SGC vs XST leverage for Borba

Trying to work out which of the two offers better leverage to Borba. I have access to MorningStar Data Analysis Premium through my university, and using it as likely it has the most uptodate figures for the number of shares on issue. Using that, SGC and XST have the following number of shares on issue as recorded at 5th Feb in the product:

SGC = 397 million
XST = 1819 million

Market cap is normally calculated using the number of ordinary shares times the last closing price. However, to bring it up to the moment, I've used the share prices as I've calculated this on Friday afternoon (SGC 8.1 cents, XST 1.3 cents)

The "live" Friday afternoon (5th Feb 2021) market caps are then:

SGC = 32 million
XST = 25 million

However, SGC also has about 132 million listed options (SCGOA). If you include these to get the fully diluted market cap, then SGC will have 529 million shares and a market cap of:

32 million as above
5 million added (being 132 million times 4.1 cents (current price minus the 4 cent conversion price)
Diluted market cap of SGC = 37 million (if I've worked that out correctly?) which is close to 50% higher than XST

Moving onto the weighted interest for Borba, SGC has 2/3 (approx. 67%) while XST has 1/3 (approx 33%)

Ignoring other assets - as Borba offers both the biggest potential asset for both companes, and drilling is occuring very shortly - it would seem that SGC should have about twice the market cap of XST

For example, if Borba works out to be worth $100 million (could be considerably more of course) then you would expect - on Borba alone - the following market caps:

SGC = 67 million
XST = 33 million

So it seems to me there is a mismatch in the current market caps of the two companies, with either SGC undervalued and / or XST overvalued

Quite possibly missing things, and happy to be corrected, but it seems like SGC is currently the better buy for Borba