Ann: App 2A - Application for Quotation on Exercise of Options, page-10

Since 2005 Australian Accounting Standards require employee options to be shown as an expense. More detail than you can possibly need is here:
https://www.pitcher.com.au/accounting-for-share-based-payments/


The standard refers to "fair value", which is a calculation intended to reflect the benefit of the option to the employee. In the case of Cirrus the fair value is very low as the options are well under water when they are granted. For example, the latest round of options were granted at exercise prices of 4.5c and 6c. With the share price currently stable at around 3c the fair value of these new options is very low.

That's why the "Share based payments - options" cost in 2H2019 is only $225k for 20 million options granted compared to the 2H2020 cost of $151k for only 800,000 options granted.

These "Share based payments - options" costs are accounting reserves, not cash payments. You won't find any options costs shown in the cash flow calculations (see page 10 of the half-yearly). The cash from the exercise of the options is shown because that represents actual cash the company received.