Yep, options are 'out of the money' at the present, representing...

Yep, options are 'out of the money' at the present, representing a pretty good leverage play on SP if you believe it has some upside.
(eg if the share price rises to 20c, it represents say 4x gain for ordinary shares, in which case, IVRO options will end up being at least 14c representing 10x gain (or there abouts)).

Of course its never linear, and you need to take the risk issues into account with the time to expiry. (12 months - not great, but not ugly either, if you think silver and/or IVR are due for a decent rise. (DYOR on expiry and risks with options, it's critical)

Often , but not always, there is some option price compression just before the SP reaches the exercise price. (getting close to this point now). So the difference generally indicates the 'time premium'.

ie. the SP might rise say a few points here before it reaches the exercise price, but the actual option price doesn't necessarily follow in a linear fashion if at all for the moment. It depends on market sentiment, as the time premium in the pricing can be compressed. This may extend even to a stage just above exercise price. But at some stage there is little choice but that it will follow. Otherwise arbitrage will take place.. ie the market will buy options and convert to shares if there's too large a mismatch if they become 'in the money'.

We're coming up for some very interesting times.
My apologies if that was 'too much information', or 'you're on to it'.. .
(The compression stage is a little disconcerting (annoying) first time around)

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