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SuperN - I had expressed some concern to OzB that perhaps PLS board were more keen to go mining, and that the recent incentive options (unvested) would mean someone like KB is well-incentivised to get us to mining / production. Rather than entertain a change of control.

However, the 24/7 drilling has me wondering... why the urgency. DFS yes, but still seems rather urgent to prove up max resource ASAP.

Did some digging, and schedules' 2/3 from the March 16th ann pre our GM on April 18th show that all of the recent option issues have two interesting clauses;

"15. Change of Control: The Board may in its absolute discretion determine that all unvested Plan
Options automatically vest on the following events occurring:
(a) the Company announces that its shareholders have at a Court convened meeting of
shareholders voted in favour, by the necessary majority, of a proposed scheme of
arrangement (excluding a merger by way of scheme of arrangement for the purposes of a
corporate restructure (including change of domicile, consolidation, sub-division, reduction
or return) of the issued capital of the Company) and the Court, by order, approves the
scheme of arrangement; or
(b) a Takeover Bid:
(i) is announced;
(ii) has become unconditional; and
(iii) the person making the Takeover Bid has a Relevant Interest in 50% or more of
the Shares; or
(iv) any person acquires a Relevant Interest in 50.1% or more of the Shares by any
other means."

also this one for cashless exercising;

"8. Cashless Exercising: An Invitation may specify that a holder of Plan Options may, at the time of
exercise, elect to the applicable exercise price per Plan Option by setting off the total applicable
exercise price against the number of Shares which they are entitled to receive upon exercise
(Cashless Exercise Facility) in accordance with the following formula:
= × ( − ) /
Where:
S = the number of Shares to be issued or transferred to the Participant on exercise
of Plan Options using the Cashless Exercise Facility
O = the number of Plan Options exercised by the Participant using the Cashless
Exercise Facility
MV = the Market Value of a Share at the time of exercise using the Cashless Exercise
Facility
OEP = the exercise price per Plan Option of the Plan Options exercised using the
Cashless Exercise Facility
The Cashless Exercise Facility may only be used by a Participant if the difference between the
exercise price per Plan Option and the Market Value per Share at the time of exercise is greater
than zero."