Why did Directors sell shares?

Also did i read the right numbers that the Board only hold 14% of the Company ?

They just placed 20% with others so the may have unwittingly handed over control to others, as they may not win a proxy if the price keeps falling?

Fully diluted market cap is around $200M. If directors hold 14% of the stock then that's still $28M exposure in total for them. Why not take a bit off the table after the stock's increased 800% or so? They held off on the capital raise which could have occurred at 60c because they believed in the results, I commend them for that. Did the directors realise the share price would crash down as it has done? No, I don't think many saw that coming. Will the share price drop matter in 6 months or 2 years? Probably not. Honestly I would have done the exact same thing and sold a few. As someone who's worked as both a mining executive and investment adviser I can tell you that maximising investment returns is very often not the main priority for investors - people have life events they want to take care of and dreams they want to fulfil, major purchases, caring for others, etc. Plus, why wouldn't you expect them to enjoy some of their success now and sell a few shares? If they sold greater than 50% of their shareholding I would be alarmed however - what % did they sell?