Hi @bratt90, Check out the "The Allens handbook on takeovers in Australia" Section 12.4 "Options and other convertible securities" gives an insight into what would likely happen.
AN1 CuFe sells its Crossroads gold royalty to Northern Star for $4M cash; says better than waiting for mine launch
Week 46 Wrap: Copper hits 2mth low as Trump threatens net zero pace; US rally fades; HotCopper’s picks