As it stands, yes.CRO (Heads) = 0.084cCROO (Options) = 0.052c...

As it stands, yes.

CRO (Heads) = 0.084c
CROO (Options) = 0.052c
CROO Expiry = 28/07/2023

You buy 1M options @ 0.084c = $84,000
or
You buy 1M options @ 0.052 = $52,000 now and $25,000 (0.025c conversion) later = $77,000 @ 0.077c average

Hypothetically:

Say July 1st 2023 the CRO SP is at 0.007c, you now have a decision to make; do you:
(A) Convert your Options paying $25,000 strike price, putting yourself at a further loss in the hope the SP rebounds
(B) Try to sell your Options to the market for a possible 0.02c or less sell price, you will get smashed for the sale as who would take on that risk without getting them at a steal.
or
(C) Take the $52,000 hit and let the options get taken away from you.

If you had purchased the Heads at 0.084c then you would be at a 0.014c loss with no time limit to expiry.

Long story short, if you are dropping tens of thousands of $ on this investment, make sure you understand every aspect of the pros/cons. If you don't understand, pay the premium and be safe.