I think you are correct and doing some further examination of...

I think you are correct and doing some further examination of the relevant releases

total number of shares issued in the 16 December announcement is 31,403,098:


Unlisted options exercisable at $0.1575 expiring 16 December 2025 853,098
Class A Performance Rights Expiring 30 June 2023 10,183,335
Class B Performance Rights Expiring 30 June 2024 10,183,335
Class C Performance Rights Expiring 30 June 2025 10,183,330

Announcement states the reason for issue is as @silvertri mentioned, performance incentive. Now unfortunately, it goes on to say that the incentive reached was:
Vest upon The Company announcing a resource in accordance with the JORC Code of at least the inferred category of10Mt @ >1% Total Rare Earth Oxide (TREO) by 31 December 2022.

Now, before you groan that it is only 10mt, there could be more coming, as the total incentive shares does not seem to add up (to me..) to what has been issued, plus the different class of shares seem to indicate other targets being met.

According to the notice of annual general meeting document (31 October 2022) regarding incentive options, it states 3 classes of shares will be vested upon satisfaction of the following condition:
Class A - JORC inferred category of 10mt @>1% by 31 December 2022
Class B - JORC inferred category of 20mt @>1% by 31 December 2023
Class C - JORC inferred category of 30mt @>1% by 31 December 2024

As you can see, Class A, B AND C have been issued in the 16 December announcement....

I would hope that others with more experience in tracking through announcements and annual reports can make more sense of this, as it seems that all 3 class conditions have been met IMO..

Potentially we could see an ANN supporting this, hopefully proving a Class C !

"Fear Nothing..."