Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-4

The $50.6m consideration is now split between 50% scrip upfront and then 50% in performance rights vesting upon delivery of a JORC compliant technical study.

Given the study is likely a guaranteed product in the future, the $50m price being paid is no different today than it was back in 2023 when carbonate prices were multiple of todays. Looks like this variation to include the PR is just a tactic to shrink the undiluted market cap on listing to make the company seem cheaper and pushing dilution further out into the future.

If the board can't negotiate a much better price on this asset in this down market, we should walk away and find a different path. I would vote against the acquisition of Clayton Ridge at this price - and against director remuneration and incentives if they can't do better for shareholders.