It seems IGS holders are oblivious to the fuss created by SEG...

It seems IGS holders are oblivious to the fuss created by SEG exploring Plumridge.
IGS has 40% interest in Plumridge ,will contribute when SEG spends $1m....Would you buy SEG at MC $16m or ICG at $1.8m?
Compare the pair:
1)MC:
SEG (fully diluted) $16m.
IGS $1.8m.
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2) Cash Holding:
SEG $1.2m after recent CR at 0.006.
IGS $300Ks (will need to raise cash shortly)
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3) IGS has $5m in convertible notes that will be monetized later this year or next year.
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4) IGS has 33% interest in 690Koz venture in Brazil.
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If we compare apples with apples ,IGS should have at least the same MC as SEG.....A 10 bagger!!!
Is there a catch?