Well, thinking about "when" in terms of what circumstances:
Given that you have to pay 0.5c to convert an option into a share, there's profit in it if the share price is above that value. In theory at least while the share price is 0.5c or lower the options are worthless. There are a few being traded at the moment. What people are buying now is the possibility that sometime before the end of January, 2019 the share price will be higher than 0.5c plus what they paid for the option.
Thinking about "when" in terms of time:
Who knows, really. But if the new drilling programme meets our expectations
and if the market notices - neither guaranteed - then we expect our share price to re-rate when the results are released by the end of the year (as per announcement 18-Sep-2017).
So best case scenario is your options will be in the money around Christmas or New Year. This is clearly the company's plan: good results will lift the share price to where the options become profitable, people will exercise their options, the company gets another flood of working capital. According to my calculations if every attaching option gets exercised that will provide just over $2 million. Also according to my calculations Hartley's will get 150 million options, which they could exercise for $750,000.
So if all works well Golden Rim will score an extra $3 million on good results without having to go to the market for another capital raising. If it doesn't work well.... blah!
http://www.asx.com.au/documents/resources/UnderstandingOptions.pdf
This is general information, not advice. And just to clarify (because it can be confusing) our options are "Call" options. Exercise price is 0.5c. Ratio is one share per option. Expiry date is 31-Jan-2019 American style. This means you can exercise your options at any time up to or on the expiry date.
Also as a general bit of information, not advice. What I have done on a few occasions (because I'm never swimming in money) is buy squillion of options cheap... more than I could possibly afford to exercise. Then when the options are in the money I sell some of them for enough money to exercise what's left. The risk is (and this has happened to me) that if the options never get above water then the money I spent on buying them is
completely lost without hope of recovery. So you need to be absolutely convinced that the stock will rise, and absolutely prepared to lose every dollar you put into the options (not advice [even though it sounds like it]).
(20min delay)