Ann: Continuous High Grade Spodumene in Phase 2 RC Drilling, page-328

No worries mate ... in reality, almost no one buys the options as an investment, with a specific view to convert them. Buying the heads upfront makes better sense financially and risk-wise. People buy the options as a lower cost, leveraged entry, & most will sell them before conversion date, leaving the last man standing to either convert, or throw them in the garbage.

I get to buy the same exposure to the rising share price at nearly half the cost (opposite if it falls!! ) So the premium is irrelevant! My profit is the value of my options at any given time, minus my buy price. Conversion doesnt come into it ... until conversion time that is! But, by then most of us will be long gone.