Ann: A$10m SPP Closes Substantially Oversubscribed, page-61

I think he wants to convert them to take profits.
There are many different considerations but from my point of view retaining the options unexercised is akin to letting me keep 10c per share in my hands or leverage to the SP.

The one thing I'm sure it's not politic to say is the process has not been conclusively proven yet. More so the stripping of the beads to precipitate U3O8. I suspect and am comfortable that that nagging doubt is in the Sp given the Expected U price and amount of U they have in resource. I'm sure people will want to go me for saying that but there is a sizeable difference between a producer at nameplate capacity and a startup. I have numerous scars to remind me. What's more the fund managers think so and it's 'live by the insto die by the insto.'

All IMVHO.