I mostly buy options in companies so I'm always crunching the...

I mostly buy options in companies so I'm always crunching the probabilities. Lol.

We may end up with a 1.7c spread for 6 months if the heads hits 3-4c but I suspect it will pull out to 2c by around 6-8c on the heads as the multiplication factor advantage starts to drop off quickly.

The numbers would be:
Short term outlook:

Heads 3c to 6c is 100% gain.
Options 1c to 4c [6 minus strike] is a 300% gain in the same time frame.
Options 1.5c to 4c [6 minus strike] is a 167% gain in the same time frame.

So I would agree that 1.5c would still be a worthy investment. It really comes down to how fast you think the SP will move relative to the expiry time. I think the options are still great buying today at 1c based on todays heads SP.

Heaps of catalysts this year make the options very appealing.
;D