When the company listed during the IPO there was the issue of...

When the company listed during the IPO there was the issue of ordinary shares obviously, loyalty options for those that held for more than 3 months, advisor options and director options. Without going back through the prospectus, from memory there were certain KPI's or milestones that had to be signed off on for the director's to receive all of the options, such as binding offtake and project financing by a certain date. As these terms aren't binding yet, these option have lapsed and hence the announcement.
Sucks for the director's considering how close they are to getting this deal binding, especially with the slight delays no fault of their own. Silver lining for us share holders is a few 100,000 less options around to dilute the market cap.