jal options, page-3

Hi all,

Not a shareholder of Jal, but something I am considering.
If I understand correctly there are a total of ~95 million shares out there fully diluted.
Shares on issue (postplacement) 62.32m
Options on issue 18.69m
Performance Shares 15.00m

Many calculations dont take performance shares into account.
While I agree that share price is cheap provided production starts and is economically feasable.
Nevertheless, cheap company with big discount to its assests in the ground.