I think the 128mil shares to be issued are for a capital raising...

I think the 128mil shares to be issued are for a capital raising and not to remunerate the directors ?

The total allowed bonus is 20% of Cash balance after servicing debt and not exceed $1.2mil.

"While the size of the bonus plan will be at the discretion of the Board, it may not be larger than 20% of the net cash balance after debt servicing as at 31 December 2013 and no greater than $1.2m"

I hope the compensation comitte exercises it's "discretion" and issues zero or minimal bonuses in light of the underperformance of the share price, falling production and net cash over the last year.

The new director Eugene McColley already has a direct stake of 6.5mil shares which isn't a bad a start and will be issued 4mil free options.

$782K in audit fees. Seems like alot for a micro cap but perhaps that's the norm ?

For the year ended 30th June 2013, TB did not recieve a bonus or incentive payment with his total remuneratin at $427K which seems reasonable based on what I've seen other CEO's paid for simillar sized underperfoming co's.

TB has 10mil 8c options expering Dec 2014 so some real incentive there to get the SP moving up.