In case the explanation of market cap being more important than share price when comparing two companies... I hope you don't mind if I elaborate because a lot of people overlook that important thing of issued shares vs share price ...
Ignoring any share options for a min....
AUZ - shares issued > 2.5 Billion...
CLQ - shares issued 0.59 Billion
So the fraction of AUZ you own with 1 share is a lot less than the fraction of CLQ you own.
So even if they were exactly the same in every other way (resources, progress, location etc etc etc)... the share price should be a factor of CLQ being 2.5/0.59 (ie 4.2) times higher than AUZ's.
If AUZ did not have so many shares on issue, (say they only had .59 billion)... it might cost 42c to buy one instead of today's price of 10.5c... it's a theoretical price because, obviously, the shares on issue are not going to suddenly reduce by that large amount... (unless the company does some kind of 10 to 1 consolidation... and that would result in the AUZ share price suddenly going up, but your number of shares being reduced by the same factor of 10).
so how come they still are not the same share price if adjusted for the shares on issue (the basis of your question) ?
The remaining difference are a range of things that the market perceives (rightly or wrongly) ..
1 - % ownership of the tenements (do they own 100%, or have a lower % which can make it more complicated)
2 - sovereign risk - where are they located ? geopolitical Stable ?
3 - surrounding infrastructure to support the extraction, processing and transport (is the tenement in the middle of nowhere or does it have good roads, electricity, water, accommodation, processing plants, consumers of the product or a port nearby)
4 - how well defined is the resource ? JORC (google and learn what that is)... the more defined, the more confident of the size and value of the resource
5 - has the ore been worked on in Labs to see what % of the material desired can be extracted... how costly is it to do so ?
6 - is a scoping study done ? Cost of production done ?
7 - other stuff I can't remember, or don't yet know enough about to comment.
Once all of that stuff is considered by the market... buyers and sellers seem to agree on a price ... naturally, a lot of it is not exact, or set in stone (things change)... so that agreed price moves around due to external factors..
Finally... Fear and Greed have a major impact on a realistic price...
It seems buyers and sellers consider CLQ to be worth more than AUZ... that may be how it always is, or it might change... both can thrive without causing any great impact to the other .. except in the HC forum, where the need to bash eachother is sometimes too tempting.
best of luck.
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