Ann: Paul Brown (CEO) LR 3.16.4 Information, page-4

I get a lot of laughs at dinner parties as things have it. Especially my HAS stories... did you hear about the $150M loan to Twiggy Charles sold as a "cornerstone investment", juicing stock to the $5.50 con-note 'option exercise price' (Twiggy's option, never going to happen) then immediately suckered the brokers into a $110M Cr at $4.40, before shares dropped to $3.20 in a month once the market worked out they'd been played like a fiddle, the Feb22 DFS was a crock of shite, and everybody on the European funding tour shut the door in HAS face.... told well it has them in stitches

You are going to see what you want to see, I'm not here to change your mind. IMO, PB is getting paid overs for a non-producer, currently stalled and debt-ridden developer, way short of equity and commercial debt requirements, fully shovel ready after DSF Version 5, basically in a holding pattern waiting for either RE prices to miraculously go to the moon, government to pick up the bill despite being at the wrong end of the cost curve, or Twiggy takeover if humidity really has riddled his brain that badly.

Fact is, at $1 the market doesn't expect Yangi to get up, so PB has ZERO reputational risk if it doesn;t... no amount of flogging going revive a dead horse. The last CEO, Vorster, came in before the last capex/opex blowout after NAIF called BS on the Feb22 DFS, from where shares tanked to cash backing with Vorster at the wheel. He only got paid $550k annualised package, plus 100k PR's, when it looked like HAS had a chance and lots of work needed to be done with a new multi-stage plan to try and make it happen.

This new dude comes on with nothing to be done, nothing actually being done, in a holding pattern, shares at rock bottom for huge free upside if an RE price, guvvie subsidy or Twiggy takeover miracle happens. HAS is great at handing out free options... Wyloo's con-note loan option, now PB's do-nothing but wait in hope someone outside his control comes along and fills his bags with a deal option. Maybe I'm not keeping up with inflation, but $725k to do nothing, plus 3 large chunks of incentive upside seems way over for a holding pattern position

"I'd suggest that the money is fairly inconsequential to Paul Brown"... too funny, package says otherwise. I'd suggest Charles needs to keep up the image of "Australia’s next rare earths producer" pending success (as he starts off every release) with a credible CEO, because the day he stops lobbying government's with the credibility confidence trick that Yangi really is a great project and next rare earth producer, is the day all hope is lost. He needed to pay big for a credible candidate and fair enough, I get it.