I had similar thoughts. In particular I dont like the...

I had similar thoughts. In particular I dont like the performance shares for producing the DFS which either should have already been done or should be mostly done and waiting on a few final bits (depending on your view).

I wouldnt have as much of a problem if there was no A class for the DFS, the B and C class had "and ...VWAP ASX price is ..." instead of "or", and bring in the expirey date for the B class (funding) to be 1yr and the C class (commercial production) to be 2.5yrs.

I've been a bit flip flopping here since May, one minute I'm not happy, next minute a positive announcement, then back to underwhelmed again. Sentiment changed to hold for the time being. If you hold none I think its still a good speculation, but if you already hold not sure I'd be adding more at this point. Just MHO.