Here are some critical points and potential red flags from the...

Here are some critical points and potential red flags from the Notice of General Meeting:

1. Ratification of Placement Shares and Options: The company issued 165,043,898 Placement Shares and 82,521,949 Placement Options under a private placement (Page 6). This was done under the company's 15% placement capacity under ASX Listing Rule 7.1 and 10% Additional Placement Capacity under ASX Listing Rule 7.1A. The company is seeking ratification of the issue of these shares and options to retain as much flexibility as possible to issue additional equity securities in the future without having to obtain shareholder approval. This could potentially dilute the holdings of existing shareholders, which might not be in their best interest.

2. Performance Rights: The company issued 14,320,000 Performance Rights under the Company’s Performance Share Plan (PSP), of which 5,560,000 Performance Rights were issued under the Company’s 15% placement capacity under ASX Listing Rule 7.1 (Page 6). The company is seeking ratification for these as well. The issuance of these performance rights could potentially dilute the holdings of existing shareholders.

3. Remuneration of Managing Director: The company has decided to include an incentive-based component in the remuneration package for Mr. Chris McFadden, the Managing Director (Page 9). While incentive-based remuneration can align the interests of the director with those of the shareholders, it's important to ensure that the KPIs set for the vesting of these rights are challenging yet achievable, and truly contribute to the company's long-term success.

4. KPIs for Vesting of Director Performance Rights: The KPIs for the vesting of Director Performance Rights include the Company's share price reaching certain thresholds for a period of at least one calendar month and Mr. McFadden remaining employed by the Company until specific dates. There are also short-term incentive KPIs and Board discretion KPIs (Page 11). The reliance on share price as a KPI could potentially encourage short-term decision-making to boost the share price temporarily. It's crucial to ensure that the KPIs promote sustainable, long-term growth.

5. Potential Dilution: If all of the Director Performance Rights granted to Mr. McFadden vest and are exercised, then a total of 57,550,000 new Shares would be issued. This would increase the number of Shares on issue from 1,257,291,807 to 1,314,841,807, diluting the shareholding of existing Shareholders by approximately 4.58% (Page 11). This dilution could potentially decrease the value of existing shareholders' investments.