why minemakers is the best phosphate play, page-29

There is of course another cause of action if the heads=oppies in price, i.e. my statement:

"The only time oppies would not be worth exercising would be if the heads are at or below 30c - in which case it makes no sense at all to exercise them, just buy the heads - obvious, but surprising the number of times ppl ask this."

Since the price of buying heads in this scenario would be the same as exercising the options, you might consider a) exercising the options to give the coy more money in the bank, b) exercising the options will not incur a brokers fee, i.e. a (very) small saving.