I have no idea how Hot copper calculates market caps but it is...

I have no idea how Hot copper calculates market caps but it is wrong for KTD IMO. Unsure why it is showing $80m mcap. Everything is lumped in for the sake of it.

Total shares on issue is 150m. 50m performance shares not issued so cant be added into market cap. Cannot add options into mcap calculations, for options to be added enterprise valuation is the right measure due to exercise conversion money. 

At IPO price 20c, KTD is only $30m mcap and only $15m Enterprise valuation with $15m in cash

At 40c, KTD should be only $60m mcap and only $48m Enterprise value with $11.3m in cash

At IPO price 20c is only $30m mcap and only $15m Enterprise value