Rafaella Resources (ASX:RFR) releases PFS for Santa Comba Project, page-67

Hi Phil, just wondering why you think the options will get exercised?

They’re fairly out of the money atm and whoever holds them still needs to pay for them. Unless the stars align and the SP sails past say 40c (and stays there), there’s probably little incentive to exercise. If I’m one of those big investors that owns those options I’d probably look for other ways to fund the business and at a lower price - they can fund the next CR as a private placement for instance. I wonder if Steve is thinking something similar after his excellent work on the last raise.

My personal view is they will just expire but the small benefit is that reduces the fully diluted count.