Ann: Activities Report & Appendix 5B - September 2015, page-8

Anyone still holding this must have realised this is a pure punt. Blind Freddy could tell you they were going to run out of money. I am guessing the BOD thought the options would be in the money by now.
If everyone takes up their options we have at least 3 quarters of more pain or a chance a deal will be done, or we let it go under now and all lose. The BOD will get someone to buy shares to keep it going whether it is themselves or outside offers.
This is a punt and it could be a matter of losing now or losing later. If no deal is done this company will collapse that is sure.
The BOD will issue more shares and dilute our holding as they have no choice. They are possibly good geologists but they are shitty businessmen. Anyway if a deal is done 1 cent looks a lot more realistic as the value is not there for any long term holder unless they average down big time.
I have for quite a while believed the BOD do not care about the shareholders and never really did but that seems to be the case for many companies today so it is not unusual IMO. At least we will know something else soon, good or bad.