Yes as already discussed online - people can debate whether performance rights and/or options will be exercised or not that's up to them but the fact is they are there and that's what fully diluted means. If you don't think the rights will be exercised - that's ok but worth noting what the conditions of them are.
@Heeman noted the 5M cash from converted options. Call it 15M EV post conversion of options. (that assumes every option is converted at todays S/P as per EV calc.)
SF2TH
Ann: First Holes Intersect 150m of Graphite Schist at Leliyn, page-38
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