The options taken today were issued in the 2019FY. From the 2019...

The options taken today were issued in the 2019FY. From the 2019 annual report, 4m options were issued as contractor remuneration and 4m options were issued to the underwriter as remuneration for the company's share purchase plan:

https://wcsecure.weblink.com.au/pdf/CXO/02150830.pdf - Pg 34

Only one of these sets of 4m expires on 31 Jan 21 at an exercise price of 0.08c. From the same report, page 81, this set of options (0.08 @ 31 Jan 21) were issued to:
2.5m to Nautical Holdings WA Pty Ltd, and
1.5m to Tyche Investments Pty Ltd

The controlling interest in Nautical Holdings is Jane Whiddon https://www.asx.com.au/asxpdf/20160309/pdf/435q9f6t4nm9ng.pdf, who is the wife of a Glenn Ross Whiddon. Glen has a background in equity capital markets, banking and corporate advisory with a specific focus on natural resources. https://www.businessnews.com.au/Person/Glenn-Whiddon-0

Fairly safe to say it wasn't a director claiming those options. It looks like it was one of the Whiddon's, just not sure if they were the contractor or the underwriter. I couldn't find any info on Tyche Investments, but given the amount of options claimed was 3.5m and this is greater than any one holding listed above, it is likely that Tyche Investments and Nautical holdings are linked.

Perhaps they thought the price was not going to stay above 8c by 31 Jan 21 and thought they would cash in before they potentially lost the ability to?