Ann: Auger Results at Jenkins South & Drilling Update at Flinders, page-7

I think you're a bit confused there - this was dealt with in the original thread about the AGM resolutions at the time. The NEDs are paid a fixed fee of $2,000 per month, not $300k p/a.

The AGM resolutions propose issuing the NEDs 5m incentive options. They're not zero-cost options, the NEDs will need to pay to exercise them. The exercise price has yet to be set, but will be a 45% premium to the 5-day VWAP prior to the date of issue. The indicative value of the options come from a Black Scholes option pricing model as stated in the AGM Notice. The $260k indicative value ascribed to these options assumes an exercise price of $0.10 per share. By my calculation, the share price would need to be 15c for the 5m options to be worth $260k to them. You can make up your own mind whether you think that provides a long term incentive and vote accordingly at the upcoming AGM...