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.
AJQ Price at posting:
8.2¢ Sentiment: Buy Disclosure: Held