Ann: DSO Vanadium Exploration Accelerates with New Targets, page-35

Ummm, no.
See point 5.7 on page 11 of the Nov 2017 option entitlement offer (inserted below) at 1c.
Xcel also took the shortfall.

This was on a pre-split basis so multiply those numbers by ~4.7 times.
My estimate is those options were about 50 baggers for Xcel.

The options that were to be issued for the 'introduction' to the SPD project were voted down by shareholders at the GM and will not be issued.