So in summary each tranche for each project is: 500K shares for...

So in summary each tranche for each project is: 500K shares for directors except Iggy who gets 2.5M and Uwe 2M

Silumina Anodes plant

TRANCHE 1: 12c + DFS completed + pilot plant completed
TRANCHE 2: 15c + obtaining project funding
TRANCHE 3: 19c + plant producing 10,000tpa of Silumina Anodes material

CERENERGY® battery plant

TRANCHE 1: - 12c + DFS completed
TRANCHE 2: - 15c + obtaining project funding
TRANCHE 3: - 19c + plant producing the first battery

Silumina Anodes
Tranche 1 is virtually a handout. Any pumping event(s) that drive the SP over 12c for a 3-week period will trigger it.
Tranche 2 triggering is massive. A fully funded project implies battery manufacturer offtake and that the product has passed qualification etc and 15c but I think the SP would be well north of that.
Tranche 3 - 19c and finally making money - everyone is happy.

Both projects are running in parallel which is great, but it means success on one project lowers the SP bar on the other project.
E.g if Silumina Anodes Tranche 3 is triggered the SP will be well north of the 15c bar for the battery plant tranche 2.
Imagine the SP if the Silumina Anodes plant is producing AND the battery plant receives funding.
Few will be complaining if that happens.
So in summary I'm happy with tranches 2 & 3 as reaching these milestones means shareholder value is unlocked and so I don't care what the SP bar is for them,
Tranche 1 does not unlock shareholder value. It is not a measure of success just part of the work they get paid for. I wouldn't vote for it if each tranche had a separate resolution, but they have bundled them together for the obvious reason.