Ann: Burracoppin Project Drill Results Confirm REE Discovery, page-22

I mean.. they only had 2 weeks (really) to convert the options before they expire.


Yes, it's possible you could twist this in to a conspiracy that they quickly bought 3mil @ 12c to sell for 15c and make a sweet 90k Christmas bonus.
But that'd require liquidity for that amount - which looking at Commsec* would wipe every order there is down to about 2cents and more realistically net them a capital loss of about 50k. All whilst rendering their other shares worthless.

Or maybe, just maybe, they realised that with recent developments it's worth converting their cut-price options for future holdings. But you pick which story suits you