Ann: 30 June 2018 Half-Year Financial Report, page-89

Appears that management are waiting for the ‘sure thing’ scenario before converting their options. They have a locked in price. Indication of risk levels which is reflected in the SP.
Once the oath is clear to production and the SP trend is a clear up ewxpwct conversion.
Why would anyone let alone management convert options when the SP is in a clear downtrend.
Once the Offtakes and Finance in place expect conversion after as its ‘money for jam’ from there.