A much better comparison, Greenland Minerals also has a World Class deposit, their Registry is of comparable size to PM8's as is the size of their Resource and also their stage of Development.
But for my money Pensana has some distinct advantages over GGG: The most obvious being as I have pointed out previously is Location : Operating a mine that close to the Artic Circle will have substantial associated costs, all equipment will need to be fitted with special: hydraulic seals, tyres, heaters etc etc and they will be paying premium wages, salaries with a premium on every other consumable required on site and I assume that all of their power will have to be provided by burning costly fuel. Then their head grade looks to be a fair bit lower ~ by my calculations 5200tpa from 3Mtpa of Ore equates to around 0.175% NdPr. To be fair they will also have quite a bit of Uranium and some other secondary minerals to add to their revenue stream, so long as they are allowed to sell/export them.
And they are going down the full process route, which is probably why it is taking them so long to get into production, (I have been following GGG for at least six years !) and they are still in feasibility, can't say I blame them, you would want to be 100% sure before committing to spending over US$1 Billion on a process plant and refinery. Being governed by Denmark (but not part of the EU) can not be helping either, Green groups will be having a ball raising all sorts of blocking tactics without actually having to be anywhere near the site !
So again we see a comparable, but somewhat less attractive REE company at a similar stage of development to Pensana but with a share price $12-13c well above PM8's.
