Alba Mineral Resources plc has announced the cancellation and re-issue of certain share options to management, as well as the grant of new share options. A total of 313 million share options to management have been cancelled and replaced with 360 million new share options. Additionally, an options pool of 40 million share options has been created for potential future awards to non-management employees. The total number of share options granted to management represents approximately 5.17% of the current undiluted issued share capital of the Company. The share options have been issued subject to the terms and conditions of the EMI Scheme Rules. The exercise price of the share options is 0.16p, which represents a premium of approximately 80% over the closing price of Alba shares on December 7, 2023. The share options are deemed to be a related party transaction and the terms of the grant are considered fair and reasonable by the Company's Nominated Adviser.