No mate, he wont be selling these to pay for the other ones.
The last time he converted 1 million I wrote a post outlining what will happen from there.
https://hotcopper.com.au/threads/ann-appendix-3b-conversion-of-options.4971461/#post-40557016
He should have a collateral/margin offset arrangement with his broker and as we see the sp appreciate he will unlock the rest - the latest 2 million is proof of this. He won't put down a cent but the good news is the company has pocketed $135k from his recent conversions and there will be another $90k thrown in soon.
And you know he wont be selling on market cause he has had many chances to flog his oppies at much higher prices than todays sp but waited till now.
I'm not sure how many more hints you guys want as to what is going to happen from here???
Lets see, Global X Fund had a chance to buy at these low prices before but waited till AGY ran then retraced and Lit markets turned properly - coincidence? I think not.
Mal also had the chance to cash in his oppies at a much higher sp (up to 13c recently) but decided to wait till now just as lithium markets have turned and AGY are on the cusp of some major milestones - coincidence? I think not.
Mal has another 2 mil to convert before Xmas (thats not far) and if I was a betting man I would want to put a lot on the fact that the next 2 mil will be at a higher sp from where we are today as any financial institution/broker won't want to pay for 5 millions oppies in a stock with a sp close to exercise price and/or with not enough liquidity to get their money if things go bad.
I'll leave you with these two things to think about
1. When funds finally pull the trigger on spec stocks they want to see bags not small returns.
2. Mal waited through the 13c run and only started grabbing his oppies now. Remember, if he grabbed them early on margin then when we retraced to 6.4c he would have gone close to getting margin called - that's game over. Not to mention the interest payable for holding on tick.
So I think its a reasonable assumption to make that our sp will be heading well past 13c and we won't be seeing anymore wicked retraces in the near future...
AIMHO
DYOR
(20min delay)