spl, page-17

The tech being finalised does not mean it is proven.

Since there is no announement I take it as most likely they have a working process which, on a small test scale, seems to work. Theoritically it should work large scale, they will need to test it and PROVE that is works in order to secure contracts.

To prove it will take a determined amount of time/tonnage with statisitcal and end product evidence, this will give them the leverage they need to make the contracts. So while the process is finalisted, the abililty to use SPL tech large scale may not be hence no announement.

Remember it came from a brokers rambleings about the site visit, they may have misunderstood what MHM actually said.

Still a good investment at this time.

As for all the option conversions, I would assume that the converters are hedging for the possibily of a Cap raise and want as many heads as they can in order to participate in any discounted C.R. Or if the Silica is spun off, they want to be sure they can get the best advantage of that.
Since they are converting options instead of selling them you could imagine they are also not really selling heads (the volumes of late would support that).

Perhaps now is a good time for them to convert and take a capital loss (is that what happens when converting the oppies if you bought them higher?) That would make sense if you expect higher prices in the future and want to offset any captial gains. A convientent way around window dressing perhaps?