hard man
ESI is a technology company that holds 2 very important patents - COLDRY and MATMOR. They now have an exploration license for a small BC tenement (as of last week).
MNM is a mining/exploration company and that's it.
Why are you comparing the 2 as I don't see them as competitors? One mines BC and the other one processes it.
Your maths is flawed. $1000 = 1000 x 1 or 40 x 25. It doesn't matter how you get there. The market determines the MC, not you or I. So what if there are 3 billion shares on issue? Better liquidity than not. If ESI's MC is triple MNM's then that's what the market thinks it's worth.
Do not underestimate the value of the patents that ESI holds.
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