Ann: Annual Report to shareholders, page-2

I suspect that the industry benchmark for non-producing companies would be a better figure.

When drilling is underway and the SP hits 30 cents, then we should vote them huge salaries

Changes to Executive Remuneration
On 31 May 2021, Blue Star announced changes to the executive remuneration packages of
Managing Director, Mr Trent Spry and Executive Chairman, Mr Ross Warner.
Since joining the Company as executive board members in 2018 and 2019, respectively, Mr
Warner and Mr Spry have been employed under contracts limiting annual base salary (including
Directors’ fees) to A$60,000 each. These arrangements were a function of both Mr Warner and
Mr Spry agreeing to a base salary level well below market rates to assist the Company as it
emerged from a restructure and recapitalisation process.
Following this process having fully run its course, the Blue Star Board commissioned an industry
peer benchmarking report from an independent remuneration consultant. Based on the
outcomes of the report, the Board updated the base salary (including Directors’ fees) component
of both Mr Warner and Mr Spry’s employment contracts. The changes to these base salary levels
(an increase in both to A$285,000, inclusive of statutory superannuation, allowances and salary
sacrifices) place Blue Star within the 50th percentile of its peer group, as determined by the report
of the independent consultant. This more accurately reflects industry benchmark salary levels and
the set of skills and relevant experience brought to the Company by these executives