Where's the value?

Can someone explain why they think this stock is undervalued?

After looking through AUZ and Metallica reports on Sconi I've struggled to find:
- a clear presentation on intended production plan
- JORC resource
- commercial strategy

From what I have found;
https://australianmines.com.au/wp-c...stralian-Mines-Presentation-February-2017.pdf

- AUZ plan a Scandium focused mine, 68 T p/a output.
- current World scandium demand (10-15 Ton per year)
- Pricing (no spot price available as low demand, private contracts, est: 3,000-$5,000 kg
- Projected future price (CLQ project- $1500 kg, PGM  project $500kg)
https://investingnews.com/daily/res...m-production-the-problem-and-the-opportunity/

Scandium is an abundant metal worldwide- has not been focused on to date as a primary mine due to its very low consumption and demand

Main usage is for lightweight aluminium and solid oxide battery (US gov minerals website)
https://minerals.usgs.gov/minerals/pubs/commodity/scandium/mcs-2016-scand.pdf

AUZ Problems with Scandium focus;
- AUZ have no funding for plant (TSX:SCY - and ASX:CLQ - two advanced competitors based in Australia have secured funding circa $100M for scandium plants)
- SCY and CLQ have scandium offtake agreements in place and will be in production years before AUZ
- projected 80 T p/a production between CLQ and SCY alone plus current 15T p/a supply and unknown stock piles and production quantities from China and Russia who are main suppliers (6 X current world demand, may be no market demand)

Problem with AUZ Cobalt:
- AUZ cobalt projected output 700 Tp/a ($35M revenue p/a)
- compared to CLQ 4650 T p/a  (7 X greater)

There are many other ASX listed Cobalt plays that are much cheaper with interesting non JORC resource opportunities close to infrastructure that are still priced at typical explore Mc circa of $20M.

I don't understand why this is priced so high at MC $150M and is being compared to CLQ asset.  

As far as I can tell tge 'arbitrage' concept is false.

CLQ have two years of successful track record:
- clearly defined and larger resource
http://www.asx.com.au//asxpdf/20171009/pdf/43n1snc8yt3vjd.pdf
- Secured funding,
- offtake agreements of 20% of production
- a JV with Chinese battery producer
- nearer term projected production
- coverage from major Broking groups
- management team who can make a decent presentation

They are focusing on Cobalt, a strong market anticipated to significantly increase.

Love the volume and liquidity of this stock,
Clearly some huge buyers in the market.
I'm investing in the EV and clean energy sector - just can't justify this high Market Cap.

Am I missing something?