BATO Options, $0.10 strike, 31 July 2023 expiry, page-5

Share prices are ultimately driven by prospect of future earnings and sentiment. First shipment and cashflow is probably now likely towards end of 2019. Growing earnings should in theory help to left the shareprice, provided they don’t have too many teething troubles.

I think it’s the 12-month timeframe from end July 2022 where the majority of options will be exercised. That may weigh down on the share price, however in that timeframe on company plans we should have Balama project ramping up. That may help to offset impact of options being exercised. So maybe sideways movement at that point.

The $0.10 exercise price may prevent option holders from exercising them too early.