$3.5m for 29% means that if the economic value of mining is above $12m, its worth exercising the option to shift from 51% to 80%. GT1's Market cap of around $150m indicates the current value attributed to the possibility of gaining revenue from mining is massively above this sensible to exercise threshold. IMO the option is being exercised. The warning its not would be a collapsing share price down to float type prices - and if that happens, there's bigger problems than if the option is being exercised.
Ann: Seymour Drilling Update, page-19
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