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I think the share price/mkt cap will remain where it is if the options are not exercised.
The market has valued BLK as a marginal 70-80K oz producer.
The blue sky of plant upgrade and money needed to do so and also share dilution may prove an IRR a lot less than what management thinks.
Best case scenario they PROVE up more reserves, keep AISC @ $1250. This would reduce debt significantly. Options not exercised and someone might have a go and take over the project.
I think if the options were exercised, management would take on more debt and blow up the entire project. They cannot control costs.