cduo, page-3

It's a hypothetical q atm.

Depends on opt price, and how bullish/bearish you are on cash flows in 12-18mths time.

That's the crux of volatility in B-S pricing model. Different risks affect the cash flow in different ways, this then affects MC/SP.....

Given I think they'll get the plant running, I'm of the opinion it is essentially a bet on global copper supply v demand.
Oppies can provide better leverage compared to the heads, as long as you understand the effects of the time value of money.

Run 3 scenarios for a payoff diagram, you'll quickly work out for a given $ investment where break even is.