Help a newbie understand options for ICG?

Hi All,

I'm well aware that the nature of this thread title means that I should stay well clear of options until I can understand them backwards in my sleep, so don't worry! Was hoping some of you more experienced folk could help me understand the maths & process behind options, which I am slowly getting my head around.

1. ICGOB - exp. 30 Jul 2021. Currently 'trading' at $0.03 as I can see through Commsec. If I were to buy 100k of these ($3000 to pay right now?), it gives me the right to buy 100,000 ordinary shares of ICG on expiry (Jul 2021) at $0.09c (taken data on strike price from another thread on here - <The strike prices and expiration dates are:ICGOB: 9c, 30 Jul 2021ICGOA: 14c, 31 Oct 2022ICGOC: 20c, 31 Oct 2023>
?

2. So assuming ICG share price on 31 July was let's say 15c, if I held the options to expiry I would then have to pay $9000 (exercise price) but would end up with $15,000 worth of ICG shares, so I've cleared (15k - 9k exercise - 3k purchase) = 3k profit?

3. And so on, if shares were at 20c on expiry then I'd be up 8k profit etc.

4. If I didn't have the $9k required to exercise them then would I be in trouble? Would I lose the options completely? If that was the case (not having money to exercise them) then the move would be to sell them to someone else prior - let's say in June and the option price then was at $0.06 so I'd have 'doubled' my initial 3k and they take on any further risk / profit as expiry approaches.

5. As options approach expiry date the price will pretty much approach the current market price as a sort of asymptotic curve because the risk of sudden movements a week or a few days out is much lower than months worth of time risk? So by then it'd just be mostly traders trying to gain a percentage point here and there?

6. In the money options - this is when the share price is already above the strike price (which these currently are) so in theory you're guaranteed to make money if the share price doesn't dip below exercise price before expiry.

7. Out of the money options is where share price is currently below strike price - so you'd be hoping for (and needing) some sharp upwards movements to make money. OTM options (if they exist) are usually much cheaper & riskier then? And if the share price doesn't move above exercise price by expiry date then you just let the options expire and lose your initial purchase?

8. A share could also move ITM to OTM in the short term, if the director ran off with all the company's money or drill results came back with nothing.

Hoping my logic and understanding is correct, if you can let me know if I'm on the money here (no pun intended) or anything else I should know about these then that would be greatly appreciated!

Thanks