It could actually be Ausino that are doing the option converting. I don't know if LCL actually gave them 12-15 million options for completing their part of the deal last year, but I would understand why if they did.
Los Cerros (ASX:LCL) inks up $2M drilling and survey deal with Hongkong Ausino - The Market Herald
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Ann: Tesorito Continues to expand, Drilling Update, page-25
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