Agree with all you have said.
At last year's AGM the remuneration report was passed, so therefore a second strike and board spill cannot be leveraged by shareholders in the lead up to this year's AGM.
However, the board could still offer (if they wanted to rebuild a little trust) to share the current pain and potential reward. For example, they could reduce director fees by 50% until such time as there is a binding JV partner signed and the share price has a 15 day VWAP above 40 cents and if those milestones are achieved (and if cashflow allows) they could be repaid any reduction in salary as a bonus - therefore they only get to maintain current remuneration if they perform. That would help preserve cash flow, reduce dilution and perhaps show some commitment to the project if they do not all participate substantially in the current capital raise.
And if the board don't offer to do something like that, then shareholders could always request they do. Otherwise, shareholders could consider how they vote on the remuneration report at the AGM to give more leverage with a possible second strike and next year's AGM.
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