Interestingly, it looks like the major shareholder abstained...

Interestingly, it looks like the major shareholder abstained from voting at the 2014 AGM (circa 65M shares) which you'd think would send a bit of a message to the board about bonus issues of securities, especially given the 25% spill clause on R1.

Even though I agree that PB has done an enormous job in progressing us in the last 12 mths, we have a DFS, one binding agreement and no finance with continued extensions of timing. Is it the case that with an exercise price of $0.245 and a 4 year expiry, this may be all the board think the company is worth? I have seen plenty of other junior miners come out with stepped exercise price options recently which, similar to Paul’s stepped market cap bonuses, actually would be an incentive.

If so (that the company is only worth $0.245 a share), PB may demand some remuneration kicker like his bonus 2M shares upon financing but do our non-executive directors warrant such a kicker? Are they really driving this with PB or are they just the lucky ones in the right place at the right time?

For example, we have two stockbrokers on the board yet have they been able to get a stockbroker to back us through the last number of years?

Even better, we have two stockbrokers on the board yet could we seek a solution to the Chinese divestment prior to destroying the SP? Have they been able to get a consortium together since to take them out which might offer some confidences back to the market.

I will also make the point for those that argue that it will bring money into the company that this will be insignificant. If we are at $1.00 and we are financed, we have $1B in debt and are on our way to being cash flow positive so bringing $3M in from non-exec exercises does nothing for the company. i.e. - if the share price is $1.00 and all three non-execs exercise, TNG get $3.67M in the door (remember we have $1B in debt now) and the non-execs get $15.0M worth of securities, that a sensational kicker for a non-exec given they’ve already been provided with 20M free shares collectively.