Hi Gizard, to be on the conservative side I included all options and shares outstanding:
222m shares + 37m options = market cap of $11.7m at a share price of 4.5c.
But because all these options are "out of the money" (18m at 5c, 19m at 10c), we could justifiably exclude them, giving NWA a market cap of $10m (4.5c x 222m). Either way, NWA looks good.
NWA
new world alloys limited
