Ann: Appendix 3B - Expiry of Listed Options CTMOB, page-22

You are on the money, and the answer was in the acquisition ANN:

The evaluation work is planned to commence as soon as theacquisition is complete in H2 2019 funded by existing cashreserves, capital raising by share placement and/or the exerciseof CTMOB options at the end of August 2019 and/or debtfinance.

There will be dilution and debt - just depends on by how much - and how much. They must pay Vale circa $3M within 3 years regardless, so there's a clue.

Note, paperwork seems to be lodged by CTM and Vale for the relevant tenements in the DNPM.