Basically you are correct but a few factors goes into the value of a listed option.
One of the biggest ones is time value
So, for example:
TODAY...let's say the share price goes to 70 cents. The option won't JUST be worth 5 cents (The diff between current and strike price ie 70c - 65c = 5c). There will be a healthy time value component built in too.
As we have a full year to go till the expiry, time value will also exist, so in other words theoretically at least, the option should be worth north of 5 cents as we have all that time for the option (and share price) to go up further!
There are a few other factors like volatility and int rate and a couple of other factors.
LATE (closer to expiration) Time value decays as we get closer to expiration, so the option value will then have more of an intrinsic value, ie what is the value of the underlying share, the time value will be a lot less until it gets to zero at expiration.
Note: Time value does not decay in a linear fashion, its exponential as you get closer to expiration, see the pic below.
EXTRA SAUCE FACTOR
Again as a few others have pointed out, the beauty of this little program is the Piggies, thats where on top of the share price going above 65c...you get this extra perk. Only achievable IF you exercise at least two options (1 for 2 gives you one pig). This could have huge value if we strike a deal, multiple regions funding, our program goes to lan and many new shareholders join us and the selling pressure is diminished over the next three full years. This is harder to value.
Another point:
I believe you must exercise them a few bus. days before the expiration at the latest if you want to exercise them as late as possible. We will need to check on this, I still haven't read the full doc. to see if that's explained in there. Most, as @oxxa23 and a few others suggest, will exercise them if they are in the money (specially if they are deep in the money) as closer towards expiration.
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