Some good points @AlbertaRounder, but I'm not sure you can blame them for the options being due now. They were issued in 2016, and it was a very different picture then.
And I'm not sure what you mean about issuing options at a 50% discount? The latest options have an exercise price of 30c, so it's not far from the triple price you mentioned.....
I disagree that the PFS won't help. That's the first step to going big or going home. They need to put some good numbers out there and then hit the road to show it off. That's where they'll find investment. The scoping study is too loose and too out of date to be of use for raising money, and the PFS may not even be enough, but I don't see them getting anything done before that in terms of funding.
You're right though. Raising twice their market cap in capital is not a strong position at all, and there is going to have to be some well-executed moves to pull it off.
Cheers
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