due for a rerate, page-44

So MKO Market cap at 28c fully diluted = $22.6m convert the options into cash + cash in the bank will equal $8.5m so according to my calculations the market is valuing MKO as having 150k oz of gold in ground atm anything more is upside

eg PRE 700k cash market cap $14.4m igv is worth $13.7m for 150k oz
MKO currently non diluted $4.3m cash market cap = $15.6m IGV is worth $11.3m fair enough no jerk but even if it is 150k worst case scenario we are still undervalued.