Let me get this right, your really surprised that option...

Let me get this right, your really surprised that option conversion has increased even though they expire in 14 weeks, and the sooner they are converted the more working capital the company has. Giving it more time sign another western offtake and push the price of the heads much higher.

Your whole guess work argument is so flawed its laughable. You assume people must sell heads to convert options. Thats just an assumption and it would be the absolute minority that would be doing this, why you ask.

1. Many people would be in heads, or options, not both. Some yes but limited. Options are higher risk, most traders wont touch them. Only blue sky lovers of the stock buy them because they totally believe in the story. That same mindset wont allow them to sell heads to convert options.
2. If your converting your options and need the money for the exercise price, why sell the heads of the company that has been performing extremely well? You sell a share that hasn't been performing. You keep the long term performers and sell the dead wood, investing 101.
3. 10.5 million are held by directors, so atleast 11% of remaining options to be converted is held by directors. They have never sold heads to convert options previously.

So please stop saying over and over and over what you think is happening. We all heard it the first time, we understand your just having a guess and as Ive shown above there is just as many reasons to not sell heads if your converting options.