I guessed this is showing how difficult it is to get funding for...

I guessed this is showing how difficult it is to get funding for this type of venture, it is a risky business that normal banks won't touch with a barge pole. (All junior and upcoming lithium aspirants take note)
Having said that, if the GXY management got the crystal ball, they would probably structure the options at a set discount of 10, 20 or 30 % to the prevailing SP and not set the options at $.34 .
In this occasion, good luck to the financier (as MF didn't come good with his promise to provide the short term financial support).