They don’t need to exercise until May. So still 7 months away.
Loyalty options are the ones In question? 25 million shares? Say the IPO options got exercised early. 12 million shares.
An additional 37 million shares onto the current 75.6 million.
112 million shares. It’s still nothing.
They would also bank 22 million of these shares were exercised which sits on top of the current 12 million at bank.
At the current price that would present a fully diluted cap around 155 million with 34 million at bank. Enterprise value would be 121 million.
Still pretty much half the valuation of Australia mines
Ann: September 2017 Quarterly Activities and Cashflow Report, page-74
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