TONOB & TONOC Option Holders take note, page-70

1. Vesting Conditions

(a) the Performance Rights will be issued for nil cash consideration and no consideration will be
payable upon the vesting (or exercise) of the Performance Rights on the achievement of the
Vesting Conditions;
(b) the Performance Rights will vest within the terms as set out below. The number of Performance
Rights that will vest will be dependent upon the following Vesting Conditions:
(i) Tranche A Performance Rights – 6,000,000 will vest upon (i) completion of DFS & Decision
to mine and (ii) execution of offtake agreements for at least 50% of the production of
Ancuabe, within 27 months of date of shareholder approval for the issue of the
Performance Rights, provided Mr Canterbury is continuously employed or engaged by the
Company during this period;
(ii) Tranche B Performance Rights – 6,000,000 will vest upon commencing Mining and Processing
of first Ore within 36 months of date of shareholder approval for the issue of the Performance