You cannot compare MTM to Geomega like that They have different focus You could compare potential resources between their projects being similar
Geomega has a different focus - "building the world’s first SUSTAINABLE RARE EARTHS RECYCLING FACILITY" They have been sitting on their asset for the better part of a decade or longer Their project isn't their focus at all Their website states: "Project has been on stand-by since 2015 to allow scale up of Geomega’s processing technologies" Hence why their lower valuation of $20m of where they sit Would you buy a company who isn't focused on developing their standout resource? I'll let you answer it for yourself.
Further, yesterday, Dreadnought (DRE) announced a 20Mt @ 1.03% TREO resource They are valued at $180m+ market cap I am not comparing DRE to MTM, rather DRE to Geomega's resources Geomega have a resource 4x larger than that of DRE, and of higher grade
One of the things that DRE and MTM have in common is that they are exploring and developing their projects aggressively with their capital
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