Ann: Listed Options now Quoted - ASX Code MXCOD-MXC.AX, page-47

Theoretically, that's a strategy worth considering, but your leverage can only be based on the traded price of the head share plus a premium if the SP goes berserk at any time in the next 1000 days, and you sell the options to an overly enthusiastic punter. The downside risk is that the options become valueless because the price stays around current levels for whatever reason. They are even valueless at 8c per share if you only hold options. I would rather take a 50% gain than a 0% gain at that price with the possibility of losing 100% if the head shares do not get there.
On the basis that you believe that they will go substantially higher within the next 1000 days, I say good luck, I hope they do but happy with the head shares.