feeling, page-18

re: dilution In theory the market had already priced in the dilutionary effect of option convesrion and the effect on the share price is neutral.
In practice many will sell the ords to finance the conversion resulting in short term weakness in the share price.

All academic though.
All hinges on exploration success.
If its a hit, you make a mozza.
If its a miss, you lose the lot, as is the case 99% of the time.
Such is the nature of the mining exploration caper.