You make a good point and therein lies the issue- potentially...

You make a good point and therein lies the issue- potentially RML need to drill over 20 holes to find success. Or more. Or we could find success in the next two, which I am hopeful for. The last quarterly indicated there are 2 quarters of funding remaining (using the rudimentary ASX calculation in section 8 - not always accurate I know), so there is potential for a cap raise earlyish next year. I have to say that had the options not been part of the cap raise, the price would be higher as I am pretty sure many are de-risking by selling heads. IF we do get success then the options still hold a massive value.