When GOT bought Reflective Minerals Pty Ltd (the 5 ELAs) in late...

When GOT bought Reflective Minerals Pty Ltd (the 5 ELAs) in late 2009, 10m performance shares was part of the transaction where:

"upon the completion of a successful initial exploration programme which will comprise a geophysical survey and/or a sonar survey warranting the commencement and carrying
out of a drilling programme on the project area designed to delineate at least a *1 million tonne JORC inferred manganese resource*."

Only 1m not 100m were needed. I imagine the recipients are/were Board members (Hewlett/Noon/Brown)?

I agree, very sketchy scoping desk top study was completed. Shareholders are very much in the dark over proceedings. The next performance shares are only granted after a JORC inferred is proven up - they need to drill.

I hold but still a bit edgy about it all.