7.5c SP -> $1.11 SP Target (Largest Potash Deposit in West-Europe) $30M MC, page-279

You don't buy SHP now just to double your money. You buy it expecting it will be at least a ten bagger.

Currently, if you're buying SHPO options for 4c, you're expecting that the heads will go at least 30c to be worthwhile.

Simple calculations as follows - let's say you have $10,000 to invest.

For that, you can buy 250,000 options, and once SHP price rises, you exercise them for 20c (that will cost $50,000) and sell for let's say 30c, for $75,000. Your cost was $60,000 ($10,000 for oppies plus $50,000 to convert them), giving the profit of $15,000.

In case of buying heads at current price of 12c, you can get 83,333 for $10K. If you also sell them once share price is 30c, you'll get $25,000, resulting in profit of $15,000 - the same profit as options.

30c is really a break even for options based on current prices. There's however a catch - you can't really buy SHPO on the market for 4c. They're in short supply (obviously - why would someone sell them as they'll be in the money soon?), the best current sell offer is 5c and that would raise the break even point between options and shares.

Currently it's good to get some SHPO if you see them at good price, but IMHO it's much better to focus on heads and start building position in SHP. Another advantage that heads have over options is that at some point, likely after confirmation drilling and before DFS, there will be a capital raising with (hopefully) rights offer for the shareholders. That will be at much higher price than current share price, but will still be a good buy for shareholders as projects will be pretty much de-risked at that stage, with still good upwards potential. Shares will give you the right to take part in this CR, options will not.

But at this stage it's a bit far-fetched, and it's really a choice depending on personal investment strategy and circumstances. I'm holding both SHP and SHPO, I won't be selling options but will convert once they're in the money, and maybe sell just a bit of SHP shares for free carry, and then keep the bulk of holdings for a long long time - until it's time for juicy dividends from selling potash (or alternatively, well-priced takeover before that happens).