As @soarer has mentioned its speculation, but trying to apply...

As @soarer has mentioned its speculation, but trying to apply good reasoning : broker owns 50% of them from memory, broker have the ability to manipulate the price - easier down but also up, yes they look far out at moment, but there is enough big Anns in SC and if Midrim drills into any sign of nickel deposit in this hyped up market could either way, we already went close to 14c on a twitter trader pump when they caught wind of the old MEI assay results.
Ann's (Finance debt secure, quarry operator access contract, current drilling results, update RE and mine plan, UG commissioning update, stockpiling ore for mine plan. Midrim/LaForce: HEM results and drill targets, CR for drilling midrim and then the drilling, visuals and assays)
on top of that the management will also push the SP as best they can with marketing, headline catching Anns etc etc, simply cause it brings in the conversion cash. 6 good Anns form SC and 3/4 Anns from Midrim/LaForce before October not impossible.

I am in 2 minds, I would like to see them expire, screw the cash and reduce the chance of Eblu gaining a bigger position if they were to exercise. Then I look at the news flow ahead, see the crazy hype on ASX on good nickel hits - eg. ESR, but there are strong fundamental on Ni,Cu bull cycle occurring, tin is up $4k on the PFS pricing and Tungsten is EU cat. Critical.
So its a win win either way (kind of)