Quarterly report, page-2

Bottom line is Hillgrove will need to demonstrate to option holders a reason to exercise prior to 21st September via an improving balance sheet - reduced debt, increased cash on hand or preferably both.
This needs to be visible before the next Qtrly is due (end October) or the majority of the Oppies and the Millions $$$ to be realized by their exercising will simply vanish.
HGO have used the line of returning value to shareholders ; the only way this can happen is if the project lifts its cash flows to well beyond that required to purely exist to end of mine life.
The "forward looking statements" of reports suggest this as possible - I remain hopeful, and hold.

GLTAH,   Foyt