If they can get it to production and hit the $20M a year then obviously huge growth still to come.
Including option as part of the market cap doesn't then include the cash GMC would have received as a result so i suggest for valuing it would make more sense to leave undiluted at this stage.
Will be curious if there is some big conversions in coming days.. as i believe there will be too much supply on GMCO
GMC Price at posting:
4.2¢ Sentiment: None Disclosure: Held