20 mio HRCR's (Hog Ranch consideration rights) were granted...

20 mio HRCR's (Hog Ranch consideration rights) were granted according to RXM's NR of Nov.25, 2019 and actually consist of two portions. Quoting from said 2019 NR:

"(i) (Conversion – Mineral Resource Milestone): Subject to clause (k), (l) and (m) below, on announcement announcement by Rex to ASX by no later than 31 October 2024 on completion of an Inferred Mineral Resource in addition to any Indicated and Measured Mineral Resource in total of 2Moz or higher of contained gold as defined by the 2012 JORC Code with respect to the Hog Ranch Project and has a minimum grade of 0.4g/t of gold in addition to a minimum tonnage of 100Mt, 5 million HRCR will convert to Purchaser Shares."

Those first 5 mio rights have been earned in 2021 when the Hog Ranch resource exceeded 2Moz plus the grade came in handy at 0,4g/t.Thus currently still in question are the remaining 15 mio rights. Again from the original 2019 NR:

"(j) (Conversion – Decision to Mine Milestone): Subject to clause (k), (l) and (m) below, on annoucement by Rex to ASX by no later than 31 October 2024 of the Board approving a decision to mine the Hog Ranch Project, 15 million HRCR will convert to Purchaser Shares.

(k) (Change of Control): Upon a Change of Control (defined below), each Hog Ranch Consideration Right will convert into one Purchaser Share. (...)

(m) (Expiry): If a milestone is not achieved andno Change of Control has occurred by 31 October 2024, the relevant HRCR held by a holder will expire."

So indeed - a Change of Control prior to November 01 alone (as is precisely the time schedule now according to the company's July 08 NR) is sufficient to see 15 million rights at zero cost to the rights holders converted into shares worth 7 million+ AUD. Said rights holders this week apparently not in a hurry to point any of this out.