And yet, they have not exercised them... How many times have...

And yet, they have not exercised them...
How many times have they been "In the money" since they were given them.
Even now where it sits well above the exercise price, they have not been exercised...

Why? Because they don't want to take the risk of exercising them until near expiry when they can be 100% sure that they are still in the money?

Because they are not willing to commit that level of capital to this project at this point in time?

Or are they thinking, why commit the capital now, when they can just give themselves some more Options this year and next?

And why are we only referring to Miles large holding? Is he the only one of the many management that has faith in the project enough to put in his own money?

Personally I think that the risk profile is still too high for Management, and they intend to wait until it is nearly a sure thing, then gift themselves lots of performance rights.

But hey, I would be more than happy to be proven wrong, and see management spending those large salaries buying heads and supporting the company alongside their shareholders.