RDG - Chart, page-13

RDG mkt cap is $260m ($190m + $70m debt)
Have spent a bit of time previously thinking about the question you ask here, and the conclusion I came to is that the mkt cap differentilal is perfectly risk adjusted. (maybe more so prior to yesterdays jump)
With RDG you've got a company that has been able to go from acquiring a tenement to first production in ~18 months thanks to the pedigree and resources of the register.
For HVY, it's a great peek behind the curtain of what could be in the furture, if/when they can fund and construct a plant, whenever that may be.