SOI doesn't matter at all. At least not in the way you seem to be saying it does.
Maybe can you clarify why you think SOI matters? Might save the back and forth.
$100M market cap at 100M SOI (share price $1) is the same as $100M market cap at 1B SOI (share price 10c) - sure the share price will be different but not in a meaningful way. It's irrelevant.
Of course dilution is impactful - but not because there's more SOI per se. It's because then there's more SOI for the same market cap.
Ann: Wits Basin Scoping Study, page-260
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