Annual Report to shareholders
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Ocean Sciences Ltd | ASX: OSS | 29 September 2026
Page 1 of 53
Ocean Sciences Ltd (formerly BPH Global Ltd)
ABN 57 009 104 330
Annual Financial Report - 30 June 2026
Ocean Sciences Ltd (formerly BPH Global Ltd)
Contents
30 June 2026
1
Corporate directory 2
Chairman's letter 3
Directors' report 16
Auditor's independence declaration 17
Consolidated statement of profit or loss and other comprehensive income 19
Consolidated statement of financial position 20
Consolidated statement of changes in equity 21
Consolidated statement of cash flows 22
Notes to the consolidated financial statements 45
Consolidated entity disclosure statement 46
Directors' declaration 47
Independent auditor's report to the members of Ocean Sciences Ltd (formerly BPH Global Ltd) 47
Shareholder information 51
Ocean Sciences Ltd (formerly BPH Global Ltd)
Corporate directory
30 June 2026
2
Directors Francesco Cannavo (Executive director)
Matthew Leonard (Executive director)
Deepak Jha (Executive director)
Company secretary Justyn Stedwell
Registered office Suite 303, 365 Little Collins Street
Melbourne, VIC 3000 AUSTRALIA
Share register Automic Registry Services
Level 5, 126 Phillip Street
Sydney, NSW 2000 AUSTRALIA
Auditor HLB Man Judd (Vic) Partnership
Level 9, 550 Bourke Street
Melbourne, VIC 3000 AUSTRALIA
Stock exchange listing Ocean Sciences Ltd (formerly BPH Global Ltd) shares are listed on the Australian
Securities Exchange (ASX code: OSS)
Website ww.bphglobal.com.au
Ocean Sciences Ltd | ASX: OSS | 29 September 2026
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Chairman’s Letter
29 September 2026
Dear Shareholders,
It is my pleasure to present the Group’s Annual Report for the year ended 30 June 2026, a year of significant progress in the
development of the Group’s seaweed operations and its broader strategy of creating higher-value products and applications
from seaweed.
Overview
During the year, the Group’s Indonesian seaweed trading platform completed its first full 12 months of continuous commercial
operations, while the Group substantially expanded its operational footprint in South Sulawesi and progressed a diversified
portfolio of research and development initiatives. Central to that strategy is the Group’s Seaweed Innovation and Application
Centre at Laikang Village in Takalar Regency, South Sulawesi.
These developments represent an important stage in the Group’s evolution. What began as the establishment of a seaweed
sourcing and trading business is developing into a more integrated platform encompassing cultivation, trading, processing,
research and development and the commercialisation of higher-value seaweed-derived products.
The year also saw a change to the composition and leadership of the Board. Paul Stephenson resigned as Chairman and
Director in June 2026, following which Francesco Cannavo assumed the role of Executive Chairman. Mr Stephenson continues
to support the Group under a contracted consultancy arrangement.
Financial and Operating Performance
For the financial year ended 30 June 2026, the Group generated revenue from continuing operations of A$3.444 million,
compared with A$235,990 in the previous financial year.
The substantial increase reflects the development of the Group’s Indonesian seaweed trading operations during FY2026. From
commencement of those operations on 15 May 2025 through to 30 June 2026, aggregate gross sales reached
approximately IDR45.49 billion, equivalent to approximately A$3.68 million.
During the year, the Group also secured a US$375,000 trade finance facility to support the Indonesian operations. Following
year end, that facility was extended for a further 12 months to 31 August 2027, providing additional working capital support for
the continued development of the trading business.
Strategy and Growth – The Innovation and Application Centre
A major development during FY2026 was the securing of a lease over an approximately 3.4-hectare coastal site at Laikang
Village in Takalar Regency, approximately 40–50 kilometres south of Makassar, for the establishment of the Group’s Seaweed
Innovation and Application Centre. The site comprises approximately 33,719 square metres and contains existing aquaculture
pools together with substantial additional capacity for cultivation, processing, drying, storage and research infrastructure.
The Centre is planned to incorporate onshore tanks for the cultivation of multiple seaweed species, existing in-ground
aquaculture pools, seaweed production, drying, processing and storage facilities and a working laboratory supporting the
Group’s research and development activities.
The location also complements the Group’s four-year cooperation agreement with the Maritime Institute of Technology and
Business Balik Diwa Makassar (ITBM). That relationship encompasses education, research, workforce development and
applied innovation and is expected to support collaboration across cultivation, processing, research, training and operational
activities at the Centre.
Ocean Sciences Ltd | ASX: OSS | 29 September 2026
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Research and Development and Pathways to Commercialisation
The Group continued during FY2026 to advance its strategy of applying its seaweed platform to the development of higher-
value products and applications, with its research and development activities increasingly focused on identifying pathways
through which successful R&D programs can progress towards commercialisation:
• Bio-stimulant/bio-fertiliser: Temasek Polytechnic: Development of a new seaweed-based agricultural product,
evaluating green, red and brown seaweeds to identify the preferred ingredient base and formulation for further
development and commercial testing.
• Green seaweed kefir: Singapore Polytechnic FIRC: Development of a freeze-dried powdered formulation to improve
shelf life and scalability and broaden its potential application across beverage and food products.
• Fucoidan – BRIN: Advanced to Stage 2, focusing on fucoidan extraction technology and development of a powdered
supplement prototype, with a pathway towards technology licensing and commercialisation.
• Project Giddy-Up: Temasek Innovation Holdings: Two-stage cell-based efficacy testing of the Group’s seaweed-
derived men’s vitality nutraceutical.
The appointment of Ifat Mazouz as Chief Scientific Officer further strengthened the Group’s ability to manage these programs
and progress its R&D pipeline towards commercial outcomes.
Closing
On behalf of the Board, I extend our sincere thanks to our employees, research and commercial partners and particularly the
Indonesian seaweed farming communities whose continuing commitment and collaboration underpin the Group’s operations.
I also thank our shareholders for their continued support during a year in which the Group has made substantial progress in
establishing its seaweed business and laying the foundations for its next stage of development.
Yours sincerely
Francesco Cannavo
Executive Chairman
Ocean Sciences Ltd
Ocean Sciences Ltd (formerly BPH Global Ltd)
Directors' report
30 June 2026
5
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as
the 'consolidated entity' or 'group') consisting of Ocean Sciences Ltd (formerly BPH Global Ltd) (referred to hereafter as the
'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2026.
Directors
The following persons were directors of Ocean Sciences Ltd (formerly BPH Global Ltd) during the whole of the financial year
and up to the date of this report, unless otherwise stated:
Paul Stephenson (Non-executive chairman, resigned 21 June 2026)
Francesco Cannavo (Executive director)
Matthew Leonard (Executive director)
Yanhua Huang (Non-executive director, resigned 3 September 2026)
Deepak Jha (Executive director)
Principal activities
BPH Global Limited is a plant-focused biotechnology company with focus on producing foods, health and cosmetic products
which deliver Traditional Chinese Medicine (TCM)-based health outcomes. It focuses on the research & development,
production and commercialisation of TCM products, including raw seaweeds and sea plants as sustainable plant-based protein
foods and nutraceutical and pharmaceutical ingredients extracted from seaweeds and sea plants for utilisation in the food,
nutrition, healthcare, health supplements, cosmetics and personal care industries.
During the financial year the group's product focus was on:
● the development of a seaweed operation in Indonesia to sell raw seaweed, produce bio-stimulant seaweed products and
extract neutraceuticals for infusion in food, health and cosmetic products;
● research and development work into the extraction of minerals, nano-minerals and chemicals for use in battery and
energy industries; and
● research and development work on the production and extraction of biohydrogen and other biogases.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of operations
The loss from continuing operations for the consolidated entity after providing for income tax and non-controlling interest
amounted to $1,612,280 (30 June 2025: $1,314,293). During the year the Group entered into an arrangement to dispose of
its Chinese subsidiary, which incurred a loss of $126,337 (30 June 2025: $172,884).
The consolidated entity raised funds from equity raising during the year of $2.1million before costs, and entered into
arrangements with some creditors, including partially settling prior period director fees via the issue of equity, too enable it to
operate during the year. The net liability position at 30 June 2026 is $635,573 (2025: $1,464,466).
Significant changes in the state of affairs
The directors were focussed on raising capital and funding operations, while rationalising the Group’s business and investment
opportunities. The consolidated entity obtained US$375,000 in trade financing during the year with the initial term ending in
August 2026. Subsequent to the year end the Group extended the facility for a second year.
The directors also accepted ordinary shares to settle unpaid Director fees of $455,000, with the consolidated entity issuing
227,500,000 ordinary shares.
The consolidated entity raised capital through a private placement in two tranches in September and November 2025, raising
$1,100,000 before costs and issuing 550,000,000 ordinary shares.
15,000,000 ordinary shares were issued to the vendors of the Indonesian seaweed operation acquired by the Group in 2025
to settle the deferred consideration that was established within the acquisition contract.
10,000,000 ordinary shares were issued to the lead manager as part of payments for managing the capital raise process.
During the year the Group entered into an agreement with the management of its Chinese subsidiary to dispose of its
ownership of the entity. As at 30 June 2026 formal transfer of ownership documentation was still in the process of being
completed.
Ocean Sciences Ltd (formerly BPH Global Ltd)
Directors' report
30 June 2026
6
On 6 February 2026, the Group announced that it had entered into a Memorandum of Understanding ("MoU") with Badan
Riset dan Inovasi Nasional (BRIN), Indonesia's national Research and Innovation agency to develop R&D projects in
collaboration with the agency. The first project to be advanced under the MoU is expected to be the Group's Fucoidan
extraction technology (see ASX announcement on 6 February 2026).
On 13 February 2026 the consolidated entity raised an additional $1million in capital before costs, issuing 500,000,000
ordinary shares.
During the year a total of 11,533,338 share options expired.
On 6 May 2026, the Group announced it had entered into a Memorandum of Understanding with Maritime Institute of
Technology and Business (ITBM) Balik Diwa Makassar. The MoU establishes a general cooperation framework under which
the parties will collaborate across education, research, development, innovation and operational activities. The collaboration
is intended to support the development, utilisation and industrial down streaming of R&D outputs, including work on emerging
seaweed species. The MoU also represents an important step of the Takalar coastal development site in South Sulawesi,
Indonesia.
There were no other significant changes in the state of affairs of the consolidated entity during the financial year.
Matters subsequent to the end of the financial year
On 11 September 2026 the Group held an Extraordinary General Meeting. At the meeting the following matters were approved
by shareholders:
● Issue of 250,000,000 placement options, relating to the placement of 500,000,000 shares in February 2026. Options will
be exercisable at $0.004, expiring 3 years after issue.
● Issue of 107,750,000 Lead Manager options relating to the placement of 500,000,000 shares in February 2026.
● The issue of up to $1,000,000 worth of shares to raise funds, pursuant to Listing Rule 7.1.
● Share consolidation, whereby every 10 shares will be consolidated into 1 share. Accordingly, the issued share capital of
the Group was reduced from 2,353,484,651 to 235,348,465 shares on issue. All share options and performance rights
were also reduced by a factor of 10, with the exercise prices multiplied by 10. The share consolidation was completed
on 24 September 2026.
● Change of the Company Name from BP8 Global Ltd to Ocean Sciences Ltd, reflecting the Group's increased focus of
Research and Development of seaweed and other Blue Technologies.
On 31 August 2026, the Group renewed its trade financing facility for a further 12 month term through to 19 August 2027.
On 3 September 2026, Yanhua Huang resigned as a Non-Executive Director of the Group.
No other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial
years.
Likely developments and expected results of operations
The consolidated entity will continue to develop the seaweed business in Indonesia, having secured an extension to Trade
Finance Facility. Further research and development work will continue on the variety of mineral and by-products to be
extracted from the seaweed stock, with the establishment of the Makassar Coastal Site.
Environmental regulation
The consolidated entity is not subject to any significant environmental regulation under Australian Commonwealth or State
law.
Ocean Sciences Ltd (formerly BPH Global Ltd)
Directors' report
30 June 2026
7
Information on directors (as at date of this report)
Name: Francesco Cannavo
Title: Executive Chairman (appointed as Chairman 21 June 2026)
Experience and expertise: Mr Cannavo is an experienced public company director with significant business and
investment experience working with companies operating across various industry
sectors. Mr Cannavo is the founder of Golden Venture Capital, a corporate advisory firm
based out of Melbourne, Australia. He has been instrumental in assisting many listed
and unlisted companies achieve their growth potential by providing strategic advice on
raising investment capital and completing strategic acquisitions. He is an entrepreneur
with a strong network of investors and industry contacts in the public company sector in
Australia and throughout the Asia-Pacific region. He has extensive experience in capital
raisings, investment activities and IPOs.
Other current directorships: Golden Mile Resources Ltd (ASX: G88)
Western Mines Group Ltd (ASX: WMG)
Former directorships (last 3 years): Lightning Minerals Ltd (ASX: L1M, resigned 28 November 2024)
IBP Petroleum Ltd (ASX: IPB, resigned June 2024)
Interests in shares: 10,549,894 ordinary shares
Interests in options: 100,000 Options exp 28/02/2027 exercisable at $1
83,333 Options exp 07/07/2027 exercisable at $0.5
933,333 Options exp 11/12/2026 exercisable at $0.2
416,667 Options exp 13/12/2027 exercisable at $0.06
833,333 Options exp 28/02/2028 exercisable at $0.06
3,500,000 Options exp 4 December 2027 exercisable at $0.04
Interests in rights: 1,500,000 Class A Performance Rights
1,500,000 Class B Performance Rights
Name: Matthew Leonard
Title: Executive Director
Experience and expertise: Mr Leonard is an accomplished and internationally proven business development
professional. With over 12 years of outstanding record of achievement in demanding,
complex and highly competitive markets. He possesses expertise across advertising,
marketing and media event management sectors, with recent focus on linking
opportunities with high net worth individuals throughout Asia. Mr Leonard is also a
member of Golden Venture Capital which provides corporate advisory and consultancy
services. In this role, Mr Leonard has assisted a number of companies to raise capital
throughout Asia and Australia.
Other current directorships: Agri Skylight Ltd (NSX: AGS)
Former directorships (last 3 years): Go DX (NSX:GD8, resigned 8 October 2024)
Interests in shares: 12,116,667 ordinary shares
Interests in options: 100,000 Options exp 28/02/2027 exercisable at $1
83,333 Options exp 07/07/2027 exercisable at $0.5
533,333 Options exp 11/12/2026 exercisable at $0.2
416,667 Options exp 13/12/2027 exercisable at $0.06
833,333 Options exp 28/02/2028 exercisable at $0.06
4,500,000 Options exp 04/12/2027 exercisable at $0.04
Interests in rights: 1,500,000 Class A Performance Rights
1,500,000 Class B Performance Rights
Name: Deepak Jha
Title: Executive Director
Experience and expertise: Deepak Jha has over twenty years of experience in the trading, mining, manufacturing
and investing sectors in Indonesia. He is a director and shareholder of Mitro Agro
Global.
Other current directorships: None
Former directorships (last 3 years): None
Interests in shares: Nil
Interests in rights: 1,500,000 Class A Performance Rights
1,500,000 Class B Performance Rights
Ocean Sciences Ltd (formerly BPH Global Ltd)
Directors' report
30 June 2026
8
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.
All shareholdings, option holdings and performance rights holdings and the associated terms reported for each director above
are after being adjusted for the share consolidation approved by shareholders on 11 September 2026 and completed on 24
September 2026, whereby every 10 shares on issue were consolidated into 1 share.
Company secretary
Justyn Stedwell
Mr Stedwell has over 18 years’ experience as Company Secretary of ASX listed companies and has also served as Non-
Executive Director on several ASX listed company boards. He holds a Bachelor of Commerce from Monash University, a
Graduate Diploma of Accounting from Deakin University and a Graduate Diploma in Applied Corporate Governance from the
Governance Institute of Australia.
Meetings of directors
The number of meetings of the company's Board of Directors ('the Board') held during the year ended 30 June 2026, and the
number of meetings attended by each director were:
Full Board
Attended Held
Paul Stephenson 6 6
Frank Cannavo 6 6
Matthew Leonard 6 6
Yanhua Huang - 6
Deepak Jha 6 6
Held: represents the number of meetings held during the time the director held office.
Remuneration report (audited)
This report outlines the remuneration arrangements in place for Directors and key management personnel of the Group.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including all directors.
Principles used to determine the nature and amount of remuneration
The Board of Directors is responsible for determining and reviewing compensation arrangements for the Directors and senior
executives. The Board assesses the appropriateness of the nature and amount of emoluments of such officers on a periodic
basis by reference to relevant employment market conditions, with the overall objective of ensuring maximum stakeholder
benefit from the retention of a high quality Board and executive team.
Remuneration of Directors and executives is referred to as compensation as defined in AASB 124.
Compensation levels for key management personnel of the Group are competitively set to attract and retain appropriately
qualified and experienced Directors and executives.
The compensation structures explained below are designed to attract suitably qualified candidates, reward the achievement
of strategic objectives, and achieve the broader outcome of creation of value for shareholders. The compensation structures
take into account:
● the capability and experience of the key management personnel;
● the key management personnel’s ability to control the relevant segments’ performance;
● Group’s performance including:
(i) the consolidated entity's earnings;
(ii) the growth in share price and delivering constant returns on shareholder wealth; and
(iii) the amount of incentives within each key management person’s compensation.
Ocean Sciences Ltd (formerly BPH Global Ltd)
Directors' report
30 June 2026
9
Additionally, the reward framework should seek to enhance executives' interests by:
● rewarding capability and experience
● reflecting competitive reward for contribution to growth in shareholder wealth
● providing a clear structure for earning rewards
In accordance with best practice corporate governance, the structure of non-executive director and executive director
remuneration is separate.
Compensation packages include a mix of fixed and variable compensation and short- and long-term performance-based
incentives.
In addition to their salaries, the Group also provides non-cash benefits to its key management personnel, and contributes to
post-employment superannuation plans on their behalf.
Fixed remuneration
Fixed compensation consists of base compensation (which is calculated on a total cost basis) to the Group, as well as
employer contributions to superannuation funds.
Compensation levels are reviewed annually through a process that considers individual, segment and overall performance of
the Group.
Performance-linked remuneration
Performance-linked compensation includes both short-term and long-term incentives and is designed to reward key
management personnel for meeting or exceeding their financial and personal objectives. The short-term incentive (STI) is an
“at risk” bonus provided in the form of cash, while the long-term incentive (LTI) is provided as options over ordinary shares of
the Group under the rules of the Employee Share Option Plan.
Long-term incentives
Options may be issued under the Employee Share Option Plan and it provides for key management personnel to receive
options over ordinary shares for no consideration.
The ability to exercise the options may be conditional on the Group achieving certain performance hurdles. The performance
hurdles comprise the Group reaching and exceeding its budgeted profit forecast.
Short-term incentive bonus
Financial and non-financial objectives are used to determine key management personnel performance.
No use was made of remuneration consultant during the year.
Voting and comments made at the company's 14 November 2025 Annual General Meeting ('AGM')
At the 14 November 2025 AGM, 93.1% of the votes received supported the adoption of the remuneration report for the year
ended 30 June 2025. The company did not receive any specific feedback at the AGM regarding its remuneration practices.
Details of remuneration
Amounts of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables.
The key management personnel of the consolidated entity consisted of the following directors of Ocean Sciences Ltd (formerly
BPH Global Ltd):
● Paul Stephenson (Non-executive chairman resigned 21 June 2026)
● Frank Cannavo (Executive director)
● Matthew Leonard (Executive director)
● Yanhua Huang (Non-executive director)
● Deepak Jha (Executive director)
Ocean Sciences Ltd (formerly BPH Global Ltd)
Directors' report
30 June 2026
10
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary Cash Annual- Super-
Long
service Equity-
and fees bonus leave annuation leave settled Total
2026 $ $ $ $ $ $ $
Non-Executive Directors:
Paul Stephenson 120,000 - - 14,400 - 59,655 194,055
Yanhua Huang 120,000 - - - - - 120,000
Executive Directors:
Frank Cannavo 120,000 - 10,338 14,400 - 59,655 204,393
Matthew Leonard 120,000 - 10,338 14,400 - 59,655 204,393
Deepak Jha 101,893 - - - - 59,655 161,548
581,893 - 20,676 43,200 - 238,620 884,389
Short-term benefits
Post-
employment
benefits
Long-term
benefits
Share-
based
payments
Cash salary Cash Annual- Super-
Long
service Equity-
and fees bonus leave annuation leave settled Total
2025 $ $ $ $ $ $ $
Non-Executive Directors:
Paul Stephenson 120,000 - - 13,800 - - 133,800
Yanhua Huang 120,000 - - - - - 120,000
Executive Directors:
Frank Cannavo 120,000 - 15,117 13,800 - - 148,917
Matthew Leonard 120,000 - 15,117 13,800 - - 148,917
Deepak Jha* 39,040 - - - - - 39,040
519,040 - 30,234 41,400 - - 590,674
* Deepak Jha was appointed on 22 April 2025.
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Fixed remuneration At risk - STI At risk - LTI
Name 2026 2025 2026 2025 2026 2025
Non-Executive Directors:
Paul Stephenson 69% 100% - - 31% -
Yanhua Huang 100% 100% - - - -
Executive Directors:
Frank Cannavo 71% 100% - - 29% -
Matthew Leonard 71% 100% - - 29% -
Deepak Jha 63% 100% - - 37% -
Service agreements
Remuneration and other terms of employment for the Directors and other Key Management Personnel are formalised in a
Service Agreement. The major provisions of the agreements relating to remuneration are set out below:
Ocean Sciences Ltd (formerly BPH Global Ltd)
Directors' report
30 June 2026
11
Director Base salary/Fees Term of agreement Notice period
Frank Cannavo AU$120,000 No fixed term 4 months
Matthew Leonard AU$120,000 No fixed term 4 months
Yanhua Huang AU$120,000 No fixed term 4 months
Deepak Jha* US$54,000 One year No Notice period
* Deepak Jha is employed by PT BPH Global Indonesia as its Operations Manager, as well as being a Director of the
Company. In addition to his base salary, the service contract includes a monthly allowance. The contract is reviewed and
extended on an annual basis.
Share-based compensation
Issue of shares
Details of shares issued to directors and other key management personnel to settle outstanding fees during the year ended
30 June 2026 are set out below:
Name Date Shares Issue price $
Paul Stephenson 27 November 2025 62,500,000 $0.002 125,000
Frank Cannavo 27 November 2025 75,000,000 $0.002 150,000
Matthew Leonard 27 November 2025 90,000,000 $0.002 180,000
Shares were issued to settle outstanding fees from prior periods.
The number of shares issued noted in the table above has not been adjusted for the share consolidation that occurred on 24
September 2026, whereby every 10 shares were consolidated into 1.
Options
The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other key
management personnel in this financial year or future reporting years are as follows:
Number of Fair value
options Vesting date and Exercise per option
Name granted * Grant date exercisable date Expiry date price at grant date
Paul Stehenson 31,250,000 14 November 2025 14 November 2025 4 December 2027 $0.004 $0.000
Frank Cannavo 37,500,000 14 November 2025 14 November 2025 4 December 2027 $0.004 $0.000
Matthew Leonard 45,000,000 14 November 2025 14 November 2025 4 December 2027 $0.004 $0.000
* Options were issued as free attaching options to the shares issued to settle prior fees, consistent with the terms of the
capital raise approved at the same Annual General Meeting on 14 November 2025.
Options granted carry no dividend or voting rights.
The number of share options reported above has not been adjusted for the share consolidation that occurred on 24 September
2026, whereby every 10 share options was consolidated into 1 share option and the exercise price multiplied by 10.
Performance rights
During the year the Directors were granted Performance Rights, approved at the Company AGM on 14th November 2025.
The valuation of the Rights was estimated using the Hoadley Parisian Barrier model. The inputs to the model were as follows:
Performance Grant date Expiry date Share price Barrier Risk Free Volatility Right
Right at Grant Price Rate Value
Series Date % %
Series A 14/11/2025 14/11/2030 $0.002 $0.004 3.9% 253% $0.002
Series B 14/11/2025 14/11/2030 $0.002 $0.006 3.9% 253% $0.002
Performance Rights were distributed as follows:
Ocean Sciences Ltd (formerly BPH Global Ltd)
Directors' report
30 June 2026
12
Performance Performance
Rights Rights
A B
Paul Stephenson 15,000,000 15,000,000
Frank Cannavo 15,000,000 15,000,000
Matthew Leonard 15,000,000 15,000,000
Deepak Jha 15,000,000 15,000,000
60,000,000 60,000,000
The number of Performance Rights reported above has not been adjusted for the share consolidation that occurred on 24
September 2026, whereby every 10 performance rights was consolidated into 1 performance right. The barrier price for the
performance rights has also been multiplied by 10.
Additional information
The earnings of the consolidated entity for the five years to 30 June 2026 are summarised below:
2026 2025 2024 2023 2022
$ $ $ $ $
Sales revenue from continuing operations 3,444,497 235,990 - 339 494,005
EBITDA from continuing operations (1,459,984) (1,280,967) (1,650,991) (2,860,498) (4,551
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