Ann: Brisbane Resources Lunch Presentation, page-54

Regarding the options - they should trail the SP by roughly 20.5 cents, although they also carry a time premium due to the long expiry date (Jan 2026), which is why they are trading 9 cents today, because it gives the holder plenty of time to sit on their ability to convert them to heads later. As a holder of options you don't need to make any decision on them until January 2026 (the expiry date). Imagine for example if LGM shares are trading at 2 or 3 bucks each by then, you will feel pretty clever only having to pay $0.205 for full shares (heads) by exercising the options, and could immediately sell them for a 10-15X if you wanted to (although keep in mind CGT discount window resets upon conversion). Basically, if you are bullish long term, the oppies are a good way to bet on your future self being able to afford more shares, a bit like paying a deposit now, and the rest later.