Ann: Update on Placement - Proposed Issue of Additional Options, page-4

My take (for what its worth) is that this is a positive for the SP.

The majority of the placement (which is word on the street) went to the top-10/top-20 shareholders.

Clearly they're not thrilled by the poor communication of the company in explaining what they were trying to achieve. I.e. find anomalous ground along the strike via air-core to then go back & RC drill at depth.

The placement was 2 tranches & the recipients probably gave management the bird for Tranche 2 - i.e. saying, yea... sure guys we'll give you 2.5c when the SP is 1.5c

The placement has then been amended to effectively triple the amount of 6c strike oppies the placement recipients receive to incentivise them to get them in the money so they can make a killing...

IMO on the next round of drilling (which is to go RC at depth on the anomalous ground) should be very explosive re: share price as the major shareholders will try to get the options in the money (i.e. SP > 6c)

Looks like a decent medium term strategy

All IMO