I feel that the only hope for the options are: i) Third BG steps...

I feel that the only hope for the options are:

i) Third BG steps in (Cottee alluded to this being close months ago, but nothing has come of it)
ii) Some drilling action with major find (unlikely)
iii) Third party wants to buy a major chunk of CTP - and makes an offer for the options in that last month. They are prepared to pay a premium, but imagine what would happen to the SP if they tried to buy 60mill shares on market (the old 300mill)

As I've said before, I don't think there's much incentive for Cottee to get the options in the money given it will dilute his own interest, and that he has clearly stated he wants to get institutionals on board. I don't think that's particularly fair to the option holders, most of whom propped the company up when they needed it the most, and would be paying for the next round of

Personally, I think it will take option 3 above (some wild strategic play), or something completely out of the blue.

I don't think option 3 is out of the money. Let's see if Cottee tries to dilute the shares even more to make this more unattractive to a potential options suitor.