raises $16.67mil at $0.027, page-23

You're not understanding the dilution. You're calculations only demonstrate what we should trade at post recap.

The true dilution is a future loss of potential. I guess you could argue that its a potential that cant be realised without this dilution?

Your calculations prove that we were undervalued and as a result the dilution isnt as obvious.

As an example, our current market cap is 40mil. But you are buying because you think its undervalued. What value did you place on it?

Let say $100mil.

So, you are willing to pay 4.5c a share, because of a percieved value of $100mil/886mil shares on issue = 11.3c

Post recap, the asset is still worth the same. The reserves havent increased. Only our ability to fast track it has changed.

So now you have the same $100mil/1.5bil share, or just 6.7c. So the upside has been diluted. The trade off is you are likely to reach that value sooner.

Its all about Market Cap and shares on issue.