Ann: Investor Presentation, page-25

To exercise them, you pay 1c per option to turn them into shares (each worth 0.7c). As such they are not yet "in the money". You can exercise them at anytime before the due date, but you would only want to once they are "in the money".
Other than exercising or holding them, you can also sell them. They're currently trading for 0.3c. So if you were to buy an option now and exercise it too, it would be 1.3c per share. The advantage of buying options instead of shares is that you can get a larger position for the same amount of money. It's an added amount of risk for the speculation that the stock will perform well.