IONIC RARE EARTHS LIMITED

• Price-triggered53.1M · 20.7% of shares

  Options and warrants — they convert when the share price clears their exercise price.

  At least 34.0M of it states no exercise price — that much cannot be called in or out of the money.
• Condition-triggered9.3M · 3.6% of shares

  Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.
• Converts on terms13 · 0.0% of shares

  Convertibles with no exercise price — they convert on their own terms, so they are shares in all but name.

Exercise price on record: 19.0M priced (of which 6.8M in the money), 43.4M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

At $0.41 today, 6.8M securities are in the money (2.7% of shares on issue) — a floor, because an exercise price is on record for only 30.5% of this supply. No more priced supply until 1.5× today’s price, which takes it to 18.0M (7.0% of shares).

• Priced supply in the money at the price on the axis — the curve, and the only thing on it. Ten prices, sampled: between two of them the true figure lies between the two.
• 43.4M (69.5% of the supply above) states no exercise price at all. It cannot be called in or out of the money at any price, which is why it is hatched rather than plotted.