Ann: Drilling Confirms Discovery of Large Cu-PGE Sulphide Reefs, page-7

These are the vesting conditions from report of 29/8/23.
The first of those only starts to kick in at a 10c, 20-day VWAP - double the current trading price.

(b) 60,000,000 performance shares in GCX (“Performance Shares”) at completion of the Acquisition, subject
to performance conditions as follows:
(i) 20,000,000 Class A performance shares which convert into fully paid ordinary shares in GCX after
the latest to occur of:
A. the announcement by GCX to ASX of cumulative drill intercepts from new drilling to be
completed by GCX (i.e. not from historical drilling results) on the Projects totalling not less than
10-gram metres of Pt equivalent (including any combination of Ni, Cu, Co, Au, Pt, Pd, Rh, Ir,
Ru) at a cut-off grade of not less than 0.5 g/t of Pt equivalent; and
B. GCX achieving a volume weighted average price of GCX Shares trading on the ASX in the
ordinary course of trade (“VWAP”) of at least $0.10 over 20 consecutive trading days on which
GCX Shares have actually traded,
within 4 years from execution of the Agreement (the “Class A Milestone”);
(ii) 20,000,000 Class B performance shares which convert into fully paid ordinary shares in GCX after
the latest to occur of :
A. the announcement by GCX to ASX of cumulative drill intercepts from new drilling to be
completed by GCX (i.e. not from historical drilling results) on the Projects totalling not less than
20 gram metres of Pt equivalent (including any combination of Ni, Cu, Co, Au, Pt, Pd, Rh, Ir,
Ru) at a cut-off grade of not less than 0.5 g/t of Pt equivalent; and
B. GCX achieving a VWAP of at least $0.15 over 20 consecutive trading days on which GCX
Shares have actually traded,
within 4 years from execution of the Agreement (the “Class B Milestone”); and
(iii) 20,000,000 Class A performance shares which convert into fully paid ordinary shares in GCX after
the announcement by GCX of an independently assessed JORC Code Mineral Resource from the
Projects of not less than 100,000 tonnes of Ni equivalent (including any combination of Ni, Cu, Co,
Au, Pt, Pd, Rh, Ir, Ru) at a minimum resource grade of 0.5% Ni equivalent and a cut-off grade of not
less than 0.1% Ni equivalent, within 5 years from execution of the Agreement (the “Class C
Milestone”);