Short Term Trading Weekend Lounge: 7 -9 Apr, page-119

When the performance shares are included, yes EV becomes $6m greater at current price (20m shares).

Note these performance shares are escrowed for 2 yrs post issue - this is an important fact to be observed.

When comparing your other stock KRC to that of TNG, it's not exactly "glowing" to say their grades are similar. TNG's grades are tiny (average 0.3%) & aren't really economic unless the resource is of enormous size. TNG is lucky that they have a monster resource (poor grade, but monster volume) ... their EV is $110m though.

TMT are touting grades well over 1%

TMT EV is $4m (not including performance shares - given they aren't in existence yet) & ONLY 10m including the performance shares...

Given the full 20m shares will only be issued upon a JORC INFERRED & INDICATED resource - IMO this is the bet of the century.

Each to their own though.