Ann: Copper Discovered at First Drill Target, page-50

ASX RELEASE28September2018BOARDLen Dean -Chair Michael Schwarz -MD Duncan Chessell -Exec DirAndrew Shearer -NED Jarek Kopias -Co SecCAPITAL STRUCTUREOrdinary Shares Issued 50.8MOptionsand rightsListed options 6.3 M @ 20c Unlisted options 12.3 M @ 25cUnlisted rights 2.5 MPerformance Shares Class A 9.6 M Class B 3.6 MLast Capital Raise 24April 2018-SPP$0.6M @ 35c

ISSUE OF UNQUOTED PERFORMANCE RIGHTS

Northern Cobalt Limited advises that it has issued 2,500,000 unquoted performance rights under the Company’s Performance Share Plan. Of the unquoted performance rights issued, 2,000,000 were issued to directors as approved by shareholders on 28 September 2018 and 500,000 were issued to the Company Secretary. All rights are subject to a performance based vesting condition whereby they will vest upon the Company’s share price exceeding a $0.75 VWAP at any time in the 2 year period after grant for a period of at least 1 month

So they expect to see SP at .75c within 2 years...   wow  ok then.