There are two key differences between Peak and Arafura.
First is that Peak is currently focusing on a rare earth concentrate, rather than refining all the way to metal (or metal oxides, carbonates, whatever - point being that all the different elements are essentially separated). There's a lot more value in having separated rare earths than in having a mixed oxide. Capex is significantly higher to get there, but the return is proportionately greater as well. Yes, Peak is talking about a refinery as well; but that's a long way after production starts. The share market won't price that in unless and until the plans become more concrete.
Second is that Arafura's resource is in Australia; the perception - right or wrong - is that Australia's regulatory environment is a safer one than Tanzania. Note that I'm being careful in talking about the perception, rather than the actual reality (which I really cannot judge in a meaningful way). That's going to be a significant depressor on the company value until the company is actually up and running as a going concern.
Take both of those into account, and a comparison based on Arafura's market capitalisation is premature at best, IMO. Don't get me wrong, I'll be absolutely thrilled if your predictions come to pass. I simply don't think that they're likely, or even plausible.
Just my two cents' worth, coming from some random on the Internet.
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3 | 85712 | 0.220 |
4 | 93987 | 0.215 |
2 | 62000 | 0.210 |
1 | 5000 | 0.200 |
Price($) | Vol. | No. |
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0.235 | 25296 | 1 |
0.240 | 7157 | 1 |
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