Not sure there has been any change or departure from dates. “On or before” means just that, and when issuing performance shares with conditions attached you would definitely want contingency built in for an unexpected lag rather than have them lapse through no fault of the employee.
Unless the company advises otherwise, I am still expecting to see an announcement before Aug 19 on whether the scoping study has resulted in a formalised joint venture agreement with Total. Unless PRL advises the market otherwise, I don’t see these conditions to Roger Martin’s performance shares changing that target.
Then, in the months to follow (sooner rather than later, but certainly no later than Oct 2022), the partners announcing the commencement of the preliminary feasibility study - a mammoth task that will have the combined JV team working on it. After 9-12 months (but no later than Oct 2023) I’d then expect to have the PFS complete and the outcome announced.
There is every incentive for PRL and Total to act as early as is practical to deliver a PFS. I don’t think anyone is looking to delay or slow this process down and I didn’t see the conditions attached to his performance shares as materially changing existing timeframes the company has indicated in prior explicit announcements.
PRL Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
(20min delay)