Ann: NORTH STANMORE ASCENDS AS PROMINENT HEAVY RARE EARTH PROJECT, page-18

T2CupandHandle,

Certainly VTM has held ground against peers and deservedly so, but look at the respective market caps. At the start of 2024 MEI was valued at just over half-a-billion MC ($500m), but have dropped significantly to $345m in past 6 weeks. Still valued at nearly 20 times VTM. Admittedly their project is more advanced, and would appear higher grade (TREO), though if you look at the resource of 490m tons, which is double ours, but our basket price is double their's. So on purely inground value resource, we are almost the same (upgrades at both pending).
How can we be valued at 1/20th the value of MEI, mining in WA, when the inground value of our resource is essentially the same.....and I believe VTM has potentially more upside only using 18% of resource area in current MRE.

Obviously mining costs will be different, but we are still vastly undervalued compared to MEI in my opinion, and believe investors are realising this in the past few weeks.