Rain clouds dont appear as yet to be precipitating my 0.1 op...

Rain clouds dont appear as yet to be precipitating my 0.1 op trade..
So the 0.2 op would provide similar gains with the 1c heads, on a 4c limit case.
However, in the interim, a foolish market if it is willing to pay 0.3c for them, then there is a potential trade window into 0.2/0.3. Is going to depend on how many people want to step up to 0.3, betting on a 5c case,

but with the risk of cash runway.
Its not about the time to expiry premium, its about the cash burn and cash runway.

I consider that the options actually expire as a premium play, when the cash runway expires without a takeover/ jv being executed. So for mine, at whatever price point, consider the options only a short term trade window, where profits are better returned into the heads.

And interesting mathematics challenge. What happens if there is a takeover event at 80m mc. On 2b, that is 4c.
But then options being in the money erodes that. Consider if everyone converted. Then the cash pool is 80m plus 30m from conversions = 110 m total cash. divided by 3b = 3.66c

What would the options trade at then ? V heads payout at 3.66c ? That is too problematic and with risk. Hence for mine, options better dealt with as a short term trade thing.

The real question that everyone must ask, is what value can the company achieve as a takeover / JV within its cash runway. ? And does the mates deal? at 1c, precipitate a low ball, but palatable offer ? The best case might actually be a JV, where we become free carried, and the upside is then carried over a longer term.

Not financial advice.