Ann: Notice of General Meeting/Proxy Form, page-4

I'm not bothered about the performance rights at all to be honest. They are issued in two tranches of 16.5m each, for a total of 31m (not 51m?). Even at the full allocation of 31m, the dilution is pretty minimal, less than 2% dilution (using the figure of 1586m diluted shares (ie incl warrants) figure used in the Blue Ocean Equity note).

They are also milestone based, the first tranche essentially requires a doubling of the mcap to AU$120m for a period of 30 consecutive days, and the second trache requires a tripling of the mcap to AU$180m. Isn't that a pretty clear goal? Exploration goals are pretty hard to quantify and often not really a reflection on performance - you can be running the company as well as anyone, but you can't make the drill hit copper... I'm more than happy to reward the BoD if they reach those mcap milestones. They're also a reflection I think on how far the company has progressed over the past year.

Automatic vesting upon a successful takeover bid is also pretty standard in my experience - yes in some situations it can incentivise a cheap takeover, but here the BoD already have very significant holdings (BOD & Management hold ~20% according to the Blue Ocean note) so their interests seem pretty aligned with shareholders. The alternative can also be true - if the rights don't automatically vest you could argue they are incentivised to reject all offers as they're holding out for their performance rights, rather than thinking of shareholders' interests.

All imho.