Location of said explorer relative to other companies/producing...

Location of said explorer relative to other companies/producing mines? Is it a new company or created as part of a demerger like NMT? Experienced management team? I think the success of an IPO is very dependent on the above factors - you just might be comparing apples to oranges here.

While Neometals just dropped the off take rights for Mt Marion and the Indian Lithium Refinery and focusing more on their Nickel assets instead (by creating Widgie Nickel Ltd) speaks confidence to me. They obviously see value in exploring/mining Nickel in WA while the NMT can go further down the recycling path.