Vulcan Steel director Adrian Casey awarded new performance share rights

Adrian Casey, a director of Vulcan Steel Limited, has been granted 126,624 performance share rights, as detailed in an Appendix 3Y filing dated November 11, 2025. These rights, issued under Vulcan's FY26 long-term incentive plan, vest on July 1, 2028, subject to certain conditions. The value of these newly acquired rights is NZ$780,000, based on a 20-trading day volume weighted average price of NZ$6.16 up to June 30, 2025.

Prior to this change, Casey held 17,214 ordinary shares directly and 5,870,711 ordinary shares indirectly through the Casey Family Trust. The trust's holdings also include performance share rights from earlier grants: 91,217 (FY24, vesting July 1, 2026) and 105,263 (FY25, vesting July 1, 2027). The newly issued rights bring the total performance share rights held by Adrian Casey to 323,104.

The grant of these performance share rights was approved by shareholders at the annual meeting on October 31, 2025, and occurred outside a closed period requiring prior written clearance, qualifying under Listing Rule 7.2 exception 14. This transaction forms part of a larger issue of 824,195 unquoted performance share rights to key management personnel, including Adrian Casey, Gavin Street, and Kar Yue Yeo, as detailed in a related Appendix 3G notification.