am happy to be corrected on any of this: my cursory...

am happy to be corrected on any of this:

my cursory observations:
I have not made up my mind yet.

In no particular order.

1. Performance Rights vest at NIL consideration. (so PR are awarded at NIL consideration, and vest at NIL consideration.)

2. importantly, the default "consideration" award of PR is that the 40m PR will "cost" the directors a notional $10,000 per month for 10 months. So they forego $100,000 in salary over 10mths in order to receive these PRs.

3. I have no idea how they calculate the value of these PR at $0.0064 each? I think the $0.0064 figure is the theoretical value which will be placed on the PRs in the formal accounts of IXR. My street calcs say they forego $100k each to get 40m PR. So $100k / 40m says they "pay" $0.0025 for each PR. When SP is $0.009.

4. the $10k p/m (or $100k) is only for a period of 10mths. So after 10mths their salary returns to $420,000 p/a?!

5. whilst they forgo $100k of salary out to 31 Dec 2025, the benefit of the PR lasts until 30 April 2028. So 10 mths of sacrifice for what 3 years of potential upside !

6. They are quite right in saying that the PRs are at "risk" until 30 April 2028. These PR might be worth zilch by 2028? But of course, they the Board would be in the best position to determine that risk.

7. We shareholders are being asked to consider this proposal/resolution. We are being asked to confer a potential benefit to the directors. We are being asked to agree to a dilution. So there is a cost to us. Question is - do we have the same information as they do? Are we fully informed?

8. IMHO, I think both directors are doing a good job! Of all the PRs proposals I have seen, I just think these guys are working their butts off, and also have a lot of skin in the game. Don't forget, Chairman has put in $2m in cold hard cash from memory. AND, they are willing to provide some compensation for the award of these PRs.

9. I think the hurdles or vesting Conditions are light-on. ie Hurdles appear low.
We have been told the UK Grant application was for around UKpounds 20m.
So why does 1st Milestone vest at just UKpounds 5m??
Why not UKp 20m?
What does " prorated up to £10m" mean???
Does it mean grant of UKp5m gets 5m PRs? If grant is UKp 10m they get 10m PRs?
If IXR grant is only UKp 5m, is that a win??? Can IXR get Belfast up and running if grant is just UKp 5m??

10. I see Tranche 2 seems to indicate that Makuutu is included in Milestone agreement for issue of PRs?

11. Re Tranche 3 relating to an agreement to supply 50% supply of feedstock to Belfast, wasn't that contemplated in the VAC potential agreement ? So are they already half way there?

12. "The Company announces to ASX that it has signed binding recycled magnet rare earth oxides (REOs) offtake agreements from its Belfast facility for greater than 20% of proposed production"
- well, an Offtake agreement for supply of 20% of production from Belfast would be great - but I dare say Belfast would probably not be profitable, and would not be a "company changer". Would it be enough to satisfy UK Govt> Would it be enough to entice other potential global partners? I don't know.

13. No doubt, achieving most of those Milestones should be good for IXR's share price - one would imagine?

14. we were previously told that Directors had contributed to cutting costs by reducing their salaries. So it would appear that one director agreed to reduce salary from $482,000 to $420,000. The other from $509,000 to $420,000. Am not absolutely clear on that.

Anyway, am happy to hear the views of other shareholders (but not our resident Trolls).