I must say I didn’t realise how many small bundles of options...

I must say I didn’t realise how many small bundles of options MKR still has outstanding that loan extension definitely didn’t come for free (cost is future dilution).

So Assuming all the bundle options get realised there will be around 300m of shares on issue, so if you want to be ‘conservative’ with your valuation model for MKR use that figure for working out the mkt cap…. Yeah the options excercising will also provide more cash to MKR, but based on my view of where PM prices are going that will be less relevant than the dilution they bring.