has anyone got any clue as to what is going on, page-8

FGSTR, the logic is correct. It's not about trying to imply a share price now. GRY still needs another $300m to produce, so you need to add that to GRY's market cap now (will have to come from dilution/debt or both) compare market cap with say NMG. About 4x valuation of NMG seems too high - watch the gap close over coming weeks/months, unless there's some big new news coming - both companies say they're due for big resource upgrades soon.