Lurker there is no taking advantage.
Look at another scenario:
A JV deal is announces that includes mining several other sites or some other favorable condition and the price rises to $5.00. The guy selling the covered calls loses out on $2.50 a share for the shares he offered in the covered call.
That is part of the risk game.
A person buying 2.50 options KNOWS he is gambling for a result above the strike.
A person selling covered calls is willing to risk losing gains above the strike for an immediate cash gain.
Both know fully well what they are investing and what they are risking and their beliefs in the stock are in synch though with differing targets or willingness for risk exposure.
IN your example, a JV deal raising the price to $1.92 would still impact the options prices. If this happened in December and I held April Call Otions I doubt very seriously they would still be worth only .05.
This is the nature of the markets. People are always willing to take on different risks for potential rewards at differing levels. Even if your scenario was true, the person buying the 2.5 calls went into it knowing that was the strike and gambling that news would take the price above the strike. That was factored into the amount of money they put out for the call in the first place.
No harm no foul either side and all part of good investment strategy
