Ann: More High-Grade Nickel-Cobalt Assay Results From Itapitanga, page-183

I don't understand this logic. Why would you not exercise CTMOA at anything above 1c? It doesn't matter what you paid for them.

If you bought CTMOA on market for 0.3c and let it lapse that is 100% of your investment down the drain.

If you bought CTMOA on market for 0.3c and exercise your total cost is 1.3c. Even if heads are trading at 1.1c you are only down 15.4% of invested capital and you have the opportunity to make it up when the heads move.

Only reasons in my opinion not to exercise would be you can't afford it, in which case you would be looking for an exit now, or you think heads are going lower than 1c LT in which case again you would be looking for an exit now.

At least that is my take on it. Underwriters will need to push hard to get heads below 1c if they want to clean up