Ann: World-Class Rare Earth Discoveries Continue at Colossus, page-96

Also worth noting that cash on hand for some exercised options would increase and furthermore the conditions precedent on some of the options are linked to project milestones.

for one to factor the options fully diluted you also then need to factor the conditions precedent. i.e MRE of 200mT for example.

So the fully diluted market cap in a theoretical sense would need to also state what milestones the company would also have achieved at those junctures and cash therein from normal options exercised. Comparison to MEI then should equally be done on a fully diluted basis as well. IMO

SF2TH