Ann: Wiluna High Grade Free Milling Mineralisation Extended, page-37

options are definitely not cheap, essentially paying 10c for a share by the time its converted when you can buy them in the low 7s
Zero or very little time premium should be attributed so it's all about leverage. expect to have to convert or sell around the same price come January.
the best value IMO are the heads which could well go 50% higher ST