Understanding Res 3, page-2

Lol thanks for going into bat for your mate NB, PF.

1. How are performance rights less dilutive than options. At least options management have to pay to convert and fill the bank account. Performance rights they are just given shares for nil consideration and it is straight up dilution. We all know you are smart enough to know that so don't pretend otherwise.

2. If they want to move to a performance rights system do it like any other honest company would. Put the performance milestones in the same resolution as the approval for the performance rights. Why haven't they done that.

Look if the resolution had been phrased like this, then I would probably accept this all:

Milestone 1: Granting of mining licence and commencement of construction: small performance right of x
Milestone 2: BOA with 2 major battery companies and successful commencement of DSO: x amount of shares
Milestone 3: NPAT of $150m in any given year: x amount of shares

Look don't get me wrong. I still wouldn't be wild about the dilution but at least we would know how much and when the dilution was going to occur in addition to have a performance criteria structure to benchmark management against. It would give holders much more confidence and a clearer path of where the company is going moving forward.