Ann: Letter to Shareholders-Notice of Meeting and Proxy Form, page-108

Unfortunately, this couldn’t have happened at a more worse time for IXR in my opinion, as our share price has already been decimated over the past year. Couple this with the feasibility study being overdue and uncertainty regarding mining licence and here we are today. That quarterly which should be released today better have some good insights as to where we are at. I am a big advocate and supporter of Tim but whichever way you look at this, it isn’t a good look for the company.

I am still undecided regarding which way I will vote but in my view there are two options here, both have merits :

1) Pay the piss off money in the form of 500k and 3.5 million in performance shares. The annoying part here is that no one except the board and Jill will know the reason for her departure. A confidentiality/non disclosure agreement has already been signed between the parties. I am leaning towards this option not because I really want to but I think this makes more sense from a commercial resolution standpoint.

2) Vote No and then kick her out at the AGM in November 2023. She derives her salary for the next 10 months or so which is circa 100k USD, likely to be a pain in the arse and may ultimately end up going down the litigation route (court as opposed to the current mediation already entered into) which could conceivably end up costing IXR more in the long run and be a massive business disruption. She still probably ends up with her performance shares of 3.5 million as the wording towards them vesting is quite vague ‘introduction to a party that signs an offtake’. It is easily arguable that an ‘introduction’ can be in many forms (networking event, phone call, word of mouth, email) etc you get the point. An offtake will likely be signed and therefore she could come back at a later date to say I ‘introduced’ that party to IXR.

Let’s see what comes in the quarterly and the next couple of months. Cheers, CP.