Well, nothing wrong in paying them in performance shares for...

Well, nothing wrong in paying them in performance shares for real achievements like funding/offtake etc secured, production, positive cash flow etc.
20m for acquiring a project is ridiculous.
Regulators protect these guys.
Even if they're caught in doing something wrong ASX will only punish shareholders by susending and delisting companies.
Directors can always hop on to the next stock.

We live in an imperfect world. The way I see it is instead of complaining we just have to educate ourselves and use the opportunities when they arrive.
It's a good project. Price action will tell what the market thinks. Follow the market.