Can this go like AGO?? 5c, Iron ore price, page-21

373 million shares traded including CHI X. During the auction, selling around 23 million shares at 0.011 were wiped off with remaining buy side at 0.011. It looks like that this is not PUMP and DUMP. Genuine buyers have been accumulating without news. If it is a P&D, generally the share price will drastically drop back after the announcement in particular if there is no news. In contrast, after the announcement, the buyers at 0.011 kept coming even during the auction.

So you are right that the option price at 0.003 or 0.004 is relatively cheap since the option has already in the money by 0.005 (i.e.. Actual price today at 0.011 minus the option strike price of 0.006).