...or they expire as worthless or get extended (which frequently happens).  Options are supposed to be incentives and sometimes a low-cost way to riches for many companies and those who receive them.  When I lived in the Silicon Valley area of California, many people I knew got wealthy by accepting options instead of paychecks or bonuses when they worked for "startup" companies that eventually became household names.  Naturally, some had bad luck with options and moved on to other companies.  It's a way of life in some industries, tech and junior mining included.