Ann: Notice of Annual General Meeting/Proxy Form, page-3

Amigo, I'm not an expert but I'll have a go. My take is that shareholders are being asked to vote on Directors being given options at 20 cents. The conditions of the offer are given and the diultion of the SOI (shares on issue) is calculated if each directors pay the 20 cents per share. The directors are offered 1.5 million to 5 million shares depending on factors such as their time with the company, etc. So it's a bit like a placement but not at a 15% discount - instead it is at a premium of about 15% on today's price. I guess it's a reward for their work in turning the company around from a cobalt/base metal player at Broken Hill (shareprice of 1.5 cents in Dec 2019), to its victory in its long legal battle with Cobalt Blue (COB), and to a potentially big player in the USA's rare earth industry (shareprice of 17.5 c today, but blue sky tomorrow). Hope that helps.