ANNUAL Report June 2023 Directors’ Report 17 No equity instruments were issued to the Directors of the Group as a result of options or rights exercised that had previously been granted as remuneration. (h) Service Agreements Remuneration and other terms of employment for the Directors and Executives are formalised in Service/Appointment Agreements. All contracts with Directors and executives may be terminated by either party with regards to the stipulated notice period, subject to any termination payments as detailed below. Directors O. Kleinhempel There is a written agreement with Mr Kleinhempel dated 12 August 2019 in his role as Non-executive Director of the Company and subsequently as Non-Executive Chairman on 24 April 2020. Cash payments and benefits totalling $48,000 were paid to Mr Kleinhempel during the 2023 financial year. S. Layton There is a written agreement with Mr Layton dated 9 November 2017 in his role as Non-executive Director of the Company. Cash payments and benefits totalling $48,000 were paid to Mr Layton during the 2023 financial year. The payments were made through Bodie Investments Pty Ltd, a company in which Mr Layton has a substantial interest. R.D. Morrow There is a written agreement with Mr Morrow dated 22 February 2021 in his role as Non-executive Director of the Company. Payments and benefits totalling $48,000 were paid to Mr Morrow during the 2023 financial year. Z.P. Yeo There is a written agreement with Mr Yeo dated 12 August 2019 in his role as Non-executive Director of the Company. Cash payments and benefits totalling $48,000 were paid to Mr Yeo during the 2023 financial year. Executives K.B. MacNeill There was a written agreement with Mr MacNeill dated 1 April 2021 in his role as Chief Executive Officer. The Company or Mr MacNeill may terminate the contract by giving three month’s written notice. Cash payments and non-monetary benefits totalling $367,065 were received by Mr MacNeill during the 2023 financial year. (i) EQ Resources’ Financial Performance EQ Resources’ financial performance for the five years to 30 June 2023 is summarised below and the relationship between results and performance is discussed. Year ended Measure 2023 2022 2021 2020 2019 Net profit / (loss) after tax $ (3,716,846) (6,063,051) (4,574,191) (3,015,680) 3,808,863 Net assets $ 16,304,564 14,317,218 16,725,734 14,936,296 10,905,040 Cash and cash equivalents $ 5,335,596 1,723,426 3,504,721 2,989,859 217,962 Cash flows from operating activities $ (1,392,628) (3,112,770) (3,816,722) (2,948,321) (1,627,127) EBITDA $ (829,258) (4,478,339) (3,947,550) (2,789,350) 3,847,034 Share price at 30 June $ $0.070 $0.047 $0.028 $0.028 $0.031 Basic earnings / (loss) per share Cents (0.26) (0.45) (0.39) (0.30) 0.67 EQ Resources Limited Annual Report 2023 59
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