Cheaper than you think, MuffyI'm not counting on 10 million oz., but let's use that number for argument's sake.
I count 223 million shares out plus 21 Restricted share units to get 244 million fully diluted. Note that I'm not expecting any warrants to be exercised. Arguably, there are 2.18 million warrants that might be exercised at 67 cents in June, but the rest at $1.50 exercise haven't a snowball's chance.
At 50 cents, the market cap is $122 million Cdn. Divide by your 10 million oz and you get the market valuing each oz at $12.20 Cdn or $8.90 US.
If you use the more conservative 8 million oz. Indicated and Inferred that Troilus last reported, you get $15.25 Cdn per oz in the ground or $11.13 US.
Personally, I don't think it matters if Troilus has 8, 10, or a dozen million ounces in the resource category. If Troilus produces 250,000 to 300,000 annual ounces, ounce number 11 million is so far in the future it's sort of irrelevant. IMO.
Rather, I'd prefer to see 2 million proven ounces and 3 million probable. Reserves, not resources.