Buckland,
SP would need to fall about
15% to 3 cents (or under) for the options not to be "in the money".
Even if the heads fell to 2.9 cents today the options would still have a value albeit small, probably 0.001, but I would buy a truckload as the risk/return would be too good to ignore.
Given first pour and interest in shares is great cannot see that happening (although nothing surprises me in this market).