Ann: SWISH AOI Acreage Acquisition, page-155

This is a valid point that I did not emphasise well enough in my post.

Also for completeness @chilledpain you may want to extend you table back up to 1.1c so people can see the -ve impact the leverage would have from 3.1c down to 1.1c.

For example if at 30/06/22 BRK is trading at 2c, and you held the 160k options I mentioned earlier then you have a tough decision, do you spend the $1,800 and end up with 160k shares now trading at 2/3 the price you paid or do you sell your options on for 0.9c each and get ~half your initial investment back ($1,500).

I hope these examples have helped and thanks to everyone else who chipped in, we're all here to learn/improve!

DYOR and GLTAH!