cobalt breaks 23,800, page-115

I would like to buy some CNJ shares but then I found a company that has a 784.9MT resource containing .049% cobalt which equates to 384.6kT of contained Cobalt, almost 10x bigger than MT deposit. The company has $24M at the end of June quarter and has a MC of $60M. I'm new to mining stocks and therefore, if anyone could enlighten me on why CNJ is valued at over 8M for owning 50% of MT? Is CNJ overvalued or the other company that I was looking at is well undervalued? Note that the company that I was looking at has a high grade zinc project where PFS showing very robust economics.