Ann: Pre-Feasibility Study Further Improves Poochera Economics, page-208

@Dazedandconfused

I interested in your comment regarding the options represent an overhang to the share price.

I also note that when Wombat 777 presents his figures he does so on a fully diluted basis - that is, he assumes that all of the options are converted to shares in his calculation, which is quite appropriate as the shares are "in the money",

In simple terms, treat them as partly paid shares with a final amount of 1.2 cents due and payable in November.

I would agree with you that they would constitute potential overhang , it they were not quoted on the ASX. However, they are and they generally trade in line with the fully paid share with a discount of 1.2 cents.

From a market capitalisation basis, you should include them in the valuation of the company and the the addition funds that the company will receive on conversion.