PCF Capital will only pay the 30c if the SP is well above 30c -...

PCF Capital will only pay the 30c if the SP is well above 30c - effectively they get paid the difference between the SP when they convert and 30c.

Yes this is all just a way of paying for PCF services of raising the bank finance, the significance is it shows that PCF is: 1) confidant they can raise the money to build the mine (finance guys don't like working for free), and 2) the SP will be well north of 30c in the not too distant future (finance guys don't like investing in small miners).

Yes these options will result in some dilution, but less than the dilution implied by the current SP. The difference is the market has not yet seen the DFS, while PCF almost certainly have.

This annoucement is basically the company telling us that the DFS will be good the only way they can. The ASX doesn't let them say anything directly about the DFS, but they can hint. This is a big hint.