Volk 30+ years commercial and corporate governance experience in Australian and international mining operations. A qualified Chartered Secretary and holding a Bachelor of Business (Accounting) RMIT, Melbourne; during his career he has worked across a diverse range of mining-related capacities such as exploration (Placer Dome / Emmerson Resources), operations (BHP/Placer Dome), business development (Placer Dome) and corporate governance. Most recently he held the position of chief financial officer (CFO) and company secretary at ASX listed Altech Batteries Ltd, and was previously employed as CFO and company secretary at ASX listed Kogi Iron Ltd, African Iron Ltd and Emmerson Resources Ltd. Mr Volk is not a director of any other ASX listed company, nor has held such a position in the preceding three years. Mark Chadwick B Comm (Acc); CA Chairman Appointed 26 February 2021, Resigned 5 March 2026 Mark Chadwick is a Chartered Accountant with in excess of 25 years’ experience in corporate advisory and management, primarily in restructuring and turnarounds. He commenced his career in Perth, and subsequently spent 16 years working and living in Asia where he led restructuring engagements involving debt totalling more than US$15 billion. Mark was previously a partner at Ferrier Hodgson (Jakarta, Shanghai) and a senior managing director at FTI Consulting (Singapore), where he was an approved liquidator. Mark brings to Dundas Minerals his considerable corporate governance, risk and board skills, having served on numerous public and private company boards in the Asia-Pacific, Europe and the United States. Mr Chadwick is not a director of any other ASX listed company, nor has held such a position in the preceding three years. Mr Chadwick is an independent director. Steven Formica Independent Non-executive Chairman Appointed 5 March 2026 Steven Formica is an experienced mining executive who brings extensive management and business development expertise, with over 35 years’ experience in several privately held companies across various sectors. Steve is currently the Non-Executive Chairman of Kaiser Reef Limited (ASX: KAU), Non-Executive Chairman of Albion Resources Limited (ASX: ALB), Non-Executive Chairman of Ragnar Metals Limited (ASX: RAG), Non-Executive Director of EchoIQ Limited (ASX: EIQ), Non-Executive Director of Bindi Metals Limited (ASX: BIM) and a successful investor in a number of ASX listed entities. Jonathan Downes B. Sc; MAIG Managing Director Appointed 7 October 2025 Jonathan Downes is an experienced geologist and mining executive with over 30 years in the minerals industry. He has worked in both technical and corporate capacities, with exposure to gold and base metals projects from early-stage exploration through to development and production. Over his career, he has served in a number of executive and non-executive roles with ASX-listed resource companies, bringing strong experience in exploration, project generation and resource-sector corporate management. Graeme Purcell B Sc. (Hons) Non-executive Director Appointed 1 November 2024 Mr Purcell is a highly regarded geologist who has been part of significant mineral discoveries in Australia and overseas. His national and international experience in mineral exploration and mining with major and junior resource companies, including Plutonic Resources, Homestake Mining, Barrick Gold and Black Fire Minerals, during the past 25 years has seen Mr Purcell gain an enviable reputation in understanding and delivering significant mineral discoveries in Australia, Papua New Guinea, Tanzania and the USA. He has broad experience in a diverse range of mineral systems including gold, base metals and strategic minerals, in various geological terranes and jurisdictions. Mr Purcell’s experience spans the exploration spectrum from generative and grassroots through to near mine and in-mine resource development. Mr Purcell is currently also a non-executive director ASX listed BOA Resources (ASX: BOA), and in the preceding three years was a non-executive director of ASX listed Zuleika Gold Limited (ASX: ZAG) (resigned: 18 February 2025). Mr Purcell is an independent director. DUNDAS MINERALS LIMITED DIRECTORS’ REPORT For the year ended 30 June 2026 - 5 - David Greig B Com, GAICD Non-executive Director Appointed 1 May 2026 Mr Greig has more than 30 years of experience across the international construction, open-cut and underground mining, and mineral processing sectors, including postings in the United States, Canada and Chile. He has extensive experience leading the development and implementation of growth, consolidation and diversification strategies across competitive markets. Mr Greig is currently Group Executive - Australia West at Thiess, a position he assumed in 2023 following MACA Limited’s integration into the Thiess Group in late 2022. Before this appointment, he served as Chief Executive Officer of MACA Limited, having previously led its Strategy and Growth function before being appointed Chief Operating Officer in 2020. Mr Greig holds a Bachelor of Commerce and has completed postgraduate studies at INSEAD in Singapore and with the Australian Institute of Company Directors. He is a graduate of the Australian Institute of Company Directors. Mr Greig also serves on the General Council of the Chamber of Commerce and Industry of Western Australia and is a board member of Murlpirrmarra Connection, a not-for- profit organisation providing education and support services. Mr Greig has not held any other directorships in ASX-listed companies during the preceding three years. Mr Greig is an independent director. Directors were in office for the entire period unless otherwise stated. COMPANY SECRETARY Shane Volk Resigned 7 October 2025 Aida Tabakovic B Com (Accounting and Finance), GradDipBusLaw Company Secretary Appointed 8 October 2025 Ms Tabakovic has more than 15 years of experience in corporate accounting, financial reporting and financial management, together with extensive experience in company secretarial services and corporate compliance reporting for ASX-listed and unlisted companies. Ms Tabakovic holds a double-major degree in Accounting and Finance and a postgraduate qualification in Business Law. She has been involved in the listing of a number of mineral exploration companies on the ASX and currently acts as company secretary for several ASX-listed companies. DUNDAS MINERALS LIMITED DIRECTORS’ REPORT For the year ended 30 June 2026 - 6 - PRINCIPAL ACTIVITES The principal activity of the Company during the year was the undertaking of mineral exploration within the exploration licences that the Company holds in Western Australia. FINANCIAL POSITION & RESULTS OF OPERATIONS The financial results of the Company for the financial year ended 30 June 2026 are: 2026 2025 $ $ Cash and cash equivalents 1,876,599 728,059 Net Assets 4,588,929 4,266,687 Revenue 56,335 174,366 Net loss after tax (5,048,307) (1,132,871) Loss per share (0.03) (0.011) Dividend - - DIVIDENDS No dividend has been paid since the end of the previous financial year and no dividend is recommended for the current year. REVIEW OF OPERATIONS AND ACTIVITIES The year ended 30 June 2026 was active for Dundas Minerals Limited. Under new leadership, the Company re-set its strategy around building and progressing a portfolio of highly prospective gold exploration assets in Western Australia, raising approximately $3.92 million before costs across two placements, acquiring the district-scale Romano Gold Project, exercising its option to acquire 100% ownership of the Rockland Gold Project, and conducting gold drilling exploration north of Kalgoorlie. In October 2025, Mr Jonathan Downes was appointed Managing Director following the resignation of founding Managing Director Mr Shane Volk, supported by a strategic $1.12 million placement that introduced several new institutional investors. Activities thereafter were directed toward drilling and consolidating the Kalgoorlie gold projects, acquiring and progressing the Romano Gold Project, and streamlining the broader portfolio to focus on core assets. Kalgoorlie Gold Projects The Company’s Kalgoorlie Gold Projects comprise a cluster of near-surface, relatively unmined gold deposits and discoveries - Rockland, Capricorn and Baden-Powell - located approximately 40 km north of Kalgoorlie, close to the Goldfields Highway and multiple gold processing facilities – see Figure 1. DUNDAS MINERALS LIMITED DIRECTORS’ REPORT For the year ended 30 June 2026 - 7 - Figure 1: Location of Kalgoorlie Gold Projects Following technical review and drill planning in the December 2025 half, in March 2026 the Company commenced a follow-up reverse circulation drilling programme at the Rockland Gold Project on granted Mining Lease M24/0974. Ten RC holes for 1,688 metres were completed, testing strike and depth extensions to the high-grade gold mineralisation identified in the maiden discovery drilling. Assay results, reported as 4-metre composites in May 2026 and as single-metre re-assays of selected composite intervals in June 2026, confirmed broad zones of gold mineralisation beneath and along strike from previously reported high-grade intercepts, headlined by 1m @ 20.35 g/t gold from 140m (within 3m @ 6.94 g/t gold from 138m, 26RKRC005), together with 1m @ 5.99 g/t gold from 59m (26RKRC010) and 1m @ 4.41 g/t gold from 73m (26RKRC003). Mineralisation remains open along strike and at depth, with grades appearing to improve below a depleted zone. On 7 April 2026, the Company announced that it had irrevocably exercised its option to acquire a 100% interest in Mining Lease M24/0974, electing to satisfy the consideration via a cash payment of $100,000 and the grant to the vendor of a 1.5% net smelter royalty on gold produced from the tenement, with Dundas retaining a first right of refusal over any sale of the royalty. Mining Lease M24/1004, which hosts the Capricorn Gold Resource (659,300t @ 1.2 g/t Au, Inferred), lease grant date on 8 April 2026. Programmes of Work have been approved for drilling at Capricorn, at Rockland, and across the corridor between the two deposits, with the objective of evaluating whether the Capricorn, Aquarius and Rockland mineralised systems - which align along an interpreted north- south structural corridor extending for over 2 km - represent a single, continuous, large-scale gold system. At 30 June 2026, drilling at Capricorn remained subject to completion of the required heritage survey. Subsequent to year-end, on 21 July 2026, the Company announced that Aboriginal heritage clearance had been received, clearing the proposed drilling areas. Infill and extensional drill planning also continued at the Baden-Powell Gold Resource (595,000t @ 1.2 g/t Au, Inferred), which remains open to the north, south and at depth, with 83% of historical drilling confined to depths of less than 100m. DUNDAS MINERALS LIMITED DIRECTORS’ REPORT For the year ended 30 June 2026 - 8 - Romano Gold Project The Romano Gold Project comprises approximately 800 km² of contiguous exploration tenure in the northeastern Goldfields of Western Australia, on the eastern margin of the Yamarna and Dorothy Hills Shear Zones, north of the +6M oz Gruyere gold mine - see Figure 2. The Company cautions that proximity to the Gruyere gold mine does not imply geological continuity, and no Mineral Resources or Ore Reserves have been estimated for the Romano Project. Figure 2: Location map showing the Romano Project tenure, key gold bearing structures and mineral deposits On 30 December 2025, the Company entered into an earn-in agreement to acquire an 80% interest in the Romano Project tenements from Cazaly Resources Limited, subject to Dundas funding $2 million of exploration expenditure over the two-year earn-in period. The upfront consideration of $150,000 in cash and 9,188,764 shares was completed in January 2026. Following the grant of tenement E38/3983 on 12 February 2026, which constituted a milestone under the agreement, and receipt of shareholder approval on 10 April 2026, the Company paid milestone consideration of $150,000 in cash, plus GST, and issued 3,661,930 Deferred Consideration Shares. The project was also expanded through a new 142 km² exploration licence application (E38/4065) north-west of the Gruyere gold mine. Planning for initial field programmes at the Bloodwood and Brahman prospects continued, alongside native title clearance processes and cultural heritage engagement across the project tenure. Gerry Well Gold Project During the year, the Company completed a comprehensive gold exploration targeting programme across the Gerry Well Greenstone Belt with SensOre Limited, identifying numerous exploration areas of interest. On 11 May 2026, the Company announced that it had exercised its right to terminate, with effect from 10 May 2026, the option to acquire seven exploration tenements from GTT Metals Group Pty Ltd. The decision reflected the Company’s focus on its core Kalgoorlie district gold assets and the Romano Project. The Company retains its wholly owned Gerry Well tenure for its longer-term exploration potential. DUNDAS MINERALS LIMITED DIRECTORS’ REPORT For the year ended 30 June 2026 - 9 - COMPETENT PERSONS STATEMENTS The information in this report that relates to assay results from drilling at Rockland mining lease is extracted from the ASX Announcements titled “New 1km Zone of Gol Mineralisation Discovered from RC Drilling at Rockland” published on 12 December 2024, and “Multiple high-grade gold intercepts confirm 1km mineralized trend at Rockland” published on 21 January 2025. A copy of the reports are available to view on the Company’s web site: www.dundasminerals.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented in this report, have not been materially modified from the original ASX market announcements. The information in this report that relates to assay results from the 19-hole Windanya gold project reconnaissance drilling program is extracted from the ASX Announcement titled “Encouraging Gold Results from Windanya RC Drilling” published on 4 July 2024. A copy of the report is available to view on the Company’s web site: www.dundasminerals.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX Announcement. The Company confirms that the form and context in which the Competent Person’s findings are presented in this report, have not been materially modified from the original ASX market announcement. The information in this report that relates to assay results from drilling at the Baden-Powell gold deposit is extracted from the ASX Announcement titled “Drilling Expands Gold Mineralisation Potential at Baden-Powell” published on 13 February 2025. A copy of the report is available to view on the Company’s web site: www.dundasminerals.com. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX Announcement. The Company confirms that the form and context in which the Competent Person’s findings are presented in this report, have not been materially modified from the original ASX market announcement. CORPORATE The Company completed two capital raisings during the year: a $1.12 million placement in October 2025, comprising 46,666,669 shares issued at 2.4 cents per share, which accompanied the leadership transition; and a $2.5 million placement announced in February 2026, comprising 65,789,474 shares issued at 3.8 cents per share. The February placement was strongly supported by new and existing shareholders, with Tranche 2 shares allotted on 17 April 2026 following shareholder approval. Proceeds from the raisings are being applied to advance gold exploration across the Company’s Western Australian projects and to provide general working capital. The Board and management team were renewed during the year. Mr Jonathan Downes was appointed Managing Director effective 7 October 2025, following the retirement of Mr Shane Volk, and Ms Aida Tabakovic was appointed Company Secretary. The Company’s technical capabilities were also strengthened through the appointment of an experienced exploration geologist. Mr Steven Formica was appointed Non-Executive Chairman on 5 March 2026, succeeding Mr Mark Chadwick, and Mr David Greig was appointed Non-Executive Director effective 1 May 2026. The Board acknowledges and thanks Mr Volk and Mr Chadwick for their valuable contributions and stewardship of the Company. In January 2026, PKF Perth was appointed as the Company’s external auditor following the resignation of Moore Australia Audit (WA) and receipt of ASIC’s consent. A resolution to ratify PKF Perth’s appointment will be put to shareholders at the Company’s 2026 Annual General Meeting. RISK MANAGEMENT Due to its size and scope of operations, the Company does not have a dedicated Risk Management Committee. Rather, the Company’s board as a whole is responsible for the oversight of the Company’s risk management and control framework. Responsibility for control and risk management is delegated to the appropriate level of management within the Company, with the managing director having ultimate responsibility to the board for the risk management and control framework. The managing director highlights areas of significant business risk and the board has arrangements in place whereby it monitors risk management, including the periodic reporting to the board in respect of operations and the financial position of the Company. The Company does not have a dedicated internal audit function, however, it works closely with its external auditor and management for the evaluation and continual improvement of the effectiveness of its risk management and internal control procedures. EMPLOYEES The Company had 2 permanent employees as at 30 June 2026 (2025: 1 permanent employee) and has agreements in place with a variety of contractors, consultants and services providers for the conduct of its exploration activities. DUNDAS MINERALS LIMITED DIRECTORS’ REPORT For the year ended 30 June 2026 - 10 - SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS In the opinion of the directors, there were no other significant changes in the state of affairs of the Company that occurred during the financial year under review. EVENTS SUBSEQUENT TO BALANCE DATE On 1 July 2026, 5,000,000 unlisted options expired unexercised, comprising 2,500,000 options exercisable at $0.25 each and 2,500,000 options exercisable at $0.30 each. Other than the matter disclosed above, no matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect, the Company’s operations, the results of those operations or the Company’s state of affairs in future financial years. OPTIONS OVER UNISSUED CAPITAL During the financial year, the Company issued options to certain Directors and Key Management Personnel as disclosed in the Remuneration Report. Details of options over unissued ordinary shares granted during the financial year and up to the date of this report are set out below. As at the date of this report, the following unissued ordinary shares of the Company were subject to options. Options Options outstanding Exercise Price Options Vested Options not Vested Expiry Date Unlisted Options 1,000,000 $0.25 1,000,000 nil 10/11/26 Unlisted Options 1,000,000 $0.30 1,000,000 nil 10/11/26 Unlisted Options (Convertible Note Holders) 15,000,000 $0.033 15,000,000 nil 16/06/29 Unlisted Options (Convertible Note Holders) 15,000,000 $0.0374 15,000,000 nil 16/06/29 Unlisted Options 5,000,000 $0.04 5,000,000 nil 15/12/28 Unlisted Options 5,000,000 $0.08 5,000,000 nil 15/12/29 Unlisted Options 5,000,000 $0.16 5,000,000 nil 15/12/30 Unlisted Options 2,500,000 $0.08 2,500,000 nil 15/12/28 Unlisted Options 2,000,000 $0.05 2,000,000 nil 15/01/29 Unlisted Options 2,000,000 $0.10 2,000,000 nil 15/01/29 Unlisted Options 5,000,000 $0.08 5,000,000 nil 17/04/30 Unlisted Options 5,000,000 $0.08 5,000,000 nil 01/04/30 Unlisted Options 14,000,000 $0.08 14,000,000 nil 07/05/29 Unlisted Options 8,000,000 $0.08 8,000,000 nil 07/05/29 Total 85,500,000 85,500,000 The names of all persons who currently hold options are entered in a register kept by the Company pursuant to Section 168(1) of the Corporations Act 2001 and the register may be inspected free of charge. PERFORMANCE RIGHTS OVER UNISSUED CAPITAL As at the date of this report there are no unissued ordinary shares of the Company subject to performance rights. CORPORATE STRUCTURE Dundas Minerals Limited (ACN 640 432 819) is a Company limited by shares that was incorporated on 21 April 2020 and is domiciled in Australia. FUTURE DEVELOPMENTS, PROSPECTS AND BUSINESS STRATEGIES The focus for the company over the next financial year will be gold exploration. The recently assembled Gerry Well Greenstone Belt gold exploration project is expected become a new focus for the Company during the next financial year. In addition, the Company will continue to evaluate other exploration and business development opportunities, as they arise. ENVIRONMENTAL REGULATION AND PERFORMANCE The Company holds thirteen granted exploration licences and one exploration licence application. All licences are in Western Australia, and these licences include conditions and regulations with respect to the rehabilitation of areas disturbed during the course of the Company’s exploration and for any future mining activities. So far as the directors are aware, there has been no known material breach of the Company’s licence conditions, and all exploration activities substantially comply with relevant environmental regulations. DUNDAS MINERALS LIMITED DIRECTORS’ REPORT For the year ended 30 June 2026 - 11 - DIRECTORS’ SHARE HOLDINGS AND OPTION HOLDINGS As at the date of this report the directors’ interests in shares and unlisted options of the Company are as follows: Director Interest in Ordinary Shares Interest in Unlisted Options Shane Volk1 13,133,715 - Mark Chadwick2 3,355,629 2,000,000 Graeme Purcell3 263,158 2,500,000 Jonathan Downes4 3,844,920 15,000,000 Steve Formica5 10,000,000 10,000,000 David Greig6 657,895 - Notes: 1. Shane Volk resigned as managing director on 7 October 2025 2. Mark Chadwick resigned as non-executive chairman on 5 March 2026 3. Graeme Purcell was appointed non-executive director on 1 November 2024 4. Jonathan Downes was appointed managing director on 7 October 2025 5. Steven Formica was appointed non-executive chairman on 5 March 2026 6. David Greig was appointed non-executive director on 1 May 2026 DIRECTORS’ MEETINGS The number of meetings of the Company’s directors held in the period each director held office during the financial year and the numbers of meetings attended by each director were: Director Board of Director Meetings Meetings Attended Meetings held whilst a director Shane Volk1 2 2 Mark Chadwick2 3 3 Graeme Purcell3 4 4 Jonathan Downes4 2 2 Steve Formica5 1 1 David Greig6 1 1 Notes: 1. Shane Volk resigned as managing director on 7 October 2025 2. Mark Chadwick resigned as non-executive chairman on 5 March 2026 3. Graeme Purcell was appointed non-executive director on 1 November 2024 4. Jonathan Downes was appointed managing director on 7 October 2025 5. Steven Formica was appointed non-executive chairman on 5 March 2026 6. David Greig was appointed non-executive director on 1 May 2026 REMUNERATION REPORT (Audited) This report details the amount and nature of remuneration of each director of the Company and executive officers of the Company during the year. Except as detailed in this Remuneration Report, no director has received or become entitled to receive, during the financial year or since the financial year end, a benefit because of a contract made by the Company or a related body corporate with a director, a firm of which a director is a member or an entity in which a director has a substantial financial interest. This statement excludes a benefit included in the aggregate amount of emoluments received or due and receivable by directors and shown in the Remuneration Report, prepared in accordance with the Corporations Regulations, or the fixed salary of a full time employee of the Company. Remuneration Committee Recommendation 8.1 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (4th edition) states that the board should establish a Remuneration Committee. The board has formed the view that given the number of directors on the board, this function could be performed just as effectively with full board participation. Accordingly it has been determined that there is no separate board sub-committee for remuneration purposes. Use of Remuneration Consultants The board did not engage a remuneration consultant to make any recommendations in relation to its remuneration policies for any of the key management personnel for the Company during the financial year covered by this report. However, the board did benchmark key management personnel and board remuneration against independently prepared remuneration reports during the year. Voting and comments made at the Company’s 2025 Annual General Meeting The Company’s 2025 remuneration report was approved by shareholders at the Annual General Meeting held on 26 November 2025. DUNDAS MINERALS LIMITED DIRECTORS’ REPORT For the year ended 30 June 2026 - 12 - Overview of Remuneration Policy The board of directors is responsible for determining and reviewing compensation arrangements for the directors and executive management. The board remuneration policy is to ensure that remuneration properly reflects the relevant person’s duties and responsibilities, is aligned to like ASX listed companies, and that the remuneration is competitive in attracting, retaining and motivating people of the highest quality. The board believes that the best way to achieve this objective is to provide non-executive directors and executive management with a remuneration package consisting of both fixed and variable components that together reflects the positions, responsibilities, duties and personal performance. Currently the remuneration of all directors, with the exception of the chairman who was awarded unlisted options as a component of his initial remuneration to join the board of the Company, comprises fixed cash remuneration only. As the Company continues to evolve, the board intends that from time to time remuneration will be bench- marked against like Company’s and that due consideration will be given to a variable remuneration component that may be cash, equity based, or a combination of both cash and equity based variable remuneration. The remuneration policy in regard to setting the terms and conditions for the non-executive directors has been developed by the board, and when reviewed, takes into account market conditions and comparable salary levels and total remuneration for companies of a similar size and operating in similar sectors. All remuneration paid to directors is valued at cost to the Company and expensed. Any options and/or performance rights are valued using the Black-Scholes methodology. In accordance with current accounting policy the value of these performance rights are expensed over the relevant vesting period. Non-Executive Directors The board policy is to remunerate non-executive directors at market rates for comparable companies for time, commitment and responsibilities. The board determines payments to the non-executive directors and reviews their remuneration annually, 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-