It's better to keep shares at play than let them expire...

It's better to keep shares at play than let them expire into nothing, if there is a chance to sell at higher price later. For example, if you bought at market 2.5c and exercise at 7.5c means your capital investment is 10c. In the future if/when share price is above 10c then you would have still made a profit. That is, if you have the patience. Another alternative of course is to let your options expire and use the capital you'd use to exercise options either buy heads or invest elsewhere.

I agree with you 100%, just airing out options in derisking from A options. It's not a nice position to be in. Options are always very risky and I'm simply entertaining the idea how best to de-risk.

Who knows maybe another buy back comes to play, for argument's sake, exercise options and sell at 10c. I'm just thinking out loud.

Come to think of it, I don't think any of the options have been exercised thus far even during the buy back.

Yes, often times investors just let options expire and take the capital loss then invest elsewhere.