Yes you can, if the PPS is used to determine the Market Cap, then it follows that the MCcap can be used to determine the PPS.  

Beacon is expressing their target in terms of PPS and their report takes note of the HL deal and resultant dilution, so they could just as easily have expressed their target as being a MC of $1.7 billion CDN.

Going forward if the company cashes up by going the route of dilution, the PPS target can change but assuming the NPV evalutation is constant then the MC projection stays the same.