Thanks for the explanation S&F and yes, I do understand your...

Thanks for the explanation S&F and yes, I do understand your view. I guess it's a case of the overhanging options now being 'in the money' and you are quite correct, the Lead Managers are now getting extra payment.

My point pertains to the cost/value of engaging a Lead Manager for the 18c cap raise. In this particular case, the company was able to engage a Lead Manager to handle the cap raise at a 'discount', by negotiating the issuance of unquoted options as part payment. This would have improved the company's cash balance at the time and also get the necessary raise completed. (a bit of chicken/egg scenario).

Following on to the 20c cap raise, it's my understanding that management were able to complete this without the major expense of a Lead Manager (as mostly it was raised via the Top 20 shareholders).
Notably, in this instance, we have all benefitted by the 'discovery' of Leinster South and being where we are now. Hence the shares being valued higher!

I guess the bottom line is that Lead Managers are mostly a necessary component in raising money and they 'come at a cost'!
It follows that without money you can't explore/drill...'Catch 22' or back to the 'chicken or egg' scenario.

Regardless, subject to the drill bit validating the assay samples received to date, I am very comfortable in where the sp lies and am quietly confident in the upside potential ahead. If the Lead Managers decide to 'cash -in' now, so be it but if it were me I'd hold on! Which would potentially get back to an overhang situation .... like all unquoted options that 'are in the money'.

Bring on the survey clearances, then the drill rig/s?

Thanks again and all the best.