gba share price worth more than mmr shareprice

Hi

The GBA v MMR question has me in knots.

I always want to be careful with numbers to ensure they are correct.

But I have ran through this a few times and seem to come to the same end result each time.

The scenario below is based on a successful drill result and a merely theoretical & random market capitalisation of $5 billion for PEP 11.

GBA seems to have far greater value than the others.

In fact, upon success, as a takeover prospect, the GBA share price seems it should be valued at more than the MMR share price.

Naturally, any intelligent feedback is welcome.