Hm, well...
NAK has a current market cap of 1.68 billion dollars. LBSR's interest in BCSP is 80 percent of that, for comparisons purposes, or 1.344 billion. Using 700 million shares for LBSR, that's $1.92 per share for one Pebble-like target. If one uses only five successess (out of 6-7 possible Pebbles and 5 smaller targets), that's $9.60 per share before discounting for lower unit values that must be considered in accounting for very much higher potential volumes of production.
Can't really follow how you got to $2.25. In comparative valuations, the amount of shares do not matter. What matters is the market capitalization of the model used for comparison.
VP in AZ
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