There may be some light at the end of the tunnel. Gold...

There may be some light at the end of the tunnel. Gold production for the March quarter was almost identical to the previous quarter, but the production costs were 20% lower than what was estimated. Some other expenditure comparisons for the March quarter are;

Expenditure.- Estimated. Actual

Exploration. $310,000. $200,000
Development. $1.2 M. $1.49M
Administration. $1.3M. $1.1M
Production. $6.3M. $5.1M

Total Costs. $9.1M. $7.9M

This is $1.2M under budget. The average gold price for the March quarter was $1348/oz. The gold price is now higher.

We have until 20 May to make a decision about taking up the SPP offer.

My question is, if the SP stays at around 12 cents, what will be the approximate market value of the free attached 18 cent option which expires in 3 years?