Page 68 of the 2019 Annual Report shows there are approximately...

Page 68 of the 2019 Annual Report shows there are approximately 348M options held by 162 holders. Any one or more of those holders has decided to exercise their options.

Announcement dated 2nd July indicated MDI had $5.1M cash, with no debt (as at 25th May). There’s been a lot of drilling and associated feasibility study activity recently, so that cash balance will have been reduced.

Very difficult to know if this is an injection of funding or an entitled party exercising their options with a view to sell on market.

IMO it’s probably the latter given new announcements will be released soon, along with an updated feasibility study. At that point the SP will rocket. Option holders have every right to make some cash along the way, so I wouldn’t think this is an issue.