Options can be exercised at any time... but it does take a...

Options can be exercised at any time... but it does take a little time. You can apply for a form with the company, fill it out, pay the per-share exercise price, and then wait. Typically takes something like 2 weeks I believe?

Since the exercise price on these is 1c, they should technically lag 1c behind heads, but more normally there's a little extra lag (1.1c or so) in real-world scenarios.

Note however that at these low prices, they may move a bit quicker (as we are seeing now) because people want the leverage. If the choice is between buying 1m heads at 0.9c and 3m options at 0.3c, investors that see the price doubling would probably bet on the options, even though they are over-priced.

Concrete example, assuming the SP doubles from 0.9 to 1.8:

Buy 1m CFR at 0.9c, sell 1m at 1.8c = $9000 profit
Buy 3m CFROB at 0.3c, sell 3m at 0.7c = $11000 profit

And if it triples the leverage gets even more dramatic:

Buy 1m CFR at 0.9c, sell 1m at 2.7c = $18000 profit
Buy 3m CFROB at 0.3c, sell 3m at 1.6c = $39000 profit

The fact you can buy more shares at the same price makes a bigger and bigger difference as the price moves up further.

Keep in mind though that if the SP drops back below 0.8c you may have trouble offloading CFROB at all, so there is also more risk at this stage.

(DYOR, etc, etc)