Thanx drdave and others for your input. Just for your interest I...

Thanx drdave and others for your input. Just for your interest I can confirm as per 18 July 06: Top 20 shareholders being mostly funds hold 68.5% of FPO's and 63.2% of options. Looking at the list that hold FPO's, most still hold their options. I see this as very positive sign that these holders wish to convert as I would have expected them to dump their options back in May when they spiked to over 7c as this would have been a good time to exit.
I do not follow your reasoning as to why these major holders would not want the heads to go over $1 as they will have the opportunity to exercise their options and get more stock some time before 20 Jan 07. At current NTA of $1.36 - $1.40 and rising, whats the odds these options will prove to be of significant value by then.
As for the dilution, I can understand where you are coming from but that cash will be going in the kitty and with their track record one would hope it would be well invested in more growth potential explorers.
However, saying this, I still don't understand why the share price does not closely match its NTA.