The real question is the valuation based on the option over what...

The real question is the valuation based on the option over what is in the ground less the cost of getting it out. Proactive Investors thinks that 8m is light. The number of shares is not relevant if that value is high. Likewise a capital raise is not a significant issue if that value is high and the costs are not high (if as suggested the resource is easy to extract and sell). The main unknown seems to be the volume and quality of the resource. This appears to be high, based on the information available and market response, but we will have to wait to find out with more certainty.