Always have to look at the numeric comparison.If the heads...

Always have to look at the numeric comparison.If the heads struggle with cash burn, then sub 3c. Options will only be speculative.If the heads get to 4c as a limit to sale event. Then you have some tangible comparison
4c = 4x 1c. So ops would be intrinsic value of 1c, and a 0.2c purchase gives 5X. So about par. But then a risk, that if the asset is sold sub 3c, its game over for the options. Hence the question needs to be raised, what is the monetisation value ? and can it be done in the cash runway period before cash burn dilutes again, the potential rise in the sp, to a smaller tier.

Does the wind fill the sails ?(and exceed 4c) or does the ship burn its cash and downsize its potential sp target with further raise?That is the true weight of fears and greed in the scales of lady justice.

For mine, holding heads at 1c as i see as less risk,, if a sale event occurs under 4c.
And same gains at ops at 0.2c, so safer play on heads.
which leaves only bid at 0.1c on ops to make it higher Risk V reward, and would play out to an easy trade into 0.2c