without doing a forensic teardown, the total shares-issued count has increased by around 20MM since Sam retired in 2014.

obviously yes some were warrants (Q4/YE note 21 at page 40 accounts for about half), but there's plenty of room in there for him to have exercised some or all of his options prior to expiry.

he has (had?) an additional 800,000 @1.24 (expiry 2019-08-12) that are still listed on SEDI.

we should know the answer once Q1 is released (in less than 3 weeks).

GLAL,

R.