Help With Valuation Exercise on COB, page-3

I don't know their capital structure, but this analyst - 14 seconds into the presentation - says that they have a $94M market cap at 70 cents AUD. He attributes this to 133.3M shares including 26.9M options @ 25 cents.
https://www.cobaltblueholdings.com/blue-ocean-video-jan18/#

I'm trying to get a numeric discussion started. The way you could make your argument is to propose a valuation method when they are in production. For example, propose a valuation as an EBITDA multiple. That becomes the enterprise value. Then you can calculate the dilution of the required $450M capex against that enterprise value. The residual is approximately the upside for today's equity, at least in theory. "The price will only go in one direction" is not the discussion I was trying to have. I want to quantify things.