All and good @The Stripester I agree with all your points, and...

All and good @The Stripester I agree with all your points, and apart from the options being a higher risk play with ARU, my question still stands does anyone have a calculator/formula/model in which to reasonably accurately price the ARUOs.
I understand there is something called the Black-Scholes Option Pricing Formula/Calculator, anyone out there used/uses it.
In my own spreadsheet for Volatility ARU's 12 month volatility is technically 90% and when I use this on a website with a B-S options pricing calculator, using 0.34 Strike price current SP 0.46 and 90% vol and 6.0% interest cost with 455 days to expiry I get a Call option price of......wait for it....... 0.23 so what has anyone's experience been using Options Pricing formulas/calculators ? Using a more usual Volatility of 30% this drops to a more likely 0.153. This is telling me the oppies have got some catching up to do. and yes I do own some as mentioned in prev post.