I don't think so. Whilst the options will always generally...

I don't think so. Whilst the options will always generally follow the heads each chart has its own importance. For example, there is a gap on HEGOC between 0.035 and 0.040 that hasn't filled. I don't think that it will fill and it was no surprise to see the options bounce at 0.040/0.041 which, from a technical perspective, is where those who anticipated the move would have placed their orders.

On Thursday the ~435k was an iceberg on the day (though maybe I could have chosen a better description) given the low volume context of trade on heads (~289k on the ASX with no volume on options) and most likely placed there as a deterrent. The action appears to me to be tightly controlled at this point.

I suspect that you may be right about the project economics though. We shall see.