RE:134 million warrants outstanding. 390 million shares From their presentation I calculated 329.2 mm F/D not including options.and the warrants will bring in $33.8 mm cash so not sure if you added that to your value concerns.
Company is doing $60 mm CF and next year with even more produciton wil have no debt so add that # to warrant exercise $$ and there will be close to $100 mm cash & CF in '23.
Stock has a $0.55 target from Research Capital the first analyst to cover..
Watch for the Q-2 financial report near end of August. It should turn heads.