Notwithstanding the fact there have been loyal holders over time...

Notwithstanding the fact there have been loyal holders over time who have lost buckets of cash and would love to catch a break... But all option holders know it's a punt. There was never a guarantee the options would make anyone rich. Quite the opposite, it is generally rare for options to get exercised, particularly those that are traded on market.

From the companies perspective it is not in their interest to extend the expiry date. Not that they could without shareholder approval. If NOR shoots to 20c and they are forced to convert options at 8c then the company is missing out. They could raise at 15c with the price at 20c and advantage all holders through lower dilution.

Options conversion seeks to advantage the option holders at the expense of heads holders. They may be the same people of course, or they might not be.