Ann: Itapitanga Initial High Grade Auger Drilling Results, page-23

So you've done something dumb. Welcome to the club, I'm a lifelong member. I could write a series of books on how not to trade the ASX. All based on personal experience.

So now, how to get out? This is not advice, but what I would probably do, assuming that you don't want to hold hoping for a big spike on which to sell. That is still an option. Think it through, no need to panic.

Convert, (strike 1c) and sell at 1.2c. Nothing lost and a cheap lesson learned for the cost of brokerage.

Now assuming that you possibly don't have enough of the folding stuff to convert all in one go, then you could convert some, sell them (presumably at 1.2c) and use the proceeds to repeat the process a number of times. You may even be lucky and gain from a rising sp.
If the share price rises, then OAs may also. In which case sell OAs

My understanding, and I'm happy to be corrected by others, is that from paying the conversion to having the sale funds in your account will be about 1 week. Assuming, of course, that the heads don't linger on the offer. That is a risk.
Then again, you could sell some and hold the remainder. It's far from impossible that CTM runs in the next month.

A general point about trading. Since this dumb rs learned not to try and squeeze the maximum out of every trade, he has found trades are both shorter and more profitable. Consequently, they are much less stressful.
After each trade, and looking back a couple of months later, I try to write down a lesson specific to that trade. It frequently ends "Don't be greedy".
I would respectfully suggest that trading OAs right now is being greedy due to the fast approaching 30 April deadline.

Slow and steady...

Hope it helps and you don't feel patronised.

Would be interested to know how it works out. Tag me if you wanna say.

pt