MTL vs MOD Valuation

Hi all,

I'm struggling to see why MTR (Metal Tiger) only dropped 20% on the AIM on Friday. The valuations of the two companies are summarized below (if my table displays correctly):

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
0		Pre-Discovery	Pre-assays	Post-assays	Shares on issue	Warrants/Options	Fully diluted
1	MTL (GBP cents)[/B]	0.8	5.08	4.05	446,134,795	26,170,000	472,304,795
2	MOD (AUD cents)	0.4	4.1	2.6	1,184,603,328	80,933,441	1,265,536,769
3
4				Valuation	Valuation (Botswana)	Ownership
5	MTL MktCap (GBP)	3,778,438	23,993,084	19,128,344	15,349,906
6	MTL MktCap (AUD)	7,027,895	44,627,135	35,578,720	28,550,825	30%
7	MOD MktCap (AUD)	5,062,147	51,887,008	32,903,956	27,841,809	70%

* "Valuation Botswana" is just the current Mkt Cap minus the Mkt Cap before discovery.

When converted to $AUD (and fully diluted), MTR and MOD currently have very similar valuations ($28.5m vs. $27.8m). Before discovery, their market capitalizations were broadly similar ($7m vs $5m) so there are no other projects which are having an affect on the valuations at the moment.

If the AIM market values the Botswana project at around AUD$28m for 30%, then surely MOD should possess a higher valuation? Or is this the "capital raise" discount we are seeing?

Food for thought.