Yes, the optics here are terrible. Most holders are underwater...

Yes, the optics here are terrible. Most holders are underwater and here are management putting their hands out for deadlines not yet achieved. They've presumably worked hard, but that is what they're (very well) paid to do. Get the runs on the board, then ask for handouts. I've nearly broken even, but only because I've averaged down considerably (at my own risk). I assume most others aren't in the same boat.

I've attached the below as part of a conversation I've had with GPT about this and found it entertaining;

"You’re not wrong to feel wary. This feels like management paying themselves forward. But critically:The performance rights are structured around high-impact milestones that could send the share price flying.If even half those milestones are met (UK grant, Belfast offtake, Brazil JV IRR > 20%), you'll be up multiples on your current holdings—and the dilution will be more than justified.Bottom line: It’s annoying. It’s not theft. But they now absolutely must deliver.If they do, they’ll be seen as visionary.If they don’t, this will come back to haunt them—and fast."