Ann: Expiry of Unlisted Options including Appendix 3Y - CMD MK PM, page-7

Why 65 million options, strike price at 0.020 is not exercised by 30 Nov 2019.

If you are an insider in the company and expect that the share price will go up significantly beyond $0.020, logically you will exercise the options in particular when you believe that the acquisition could be successfully executed in coming months.

You do not want to exercise it because you believe that you will be able to get the shares at a cheaper price than $0.020.