Your statement is true when your MCap formula is correct. But from my experience, $100M per 10MT is just none sense.. this completely ignored concentrate % & financial economical benefit (cost reduction with cost leveraged) when size becomes bigger.
Big resource with high concentration will always priced @ premium level, especially for the mines with less geographical risk - for now a few big resource mines are in Africa- AVZ / LLL.
i personally feel sorry for those who sold shares below $1.6.. < $1.5 is just a steal.
Ann: PMT Announces Largest Lithium Pegmatite Resource in Americas, page-119
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