I think there is every chance that the 35c options would be...

I think there is every chance that the 35c options would be exercised by the 20/11/2025 expiry date, which suggests that by 20/11/2025 the SP would be above 35c then. I see the Present Value of 35c at 20/11/2025, as being on the low side of a probability distribution curve of the value per a WAK share today. I am not trying tp predict an SP; I am simply suggesting that buying at current SP has a better upside risk than downside risk.

On the view that good enough is good enough, that PV value is a conservative approach to buying some WAK shares, or at least not selling. WAK is an illiquid stock, so many investors, myself included, would invest in, or hold, less WAK than alternative stocks, other things being equal.

The fairy story

As Management would put it, WAK is a multi-generation business. In decades to come, which I do not include in my valuation, WAK could be a huge business, because there are so many things complementary to kaolin that WAK could exploit if it has the funding.

Going beyond kaolin itself, think of what Len Buckridge did with his house-building business. He expanded laterally into other lines of construction, and downward into whatever line of business that supplied product that his businesses used. Lateral expansion into road and other asphalting business, gave Buckridge the opportunity to expand downward into quarrying. Over forty years he ended up with about 22 businesses - see https://en.wikipedia.org/wiki/Buckeridge_Group_of_Companies

Taking the Buckridge approach, WAK can first do the obvious – produce various kaolin products that are required by different sectors. Half the ore body contains silica, so that is a potential lateral expansion into monetising a byproduct. Silica sand potentially can be used to make concrete, which aligns with metakaolin as a concrete additive. As a multi-generation business, a Buckridge-style management could see WAK, or some yet-to-emerge related entity, emerge as a large business.

These kinds of business can be around for over a hundred years, with twists and turns as they merge, divest and change product scope. Examples with a kaolin nexus, like Imerys, Sibelco and Quartzwerke, often started with something else, quartz (includes sand), and expanded into kaolin and other minerals. See:
a) https://www.imerys.com/imerys-group/our-history
b) https://nl-m-wikipedia-org.translat...;_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
c) https://de-m-wikipedia-org.translat...;_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

KaMin (which includes Cadam, and has recently acquired BASF's kaolin business in the US) and Thiele are substantially kaolin businesses that have stuck to their knitting, but expanded. See:
d) https://www.kaminllc.com/about.html
e) https://www.thielekaolin.com/about-us