Ann: Application for quotation of securities - LRS, page-5

Important to be clear on the facts so we can make good judgements.

Performance rights are granted to directors/management and 'vest' (i.e. they convert from rights to shares) at the point in time when the 'hurdles' are met (hurdles being the conditions listed in resolutions put to shareholders who then vote to either either approve or reject the granting of performance rights.

So there is no cash required to convert performance rights (the reference to a price of 0.21 is simply the conversion price (which is then used by the ATO to determine part of the tax payable by the holder of the new shares).

As for the 2,450,000 rights which are referenced, I'm confused which rights these relate to. There are existing rights relating to achievement of JORC tonnage hurdles (40,60,80MT) and market caps ($800m, $1bn and $1.2bn) as well as one for CG which vests upon completion of a DFS.

But I can't see any notices which awarded 2,450,000 rights to directors. The rights are usually round numbers like 3m or 9m, but never strange numbers like 2.45....

As an example of these tonnage related rights (there is another batch which vest if we hit 80MT).