I'm at a loss. If Merlin is starting production at the mine and...

I'm at a loss. If Merlin is starting production at the mine and produces, as predicted ,good value stones, it is quite reasonable to assume the value of the project, after costs, will be in excess of ,say, $ 300 millon . Devide that by the shares issued , at present appr. 165 million, and you get an increase of $ 1.82 - $ o.20 { last price]of appr. 900 %. If you compare this with INN with appr. 2.8 billion shares issued, rising from $ SIN 0.008 12 Months ago to last quoted $ SIN 0.19, the increase in sp. will only be $A 300 million/2.8 billion = $ A 0.11. And that is before the great paper swap.INN will have to carry out a 1 in 20 conversion like MED did before this looks anything reasonable.What am I missing ?