Going back to the full year accounts released on April 30, the...

Going back to the full year accounts released on April 30, the top 20 holders held 26.7 million options, close enough to 60% of them.

I am not sure how this is going to affect price from here but it still looks to cheap, with options.

Adding $7m into the bank account for exercise of options, that will be about $17 to $20m in the bank if options are exercised. Rough estimate 177m shares on issue at 26c is a $46m market cap....with roughly $18m cash and $68m of drills to come. All this for under $50m market cap with others in the area having at least $70m market cap currently. Some have less ownership and/or are paying their share of the drills as well.

Release of news to flow before options expire, such as Government approval, drilling timetable and possibly new project.

Also all reports put out have been on a fully diluted basis for valuations.

But I do know DJ's put a note out to holders a month or two ago suggesting anyone not exercising should consider selling back then, which we saw an increase in volume at the time.

I have said all along the new holders in the top 20 have played this and would be aware of the options coming for expiry, some such as HSBC have been accumulating options as well, thats why I expect price to grind higher rather than runaway, but happy to be proven wrong.

I have no idea as to where price will be, but whichever way i look at the company, it is cheap.

I agree with TheDHon, the market loves big projects and TPT has two of them, plus diversity in geographiocal locations, the upside is enormous with a find either in Aus or Morocco.

Risk/reward ratio is huge at current prices even with options coming up.

Interesting conversation, and to see how this is going to play out between now and then.