I am just going to throw some thoughts into this conjecture. Oppies holders are primarily going to be sophs/insto's originally and then (possibly generalising) your smarter retail. A lot of people don't understand options or like the risk attached to them. Thus oppies being held tightly shows some demand for the stock as you say as they aren't being let go. They offer a good optionality play on the stock and it's easier to flip out heads.
In saying that with a 4.5c strike, you are currently paying 5.3c total if you pick them up at 0.8c (assuming they were converted). The ASX hasn't been offering much time premium to options from what I have personally witnessed and a couple stocks I follow even have options trading at a discount.
So let's say heads go to 7.5c (purely for hypothesis) options might trade 3-3.5c. About 3 bags. 3 and a bit bags on offer if heads get to 7.5c. In my opinion heads are massively undervalued verse options at the moment on a risk basis. That further feeds into the retail selling hypothesis for mine.
In any case, bullish base metals medium term and if they can up the LOM, especially via Aisha and other targets this seems cheap.
SL1 Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
