From the Ann rpt it looks like he's got less than $100k...

From the Ann rpt it looks like he's got less than $100k invested, 1.56m sh. The rest are perf options.

I suspect he thought he could get the jul18 10c ops in the money, but the market is softer than he anticipated. So I presume this is the plan B. I suspect also that means the market is having trouble digesting SYR's ramp up to 170kt this year and 350kt next year on. EVs are coming, but maybe they are not in too much of a hurry to contract graphite, because it's so common. SYR are ramping up and partly selling into spot, while working to contract more longer term agreements.

I took the options as DF's nudge and a wink on his market perception and that he'd have them in the money by mid this year. Maybe that was an optimistic interpretation. Maybe that wasn't what he intended and he certainly never explicitly stated that, but I'd never seen such short dated options. Maybe they were a token sweetener to get the last cap raise away. Or maybe those options were his best case funding and his expectations of the market have changed. Blowed if I know.

I'm struggling to see why RCF and whoever is going to manage this next raising wouldn't drive the price down further from here to maximise RCF's equity component and to maximise the upside for those new shares. But I guess we'll see.