If you're really new to options, here's what I know. Although,...

If you're really new to options, here's what I know. Although, I'm not a guru, so let's just say it's an introduction.
Assuming you picked these up as part of the recent offer, this is a good way to get into options. It's not like you're risking your hard earned on them, as the heads are really what you were buying.
Starting with the unlisted... Code UNTAQ
While the above blurb in a previous post claims unlisted options can be traded off market, let's just assume at our level of investment, they can't be traded. Your only real options are to exercise or let them expire and lose them.
No real point exercising them if the heads are below 2.3cents. Although, if you're emotionally invested in the company, and want to contribute to their balance sheet, you can exercise them even below the 2.3 mark. That will all go to the company, for them to use to spend wisely (we hope). Trading shares and options on the market gives nothing to the company.
Anyway, assuming the heads rise above 2.3c, you can exercise your unlisted options for 2.3cents per option, and you get a full blown, UNT share for each UNTAQ option you exercise. Where it becomes interesting, is if between now and September, the heads rise to say 10 cents, then you still exercise for 2.3, and you can then sell for 10cents. This is of course fantasy land, but it's nice to dream. Hoping it just get's over 2.3 in the next few months.

With the listed options... Code UNTOA.
Similar to the unlisted, you can exercise anytime before March 2026. Assuming the heads are above 3 cents, you're in the money.
Difference being, you can trade UNTOA anytime. Last price was 0.4 cents for the UNTOA options, which implies that the heads really should be at 3.4 if 3 cent options are trading at 0.4 cents. However, this 0.4 c price is factoring in where the market thinks the heads are likely to go in the next 12-24 months. There are some complex equations that some use to guestimate what the price should be today, almost 2 years from expiry.

The big risk with options is that the heads need to get above the exercise price, and you can't get someone to buy your options on market, then you lose the lot. Hence, people often talk about the risks of trading options, and not to do it if you don't understand the risks, but unless I'm missing something, its not that complicated.
For example. A few months ago, I picked up UNTO options for 0.001 each. Seemed like a bargin, and we have until July 2024 to exercise, or trade. Then the CR came , and the heads dropped. It's not looking good to get anything back on them at all now given the exercise price is 6 cents, unless we get some impressive news in the next 3 months. Not impossible, but not likely. Fortunately, I didn't put the house down on this, I figured it's a calculated gamble, and only bought a small number.