Hi@john12,There are 2 scenarios:1 - The options remain unlisted,...

Hi@john12,

There are 2 scenarios:

1 - The options remain unlisted, they will not become valuable until the SP is >3c, there is no benefit to exersizing them if the SP is lower than the exercise price. They do have a 2yr expiry though giving the stock time to move into that price range.

2 - The options become listed and are therefore tradable in a secondary market, similar to MEB itself. The options will have time and volatility value included in this scenario and I expect will be quite valuable around the 3c mark and even have a decent amount of value at 2c.

Basically you can buy more in the secondary market or sell options if you already own a parcel. At any point the SP is >3c the options can be exercised, however in a listed scenario it is usually more beneficial to trade them unless the options are close to the expiration date.

Hope this helps