"eg; 100000 options @ 2.5c = $2500 cheque to the company?"
This is correct.
"So if someone was to buy the options at 1.5c now, they would still require to pay 2.5c per option they hold? If that is correct 2.5c+1.5c = 4c??"
Yes, but a lot of us received options for free for participating in capital raisings that helped fund the development of the Jaurdi project. It would not be likely that someone purchased options on market and subsequently converted them.
"eg; 100000 options @ 2.5c = $2500 cheque to the company?"This...
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