if you hold the option for 12 months and sell the option on market, it is a CGT asset
there is no need to convert
i used to be a professional
Note 1: Examples of CGT assets are:
• land and buildings;
• shares in a company and units in a unit trust;
• options;
• debts owed to you;
• a right to enforce a contractual obligation;
• foreign currency.
http://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/itaa1997240/s108.5.html
Possibly the world's largest hard-rock spodumene resource, page-1347
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