Hi nro,Just to add to the mystery, at the same time lunchtime...

Hi nro,
Just to add to the mystery, at the same time lunchtime today they bought 1.5 million of the GNMOFs at 0.005c with a strike price of 1c.

Now my interpretation of this extract below from the most recent quarterly report dated 21 July below. The company thinks if the drilling is good there is a strong chance that the amount of mining call options can be exercised so they don't need to do another capital raising in the near future prior to estimating a JORC resource at camel Creek.

So, I had a look at all their call options to see how much they could raise if the share price went higher from here on the pending drill results and the call options were exercised in the money, so they no longer needed to equity raise capital this year or next year. My calculations below (I have excluded the GNMOA as they expire this December with a strike price of 18c): This is all from the ASX notice Appendix 2A issued on the 2nd of June 2021.

Code Number issued Strike Price Exercised Dollars
GNMOB 423,653,803 2.2c $9,320,384
GNMOF 238,528,099 1c $2,385,281
GNMAJ 22 262, 414 2.4c $534,298 stockbroker options
GNMAK 22,262,414 2.9c $645,610 stockbroker options
GNMAL 22,262,414 3.3c $734,659 stockbroker options

You can see from the above that the key price to whether there is any future equity capital raising is the 2.2c trigger point.

In my humble option if they get a good drilling result and the price can stabilise in the mid 2c area, and the call options get exercised they will collect an additional $11,705,665 for further drilling. That will keep them going for another two years without a further capital raising to firm up a decent sized resource.

Bring on the pending drill results!