Mate to compare oppies and heads look a an opportunity for...

Mate to compare oppies and heads look a an opportunity for arbitrage. Here you need to look at the price you get to sell a reasonable volume of heads and the price to buy a reasonable volume of options.

At close the bid on GPH was 12c for 200000 (and a smaller volume at 12.5) The offer on GPHO was 4c for 400000. (yes there was a lower sale at the close)

So the market is reasonably balanced even with the movement near the close. There is always noise, especially near the close and sentiment and eoy factors play a part too.

Lets look at GPH carefully, but without rose tinted glasses.

SOP is a valuable commodity easily recovered and processed.
GPH has a ready local market,
Indications are that JORC will meet or exceed the exploration target.
Information so far is that the sand /gravel layers are permeable and flow to collection points will be OK.
At $19m GPH is undervalued w.r.t. peers.

So, I would put the question. "What's not to like?"