82% of options converted by holders, page-13

That is true retrospectively. However PXG had no assurance that holders would be so loyal. Had GFC2 materialised (assumption here is that it won't) then loyal holders would have sat on their cash as they did in 2008. PXG has done what they needed to ensure 70k metres of drilling we be done this year to build a 100koz mid tier miner. Short term SP weakness is only a problem for short term holders.