At worst with a 200mt resource they would only have to issue 1...

At worst with a 200mt resource they would only have to issue 1 billion shares. therefore based on your calculations that would mean $0.77 per share. if the resource is 300mt or greater then an additional 1 billion shares would be issued. Warnie and others have alredy stated that they believe the resource will be larger but with a possibly lower grade. Therfore the 2 billion shares would probably need to be issued.