If you pay 10c for 50,000 options then you're in $5,000 and conversion of 25,000 @20c will be another $5,000, so you need to sell 25,000 AGYO for $10,000, or 40c each, to pay for all of them. That means AGY price would probably need to be about 60c. That doesn't consider tax, which doesn't count if it's in an SMSF or you offset it against other losses.
Like any trade, that's a perfect world answer and you can decide how near enough is good enough.
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