option question

Moving through time if the date was say the 20 June and the SP was 19c due to delays say on positive news and the options are due to expire what happens - if you don't exercise you'd loose all of the money in the options wouldn't you ? If you do then at 20C you going to make a loss, however you won't make as bigger loss as if you let them expire - is that correct - I am fairly new to options and the way they work.

thanks