valuation

Forigve my ramblings on Moly, but there aint much to do at work right now. How come people keep having a 12month valuation of this company at $7.50? their operating costs are $7.20, and hopefully the price of moly will remain at around $30/pound. That gives them a margin of $23/pound x 24Mppy = EBITDA of 552M. That roughly values them at around 5B or so. For their SP to be $7.50, that would mean there had to be nigh on 700M shares on offer. That would mean them issuing 600M shares at $2.00 to fund the project. ANyone else want to comment?