Ann: New Vanadium Pipes Discovered at SPD Project, page-28

Just looking back at the 1c option issue from last December.
If you weren't a holder then, it was a kind of 'loyalty issue' on a 1:4 basis.
At that time, the full allocation would have been ~7,625,000 shares, but, there was a shortfall (buggered if I know why you wouldn't stump up at 1c) and only 6,189,938 options were issued.

The interesting thing is Xcel Capital were the lead manager and received $25,000 and 4.5m options as the lead manager.

Now, given the issue raised $61,893.38c the fee of $25,000 seems pretty high ...
However,
Those 4.5m options (pre-split) are now 20,790,000 post split.
This is why I think we will see the options lagging behind the heads for some time as Xcel have (had) ~42% of the total options on issue!
at an average (post split) trading price of say 12c, those options are worth ~$2.5m.