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16:23
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Originally posted by zog
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A quote from Charlie Munger was "show me the incentive scheme and I will tell you the result " on this basis given the NoM (15/2) said that Victor's performance hurdle was "2,000,000 Performance Rights each of which will vest and entitle the holder (subject to exercise)to a fully paid ordinary Share upon the Company (or a subsidiary) completing its first gold pour atthe Yandal Gold Project if such production occurs within 24 months of the date of grant of thePerformance Rights (Tranche 1)" then we can expect the pllant to be operating around June 2021 (i.e 2 years after the now re-scheduled EGM) and will ramp up to 100k ozs in 12 month since his second hurdle is "2,000,000 Performance Rights each of which will vest and entitle the holder (subject to exercise)to a fully paid ordinary Share upon the Company (or a subsidiary) producing the first 100,000ounces of gold at the Yandal Gold Project if such production occurs within 36 months of the dateof grant of the Performance Rights ( Tranche 2); "
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I reckon he would be giving himself some margin. Wouldn't want to be relying on a perfect first year of production. I would say FID on 6 years production within 12 months.
