But if August comes and WWI isn't at or above 12c then they're worthless. So I highly doubt you'll be trading them for 4c in August.
For these options to be worth 4c WWI has to be worth 16c or a ~$278M market cap.
Given the post tax project NPV of all four stages attributable to WWI is only $147M that's an extremely bold bet. Even if you ignore the 66% allocation it's still more than the entire post-tax NPV of $223M.
Or if you just focus on the DFS NPV of Stage 1 (which might be sensible given the proximity to August) the pre-tax NPV (not even adjusting for the 66%) is $205M so you're betting that WWI will be worth 35% more than it's project's NPV ignoring project ownership.
A bold bet indeed.
Ann: Wits Basin Scoping Study, page-497
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