I'm new to the Silica space only having read about this recently...

I'm new to the Silica space only having read about this recently due to my investment in PEC.
Note that i invested in PEC for their recent lithium project acquisition and not for their flagship Silica project.

I'm just wondering if anyone could shed some light here. How on earth is PEC valued at only $9m with 137.8Mt at 98.6% SiO2

What am i missing here? Would appreciate some feedback from those knowledgeable in the space

I would also like to know why VRX in comparison is valued at $90m. Are they more advanced and in what way?

Thanks IA!

Recent approvals: https://hotcopper.com.au/threads/ann-significant-progress-made-in-beharra-environmental-approvals.7432648/
The most recent approvals announcement indicates 9-12 months remaining and determined to be low risk

It's also interesting to see that the most recent raise was at 3c with the directors contributing, and the company was worth much more in 2021

Are these approvals that are due in 9-12 months going to drive rapid share price growth?