market cap will easily double upon finance , page-15

I know I've been saying it all along but that gap at 12c is more than achieveable, should finance be secured. That would put MSR at a mc of ~$45M, which would be reasonable on a peer basis for a fully funded, low cost project, with considerable scope to expand the resource ounces.

It might not get there in one leg-up, as those placement shares at 4c will create some overhang, but it should re-rate back to a more sizable mc as the project risks are eliminated. Gold pushing higher long term will be an added (and highly profitable) bonus.

Still think MSRO offers a significant opportunity with plenty of time to expiry and a very achievable exercise price.