(Spec) Gold Turnaround Story of 2018, page-202

Yep. If, say, gap was to fill, leading into assays, so, 1.8c, OAs would have $0.007 of intrinsic value, plus maybe ~$0.002-003 of time value. So $0.009-01 is a reasonable expectation. So 100% on the OAs for a 63% move on the heads.

Where they really come into play is if there's drilling success and the ITM leverage kicks-in. E.g if heads went to even 3c on some decent first assays, OAs would have $0.019 of intrinsic value and again, say, $0.003 of TV, or $0.022 trading value. That's 340% return vs 170% return on the heads. Reality is, OAs would start to trade with a decent premium if the heads took off in a big way.

All just theory though. We may get knocked on our ar$e and back to shell value if assays are ordinary. I'm also biased, as I hold OAs, so there you go.