2017 Cobalt boom & 2018 Nickel boom?, page-215

I now doubt if management would release any major drill results before options get priced. It is in their interest that the options get priced at an attractive level so that most of them get exercised over the next 12 months and ARL receives $20m odd in cash.

If instead they release any positive drill results now ..then ARL would rally ...making option exercise price expensive. $1 or lower is a good exercise price for the options I believe. Therefore, the stock price should be capped below 80c until May 9th (given the 25% VWAP premium).