Not a silly question at all, this is my take on itLet's take...

Not a silly question at all, this is my take on it

Let's take 100,000 shares and say their price in Apr 2023 will be 20c making IBXO around 17c ( 20c - 3c strike price )

If you buy 100,000 shares now @ 3.1c your outlay is $3100 and in 2023 would be worth $20000 for a return of ~ 550% ( $16,900 profit )

if you buy 100,000 options @ 1.4c your outlay is $1400 and in 2023 would be worth $17000 for a return of ~ 1110% ( $15,600 profit )

Or with the $3100 you could buy 220,000 options which in 2023 gives you the same 1110% return but larger profit ( $41,100 )

All this only works if you think the share price will be above 3c + 1.4c in 3 years time