The only real reason the options are not exercised is that they are not "in the money",
The reason they are not in the money is that there has been no "real" buying of the heads, volumes are down, Announcements while good are only what was generally expected, ie "we drilled next to a hole that had some gold and found a little more"
No huge reason to buy in last couple of months, otherwise investors would have
Anthill Results - Excellent, page-22
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