Yes that is correct, however it becomes an issue as the share...

Yes that is correct, however it becomes an issue as the share price increases beyond strike price (20c) - shareholders selling 80mln shares (approx 20% of the company) for 20c a share capped price and copping dilution. Effectively a capital raising with 20% dilution is locked in at 20c per share but is at option holders discretion. This is before any other potential issuance to raise necessary cash to continue exploration which looks possible in the next few months given cash flow announcement.

Yes this will generate cash but they also spend a lot of cash. question is how much cash do they burn through to prove up the resource to increase their attractiveness?

The company does have ability to generate a lot of cash via stake sale of TALI/WA1 but that would take time

A lot of questions. Smarter people than us are trying to figure out the answers to make some $$$.