2 cent Options, page-27

They are a cheap entry to the stock IF you were wanting exposure. All things being equal, if you were going to spend 4.1 cents today to buy the ordinary share you would be 0.4c better off buying the options at 1.7c (with 2c to pay in Feb) making a total purchase price of 3.7c vs 4.1c at todays prices....a 10% discount.
These are actually a safer play rather than a more risky one if the share price tanks dramatically as you suggest it could. Let's assume it falls to below the exercise price (2c) say to 1.5c then the holder has the option to not pay the 2c remaining and their options become worthless. They can then buy onmarket ordinary shares for 1.5c and have only spent 1.7c+1.5c=3.2c versus the ordinary cost of 4.1c today.
At this level of discount, the only reason to buy ordinaries over options is the greater liquidity and the potential for the discount to never reduce prior to conversion.
Conversely, if the price increases the percentage gain on the options is greater and if you were going to spend $x you would get a greater number of shares in the end due to the discount.
As always, DYOR and good luck option holders.