production has to be increased to at least 12kts and most...

production has to be increased to at least 12kts and most importantly offtakes for this established before imo a $40mil market cap. Also calculation of this is on a undiluted basis, 800mil odd shares not 1.6 mil incl options.
know options diluted should be included for purist FA reasons but the pilgrims just go by the headline figure ie heads only
but imo it's the production tonne forecast that influences Market Cap rating and with BSM it will be the positive cash flow available on 6kts that will capex further 12kts production ie less CR dilution that solidifies B SM "status". A headline/household name offtake of 5/8 kts would be a booster, too.