Ann: West Arunta Exploration Update, page-74

I had done the same calc on value of WA1 to AMN per share (to get to the 21.2c implied value of WA1 stub) and my eyes lit up. After digging deeper looks like approx 80 million unlisted options in AMN - strike 20c - when including these shares the implied value of the WA1 holding reduces to 15.8c per share (based off closing prices 20-June). My understanding is at conversion (if converted) the option holder would pay 20c per share to the company to acquire the shares - would need to include this cash coming in to AMN when calculating enterprise value (which I haven't).


Still feels like a good risk reward trade but with possible (probable?) share issuance to raise cash in the next couple of quarters is something to keep in the back of your mind.

Refer ASX announcement 23-Apr "Notification regarding unquoted securities - AMN" for detail around unlisted options

I'm no expert here, would appreciate anyones thoughts on this

Full disclosure - Acquired a very small parcel this week, keeping on my radar.