Ok, now there is just pure arbitrage opportunities happening....

Ok, now there is just pure arbitrage opportunities happening. What is going on here???

You can buy the options at $0.016.
Excercise the option for $0.060 (total of $0.076 per share)
Sell PGM for $0.079 (current bid price for PGM)

Make an arbitrage profit of $0.003 per option. This is crazy and gives no consideration to the huge worth of an option as a means of leverage. Why would someone be trying to buy for $0.079 when they can buy the options and cap any losses on the downside while enjoying the same upside.

Any thoughts?