Nothing much will happen with the 4 cent options until one or...

Nothing much will happen with the 4 cent options until one or more of the catalysts drop that clearly show MEL does not need to raise more equity to get into production .
They have said that they are coming before the end of CY 2021, however the Market needs to access the actual deals .

In a nut shell there could be a flurry of activity in the 4 cent options very close to their expiry date .
If the catalysts are not as good as the Market expects or if they are delayed past the expiry date of the options it is no big deal imo for current share holders .