Ann: Annual Report to shareholders, page-3

can't see where you get the 1.25B shares from?? the T20 for ordinary shares shows 194M....46% of SOI... 1.25B would be the right number if oppies are exercised, and partly paids are all paid up........the fully diluted SOI
anyway....partly paid.......these are rare now, i'm surprised they were even issued. Treat them like an oppie, that is, until next year, when the first call of .009 is made. If you pay, then you are basically committed to the next two payments before they become listed, and tradeable.........full price then is effectively 2.7c.
Upon looking at the prospectus, the oppies are due November next year at 1.8c strike
The contribs will have the first call in May, the call of .009 is for only a 30% stake in that share. If you take up the call, you cannot trade them until the remaining 1.8c is paid...........so, they are seen as currently, a very out of the money option.
The share price effectively need to run to say, 2cents by May for anyone to consider the risk of paying the call, and, the share price will need to maintain that price for the oppies to be exercised in November.
If you pay the call, you are essentially paying .009 for an unlisted option with a further 1.8c to pay. So, you can see, for the partly paids to be worth the risk, you will need to see a massive rerate and a very positive view on the vanadium projects being developed

clear as mud!!