They have an exercise price of 2c so the options are not in the...

They have an exercise price of 2c so the options are not in the money yet. I suspect they may be in the money by before they expire if we get some good JORC resource upgrades.

There are ~120m options. If every option (NTLO) was exercised it would increase the total shares on issue by 5.78%. As you can see there would be very little dilution on an EPS basis. Don't forget too that they have an exercise price of 2c, so it's not as though the converted options would be at a substantial discount to the current SP.

The short answer is don't be concerned about dilution, it is a non-issue.