A share in escorow is irrelevant to include, thats like valuing...

A share in escorow is irrelevant to include, thats like valuing a company on feeling there may be a placement in 6 months time which will increase the shares on issue.
Agree with you it pays to take into account options although when exercised they allow cash injection.

Probably the best way to value this would be to ascribe a value per ton of resource of the hematite say $5.00 then multiply it by the resource available in tons. plus add a little for the magnetite. The offtake agreements have probably equated to a doubling in value for the resource to the $5.00 a ton mark IMHO