Ann: EGM (Spill Meeting) & Closing Date for Director Nominations, page-19

Looking back at the Directors’Report (30 June 2024)

Read with the benefit of hindsight the 2024 Directors’ Report has some useful points to me:

To begin with, it appears to me that there was a Vote of no Confidence on the entire Board - except for David, the CEO! The vote to award him those options, while denying others, suggests so (as per AGM 2024).

Now to the Directors report!

Departed DirectorHoldings and Purchases

• The directors who voluntarily stepped down before the AGM collectively hold 140,000 + 118,626 shares, valued at approximately $52,000 (assuming 20c per share).
• Their on-market purchases were modest: 30,000–40,000 shares annually, amounting to $5,000 each per year at 20c per share, or under $2,500 annually since the share price was under 10c.
• These minimal investments represent a lack of serious financial commitment. However, their relatively small holdings mean their departures (if acrimonious) are unlikely to significantly impact the share price (SP). It seems strange that they didn't buy when they knew so much about to happen! Anyway!

AlbertHansen’s Holdings and Role

• Albert Hansen, the director at the center of the spill action, holds 11,104,034 shares (11+ million), representing 7% of the issued shares (156 million). At 20c per share, his holdings are worth over $2 million; at 10c per share, they are worth $1 million. He is a significant holder!
• Hansen’s share purchases have been notably more substantial than those of other directors. He is/was committed!
• His background as a retired U.S. Army Special Forces Captain raises the question of whether it is him who positively influenced the company’s relationship with U.S. military stakeholders!!

Anacrimonious departure by Hansen could have adverse consequences: were he to offload his holdings, or strainin relationships with key U.S. connections.

I hope that his refusal to walk out indicates a strong commitment to the company’s goals, so much that even if he is defeated, he will hang in there as a good boy and wait to return! Yep - he just needs to keep his buying.

PerformanceMetrics and Option Forfeitures

• Noted is what looks like a significant number of optionsforfeited in 2023 and 2024, with a 66% forfeiture rate in 2023 alone.
• This forfeiture suggests that the company failed to meet the KPIs tied to these options, which means underperformance. Did they set unachievable performance targets, or just underperform? Whatever the case, this screams GOOD RIDDANCE!

GLTAH!