Ann: Vesting and exercise of performance rights, page-5

OK, so there were 3 tranches of bonus shares based on milestones. They expire on 21 Sept 2022, and to get them you still have to be on the payroll 2 years after the milestone was hit.

3M in total for the MD, 7M for the other executives. The 2018 ann doesn't say how many per tranche, but the latest 2A says 5,450,000 remain. Given 2,050,000 were just converted, that would mean 2.5M can not be exercised.

The DFS was hit 2 years ago, so Tranche 1 was issued to any of the execs still on the payroll. Given 2.5M of them have vanished into the ether, looks like some of them may have expired on someone resigning. Someone could go back and see if they can find this. There might be a 2A/3B with the expiry details.

Given they expire 21 Sept 2022 and you have to be on payroll 2 years post milestone for them to vest, the milestones had to be hit by Sept 2020, i.e. if not hit now they have effectively expired.

Tranche 2 was for mining lease, not sure if the mineral leases granted on 22 July 2020 are the same thing as a mining lease or not. If yes, they will vest 22 July 2022 for any recipient still on the payroll.

Tranche 3 was for funding the project. No cigar there.