Ann: Notification regarding unquoted securities - ARU, page-3

From the notice:


Note the last sentence. The 9m shares will be issued to the CFO SUBJECT TO satisfaction of the "Nolans Project Success Plan's" performance and vesting conditions being met.

The only place I've seen the "Nolans Project Success Plan" is in the new MD's/CEO's "I have arrived" announcement of 5/2/24:



All these milestones are construction and operations related. As you have previously noted @Birchcorp, in order to commence "Main Construction", equity finance will have to have been secured and (in part) spent, before any of the debt is drawn down. By that point, the CFO will have done his job: securing both debt (IMO already done and supported by sufficient binding offtake) AND equity.