E25 to FRB factor of 1.55 ?

Assuming my numbers are correct here, please correct me if I have anything wrong
E25 263Mt vs FRB 64Mt same grade Manganese, E25 should be a 4.11 multiple of FRB (264/64=4.11) BUT then take the shares issued into account: E25 132mill vs FRB 50mill so the value will be less diluted per share for FRB by a factor of 2.64 (132/50=2.64) SO 4.11/2.64 = 1.55 is the factor that the share prices should differ so E25 sp $2.50 should be equivalent to FRB sp $1.61 (2.50/1.55=1.61) This obviously doesn't take into account the other factors like stage of development etc but a simple number to keep in mind if all other factors were equal, E25 share price divided by a factor of 1.55 you can argue is where FRB should be and as development progresses over the coming year that argument will become more valid and by then E25 will be $3, $4, or a lot higher we hope, good luck to all E25 and the new kid on the block FRB