Ann: DSO Vanadium Exploration Accelerates with New Targets, page-37

I've confirmed with Excel that those 4,500,000 options (20,790,000 post split) that you refer to were allocated out to various other parties. Excel did not take the shortfall.

I've also confirmed with Excel that they have not sold one single option or share in TNO. They have in fact bought TNO shares on market.

The 2018 annual report shows 1,155,000 TNOO owned by Excel. If your theory was correct then Excel would have had to sell 19,635,000 TNOO (20,790,000 less 1,155,000).

This is impossible as the total volume traded in TNOO since inception is 18,553,557 units (source Commsec IRESS) which proves that they could not have sold that many TNO options hence your theory is debunked.

Feel free to contact Xcel to verify everything I have written here.