Ann: AVL to Sell Precious and Base Metal Rights, page-24

Good summary and analysis.

I think there still may be a possible options conversion trigger because "AVL shareholders to be given priority opportunity to participate in Bryah Resources Ltd IPO."

I currently hold oppies only. If the Bryah Resources IPO looks worthwhile and I wish to participate with priority status, then I will need to become an AVL shareholder.

But the only way I would exercise my oppies is if they are in the money; whether it be for Bryah or any other reason.

I will need to see the prospectus first. I love a spec but I prefer "penny dreadfuls". Say you have a 1c SP. Any pip upwards is 10% gain. At 20c listing SP, the movements will be by 0.5c increments. 1 increment up from 20c is only a 2.5% gain. Bryah will still have a low MC, low SOI and have a more cash than most specs.

Lots to consider.

Generally, I think this announcement is a positive step as it reinforces our priorities.