imo you should always look at the fully diluted market cap,...

imo you should always look at the fully diluted market cap, everybody is happy to talk about possible upside (eg the $50m to $150m from the MD mentioned in this thread) and then conveniently ignore the effects of in the money options (there's half a billion here so we aren't talking about an insignificant amount).

I'd also ignore any money coming in from options in a market cap calculation, maybe that's relevant for EV. In any event that money basically goes straight out the door for an explorer so while it helps to delay a future raising I can't see any relevance to market cap.