Ann: Appendix 2A & Section 708A Notice, page-7

The options offer two main benefits for those who want to exercise them and hold the stock.

At times they tend to trade at a margin greater than the $0.18 exercise price which means you can buy them at less than market price but the quantities are generally small as there are not many for sale at below market.

The other benefit is that they offer good leverage, meaning you can acquire about 27% more exposure to the CTM growth story than you can by buying CTM shares for the same outlay. Bearing in mind you will need to find $0.18 per share to exercise at the end of May if not sold beforehand.

If you are a trader you might be better off with shares as the options are not that liquid unless you want to play the arbitrage game.

A lot can happen between now and the end of May. With the resource upgrade pending before the end of January, followed by the scoping study end February / early March and a potentially rising nickel price it would not surprise me if there was a takeover offer before expiry and your options may be bought out for a handsome profit before exercise.