Ann: Appendix 3B , page-5

Trying to resolve the chain of events by reading the announcements is not at all a straightforward exercise.

The first lot of performance rights were issued after approval of shareholders at the 15 July general meeting.

Following that approval some 354M were issued to various folks with the following conditions:
50% vest (convert into shares) on completion of the rights issue. (Now done)
25% vest when they get 100koz produced in a calendar month. (Still waiting...)
25% vest when they get 500koz produced in 6 months. (Still waiting)
That first lot expire in July, if the targets aren't met. I think that last 25% might be looking shaky.

Half of them vested on completion of the cap raising, so 177M still on the books.

At the AGM shareholders approved issue of another (smaller) tranche, 176M, with the same conditions. So 88M of them were effectively a gift for work already done, and were promptly converted into shares. The remaining 88M expire in November. I sure hope those ones vest. If they can't hit the modest targets by then, that level of dilution will be the last of our worries.

So we now have 6.1 BILLION shares on issue, plus a host of debt securities. Every $0.001 tick corresponds to $6.1M change in market cap. It's going to take a fair old heave-ho to push it up from here.