I'm presuming when the promoters set up the structure of GT1 to...

I'm presuming when the promoters set up the structure of GT1 to float it, they considered that aligning management and shareholder interests would occur if the option targets related to an appreciating the share price. If the price was bouncing around at say 50c, price sensitive announcements around project development may have been necessary to trigger a price increase and hitting the milestone. Arguably an increasing spod price did a lot of the heavy lifting and those share price targets were triggered far more quickly than promoters and probably even management expected.

I'm sure its happened sometime, but I've never seen management options being re-written because some event caused the target to be hit more easily than expected. The only way that you will get management holding options with project related milestones like 20Mt JORC resource, receipt of mining licence etc is if additional new options were issued to management. While I'm sure this will happen sometime in GT1's future, at this stage I'm not in favour of additional shareholder to management wealth transfers.

Through these options, one key thing has been achieved - management have skin in the game around seeking to make GT1 successful.