Precisely, overall tonnage is rather irrelevant. The market is pretty dumb at the moment since NUP has a slightly better resource than RUM (higher grade) and the tenements are right next to each other, however RUM's MC is triple of NUPs. I cannot see any other project in RUM's portfolio that are worth anywhere near the amount that would explain the difference. Of course RUM has a quality strategic shareholder on the register - this adds value as it is seen that the project is more likely to get funded.
IMO it will be re-rated in not so distant future. NUP should be worth around 2/3 of RUM based on current projects.
NUP Price at posting:
2.5¢ Sentiment: Buy Disclosure: Held
