Why so low, page-37

Market Cap is a function of share price and shares on issue, so if you're comparing Market Caps between companies then you're effectively comparing the share prices WRT the number of shares on issue for each company.

Market Caps at last recorded share prices (31/3/17):
MXC: $79m ~ (1027.74m * 0.077)
MMJ: $154m ~ (200.92m * 0.765)
CPH: $32m ~ (42.14m * 0.765)
AC8: $94m ~ (105.26m * 0.89)
Source for Market Caps & shares on issue is from Morningstar.

I think there are many aspects of a business which 'change the picture' of a company such as business model, partnerships & funding arrangements, business strategies, maturity, potential market, company moat, etc and these "fundamentals" of a company will be reflected in the share prices to some degree. The Market Caps will subsequently fluctuate with movements in the share prices. However I believe the share price movements will be heavily impacted by the number of shares on issue.

As you say, MXC is not really cheap when comparing Market Cap with its peers, so is it reasonably priced at current share issue levels? I think there may be room for it to appreciate somewhat on positive company news, however, once again I believe the share price will be constrained by the sheer number of shares on issue. Therefore I don't expect MXC will go close to challenging the prices of MMJ & CPH in the near term with > 1b shares on issue, as that would place a Market Cap ~ $786m on MXC, which is way out of line with the sector.

So using Market Caps to compare company valuations, we could broadly measure MXC by taking an average Market Cap of the 3 other companies mentioned above ~ $93.3m. If MXC was considered to be in line with this average, then that would attribute a share price ~ $0.091 at current share-issue levels, without further positive company news. Of course this a coarse measure, but I think it provides some reasonable perspective.