Ann: WORLD CLASS CLAY HOSTED REE GRADES DISCOVERED AT CODA NORTH, page-241

You can't include options into a current valuation.

Options are just that, an option to purchase shares with an agreed expiry date. Your numbers may be correct, however the majority do not come into expiry for another 3 years, in which the projects will be significantly further along and warrant a higher MC.

Options will also increase cash for the business at time of conversion.

Current MC would be any shares on issue and potentially at a stretch the cost of acquiring options - conversion cost. The conversion cost is only recognised at time of expiry or conversion, so your calculations are way off.

Your valuation is a 2028 figure with 100% of options converted, to determine MC you would need to also factor in the 3 years of future announcements and growth.

You can't Cherry pick and assume a static company value and 100% of options converted at today's value.