RE: Slow start to the week!3 Nov 2025 11:17
LUCKY, The warrant exercises at 0.04p are deeply in the money relative to current trading around 0.10p, so those warrant holders are likely to have already converted (which is consistent with the RNS announcements).
• The older conversion warrants (0.25p, 0.30p) and the 0.12p exercise ones are Out of the money at current levels -- less likely to be exercised untilthe share price rises significantly.
. Because the 0.04p warrants seem to have been largely exercised, this reduces future dilution risk from that tranche, though the remaining 3 billion warrant estimate you mentioned might include other classes not fully disclosed in recent RNS.