Yep i agree, even fully diluted at 8c the market cap would still be on the low side at $60mil.
I think as they move along up to 20tj/day and show the market they have a nice profitable operation, the market cap will rise accordingly. That doesn't take into account the blue sky potential of the NT & NQ assets either, so it will eventually be worth way more imo.
Ann: Armour Energy to Receive $6m in Gap Grant Funding, page-16
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