For those grappling with the diluted MC I thought I'd share my worksheet. When considering a stock with options which are 'in the money' you do need to consider them. A better approach than MC however is probably EV. Currently BLZ is sitting on an EV of around $14m.
So $14m EV for a a gold focused explorer with support from some of the best names in the small cap space. As @Blythefan (knows his stuff) alluded to in earlier posts they have a giant big gold anomaly defined and drill ready. As @john435 has pointed out so elegantly within his maps they sit on a trend which has produced some very impressive gold discoveries such as RMS with 20m at 645gpt. Tolga is a valuation factor but this guys not a pumper, he's stated that for him it's a binary outcome on a gold anomaly which clearly excites him. The positions he enters are illiquid due to their size and there's no way you'll see him sell out before the company drill the target. The same goes for Walker, he didn't join the board for a pre drill pump, they genuinely think that this target has a truckload of potential to become a discovery. The other thing with these guys that many overlook is that a total miss on the drill wouldn't be a total write off, once in a company they will get back up as many times as the geology knocks them down. It's up to each investor to pick their entry and exit, I'm in from 2.4c so easy to sit back here and let things unfold with a healthy buffer but one thing I have learnt over time is that you should never underestimate a company where Tolga is involved.
