Ann: Target Market Determination, page-14

Double thumbs up @DonFrye All correct and only thing to add are the dates. New Options are issued on 29th Aug 2022 and will be listed on ASX next day (most likely under ASX code ARUO - yet to be finalised) with an option expiry date of 18 months ie it appears to be, if the 34cent exercise price is not paid before 29th Feb 2024 (yes its a leap year !!), the options will lapse. It appears to be that they can be exercised at ANY time up to that date. They will trade freely on the ASX, but don't expect much trading volume, as A. only 78mil of them and B. they will most likely be tightly held, as they are a free ride on the upside potential of ARU til Feb 2024.
I expect that Offtakers/Commercial funders will also be putting their hands up for similar looking options (most likely convertible preference shares) when it comes to finalising the debt funding (but hopefully at a much higher exercise price ie 50c+, or based on a VWAP over a preceding 2 week period prior to conversion some date in 2025+)
@01CaptainBadger no, there is no compulsion for Option Holders to exercise (pay the 34c) at ANY time including 29th Feb 2024, they can let them lapse (not exercise them) which one would do if the SP was under 34c.
GLTAH DYOR. I will be trying to buy some options, at current SP of 30c the options next week will be worth approx. 4.0c NOT Financial advice. They are a v.risky beast. I've been burn't before.....