enterprise value

I was wondering what the EV will be after all options are exercised and WCU goes on to Tsx listing?

Ord. shares issued 187,941,631 (according to A/Report)
Options 91,556,826

Total ord shares on issue after options exercised will be 279,498,457. At 25c/share this gives m/cap $69,874,614.

EV is market cap combined with net debt.

Net debt is nil.

Therefore, EV is $69.8m.

We don't have a JORC resource figure yet, but on historical figs (see website) conservatively, WCU has 1mlbs U3O8 and likely to be proven up to 10mlbs.

U3O8 spot price is US $45/lb. Value of mineral assets for 1 m lbs is $45m or $450m for 10m lbs.

Based on a valuation methodology of EV/mineral assets (1 m lb) gives a multiple of 1.55 (calculated as 69.8/45 = 1.55)

Compared to its peer group, IMO it is low and should be greater than 2, which means sp will rise above 25c/share ultimately.

Has anyone else on HC researched multples for peer group comparisons going into the TSX listing?