Yeatesy, you are partially right. The original 75m 1.6c Feb....

Yeatesy, you are partially right. The original 75m 1.6c Feb. 2023 options only vest when all of debt owing to Platinum is converted into a royalty arrangement. So, technically, Platinum or anyone else can't do anything with them (as they do not legally own them) until the required level of coal production is reached.
The recently issued 37.5m 1.6c Jan 2023  were issued on the proviso that half of the original 75m Feb 2203 options are not exercised. These new options do not have any vesting conditions attached so they can be converted at anytime. This must be the 37.5m options DM was referring to.

Interestingly, CKA did state that it would immediately cancel 37.5m of the original tranche of options upon issuance of the new options "..to the extent it is legally able". Do you think CKA has an obligation to clarify the status of these options, at least explain why they have not been cancelled and that there is no danger of them ever being exerciseable - or will these just turn into a nice little gift to someone?