Ann: Application for quotation of securities - LMG, page-8

what you paid to own the option is irrelevant to the company. You have an LMGO option exercisable at 4c. Currently worth 2.8c if you sold on market.

The only thing that matters is the strike price and how many you own.

more clearly:
To exercise, you must pay the strike price times the number of vested options you wish to exercise in exchange for your shares. If you exercise 100 shares with a strike price of $1, you will pay $100.

If you are Commsec customer here is what they advise on how to convert the option.

To exercise an Equity Options contract, you need to notify CommSec prior to 5.00pm Sydney time for it to be exercised on that day. We will only accept verbal instructions to exercise the contract. CommSec will then notify ASX Clear who will randomly determine which writer will be allocated to the trade.
https://www.commsec.com.au/support/help-centre/options/how-do-i-exercise-an-equity-options.html