RogertheDodger. You have posed a difficult question. To give you...

RogertheDodger. You have posed a difficult question. To give you a full answer would take many pages so I will just give you a short answer. The value of a stock depends on many things - some tangible and some intangible. It is easy to measure the 110Mt and the stage the company is at from explorer to full producer. However some things are impossible to measure - a bit like trying to explain why a work of art is worth "X' and an identical piece of art work is valued at "1000 X". Investors like Warren Buffett (a value investor) will spend hundreds of hours analysing a stock in order to arrive at a value. Buffett says that his final decision is often based on gut instinct and intuition. You mention Sigma which has a share price of AUD 43 with approximately 100 million shares. This equates to a market capitalisation of approximately AUD 4 billion. Immediately you can see that the the share price and the number of shares are closely linked. In comparison LRS has a share price of 19 cents and 3 billion shares. This equates to a market capitalisation of approximately AUD 500 million. This explains why 2 companies with a similar resource can have markedly different share prices. However there are many more factors in play. For example - LRS is an explorer. Sigma is much closer to full production. The country is important. Is it politically stable and business friendly?. What is the quality and experience of management? Are potential customers available? These are some questions but in reality there are thousands of questions a true value investor such as Buffett would want answers to before investing. And finally there is the "work of art factor". Sometimes two companies appear to be virtually identical in all respects and yet one has a much greater market cap. Why is a house in Melbourne worth more than an identical house in Darwin? At the end of the day share market investing is just plain difficult. I hope this helps to explain the Sigma vs LRS share price differential.