There is 72mln CXMAN unlisted options left expiring on 31...

There is 72mln CXMAN unlisted options left expiring on 31 December 2023 exercisable at 5c.

If all exercised, it will provide the company with $3.6mln.

Now the question is whether optionholders will have access to $3.6mln including the largest shareholder who appears to hold about 30mln options.

It is important to remember that when this company goes to banks and others seeking funding, those parties analyse the equity structure and those parties ain't Robin Hoods.

The resignation of the two Chrisp brothers as alternate directors is a sign that maybe Chrisp won't come up with $1.5mln to exercise the options.

If Chrisps can't obtain the funds to exercise then they would need to sell shares into an illiquid market driving down the price, or they would need to find a buyer for those shares. Again the buyer would know the market is illiquid and demand a discount.

Banks and other large investors talk to each other. They understand all that. Their thinking is why give these guys debt when we could probably pick up shares at 5c within two months.

Unfortunately, it is a catch 22. I would not bet on any debt funding before January 2023....not because of any due dilligence failure but because there is a bigger game being played.

I don't think option holders would be able to cash in.

However, I am sure that Chrisp and Mence. l are doing everything they can to improve operations so that optionholders will not be diluted any further than forgoing the options.

We'll probably bumble along here until the crushing plant efficiencies are reported.

Just the I way I see this.