Sept 2020 oppies, page-12

Hi joe2013 , thanks for your response its a good description, what do you think of the response from John as the covid 19 has stopped alot of business, It might be possible for an extension,??

Below is the response from John

Andrew, as you know, the options expire in September 2020 and our first strategy is to deliver exploration success and see the options in-the-money. That is still an achievable strategy with drilling scheduled to resume soon.

Extending the expiry date or otherwise modifying the exiting options is probably not a realistic alternative given limitations under the ASX Listing Rules

The ASX Listing Rules expressly prohibit an extension to the expiry date of listed options. The relevant section is Rule 6.23.3, which is re-produced below:

6.23.3 A change which has the effect of reducing the exercise price, increasing the period for exercise or increasing the number of securities received on exercise cannot be made.

We will liaise with the ASX to see if there is any potential to vary this rule given the market disruption caused by COVID-19.

Regards

John Prineas

Executive Chairman