Ann: Perenjori Iron Proj Negotiations for Offtake and Infrastruct, page-61

I think the options are a great play.
say you buy a million today at 1c for 10k
if SRN secure the off take before the expiry then a major rerate is Likely to happen given SRN tinny MC and the massive resource they have, then you can sell for a large profit, if they don’t have off take by expiry you simply convert by paying 6k and turn into heads so you have a million heads worth say 1.7c or 17k, total cost to you is 16k so you still up 1k, it’s almost a few punt imo amazing value.

you can then sell some heads to reduce risk if you would like.
also the conversation of options will give a massive boost to SRN bottom line you can bet they will make sure heads are way more than they are now come expiry time.