That's really up to you how to look at Empery's...

That's really up to you how to look at Empery's investment. I'm only stating facts that EUR would have more than 65M CRML shares and currently the share price is at USD15.50 per share, irrespective on how the other investors on this table acquired theirs and for whatever price.

There are what, approximately only 2M share available at market? That is if anyone is willing to sell.

Further, CRML does have GEM agreement so at a later date, could issue shares for $125M advance placement, how many shares exactly depends on market share price.

All in all, neither you or I can make a call as to what price CRML and EUR shares the market would be willing and able to buy or sell. How much value do you add to EUR's ability to now easily access US capital via CRML? Just one example. That is as tricky to price as goodwill. Further, no matter the % ownership now and in the future, CRML corporate governance is by constitution controlled by EUR/Tony.

Hence, my advice is to watch market capitalisation when valuing the company, not via share price. Surely at least we could agree on that?

Whatever the case, even by your own more pessimistic calculations shows EUR is undervalued by a huge margin.