At $0.26, KNL would have an undiluted market cap of $31 million.
By mid year it's likely we'll have 2 mines on track for development in the next two years with a combined NPV of $500 million+ and binding off-takes for 30,000 tonnes or more. We'll probably have funding sorted by then as well.
I think these boxes being ticked would justify a market cap of much higher than $31 million.
