Shares in the company have had a good rise since late last month to levels above 40c, with Wang's options having an exercise price of 25c and an expiry date at the end of the year.

A definitive feasibility study for the company's mainstay Abujar project released earlier this month had a first-year production forecast of 260,000 ounces and an average of 200,000oz per annum for the first six years.

First gold is targeted for late 2022, with Abujar having an estimated capital cost of US$200 million.

Tietto had A$45 million cash at the end of June.

Shares in Tietto were down 3% to 44.5c in late trade, capitalising the company at $203 million.