Ann: Appendix 3B, page-3

Yes, you are reading it right. Amazing to my way of thinking. 1.63m @ 10c. That's $163k it would have cost him.

Which ever Director has taken them up, has done so when the Market Price is 6.5c. You take up Options to make money (not loose or even break even).

So that Director obviously thinks the Shares Price will be worth a lot more than 10c (the price he paid) some time in the future & I would think within 3-6 mths.

What is his confidence based on:
1) PASS Contract being announced
2) Gold Strike in NND Area
3) Sand - Supply to Infrastructure Projects
4) Aggregate Contracts eg Boral in Nags
4) A Takeover Bid from a big Miner eg KLA
5) Joint Venture with a Big Miner.

All of this is just conjecture of course as we don't know but then all of which are also possible. Anyway it's a bold & confident move that's not conjecture.