there is a risk, on options that 5c might be a tad too far, by...

there is a risk, on options that 5c might be a tad too far, by May next year if drills have not hit the ground.
A discovery, no problem. But any delay on the drill hitting something, then a 960 FD come 48m mc with conversions. But if it sits under the 5c, and they expire, it will tighten the registry.

It teeters, at 31m mc, before conversions at 5c, and balloons to 48m. That said, conversions will add 18m cash, but the shares would want to be sitting a sniff above 5c to do so.

I would be interested in options at 0.2c, given the short time frame, and would trade out of them while out of the money, into the 0.4+ prevailing. Given the shares will probably bounce back to the 2c and maybe 3c on exploration, but cant definitively put a blood hound on 5c yet.