I'm not sure it's the valuation that's wrong, I think its just...

I'm not sure it's the valuation that's wrong, I think its just very poor analyst commentary. Where they should be noting >40Mt of resource they are only quoting 9.3

From frontier website they have:

• Spark deposit Indicated 14.4Mt @ 1.4% + Spark deposit inferred 18.1Mt @ 1.37%; and
• PAK deposit Measured+ Indicated 7.23Mt @ 1.87% plus PAK Inferred 2.76Mt @ 2.22%
• Channel work having been done on Pennock and Bolt Pegmatites

42Mt of good-grade resource with a current market cap of C$465m. Adjusting for some strong PAK grades that's circa C$10m/Mt of resource.

GT1 is currently at 9.9Mt of resource and a market cap of A$209m. If you didn't factor in that GT1's resource was scheduled for updates, GT1 has strong cash balances and is rapidly progressing plans you could argue GT1 was the more expensive one. I'd however suggest a higher $/resource multiple was applicable to GT1 for a number of reasons including location and the probability that GT1's management team can take GT1 through to production. So far the market is agreeing because GT1 was at A$0.52 at the end of last year and is up just over 100%. Frontier was C$2.03 at the end of last year and is currently up only a couple of percent at C$2.09