The options are trading around 1c (see MNBOA) - they got 1 for every 2 shares = 0.5c worth of options per share.
Essentially they were buying at 8c minus 0.5c (options) = 7.5c.
Options have a strike price of 15c expiring in 2 years which suggests that investors think the price should be well north of 15c before 2 years.
In terms of fundamentals, directors generally don't buy unless they think it's very undervalued.
Ann: Quarterly Activities Report, page-47
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