Way too many options issued in my opinion.
If the options are ever converted then management and Vulcan will own most of the company.
Let's be honest most of the options haven't rewarded directors for increasing shareholder wealth, far from it.
Furthermore, the options haven't replaced salaries.
The MAK options represent the worst of West Perth small explorer behaviour.
The Vulcan investment, although strategic probably wasn't necessary from a cash point if view but it will lead to significant dilution.
If MAK ever makes it then the current and ex management will do disproportionately well. Let's not forget how much money Drummond spent and wasted.
quarterly, page-18
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