Might I suggest you DYOR, this is after all a company you initially referenced !
Mkango might have been a fair comparison in that they are at about the same stage of development as Pensana. Admittedly they have a much smaller Registry with about 1/10th the shares on issue. However they have nowhere near the size or grade of Resource, I estimate that they will be very lucky if they can ever recover 1% of the amount of REO's that are available at Longonjo; their Ore is at depth and they will have to strip waste (depletion and dilution); their NdPr grade is less than half that of Longonjo so their recoveries will be much lower. Lastly, they have non of the Infrastructure that Pensana have, so IF they can produce a concentrate, they will then have to transport it 500km thru a neighbouring country before eventually reaching a Port that they can export from. It will be interesting to see what their NPV ends up at ? Good Luck.
The comparison breaks down however when you realise that Longonjo is a major World Class deposit, while Songwe is a provincial mine at best. A bit like comparing Escondida to Gunpowder copper.
BUT..... because they are listed on the LSE and not the ASX, MKA are trading in a mature market that recognises the future of EV's, they are trading on their merits and UK6.5p (13c) is probably a fair price for what they have got in the ground at the moment. Given similar circumstances PM8 should be well North of 10c and rising rapidly !
