how can fmj be 70% higher than us??!, page-10

Sally,

Confirm whatever people say, including yours truly. I have two points to make.
Point 1:
As at 31/12/2010, ELM SP is $1.65, FMJ is 27c.
As at today, ELM is $1.70, FMJ is $2.90, a ten-bagger.

Since 31/12/2010, ELM issued 1.8m shares, roughly 1% increase. Therefore, the market cap hardly changed.

In this same period 15m shares were traded. 1.8ms is about 12% of the period's trading, and some stocks turn over 50% of their share capital. So the impact of 1.8ms should be absorbed easily in normal trading.

Point 1 simply tells you market cap is not the issue.

Point 2, the real issue.
Target resource is 170mt-300mt @23%K2O. Say we take the mid-range 230mt@23%K2O= 53mtK2O or 85mtKCl. Because the deposit is 270m deep, opencut, the cheap form of mining, is unlikely. An alternative is solution mining. Other forms may not be suitable because of the many layers of potash. In solution mining, only 40%-50% of potash is recoverable. That means you get 38mt of KCL. In a 25 year mining period, the rate is 1.5mtpa. Rampers at FMJ is saying the deposit is very big, maybe a couple of billions and production rate is 8mtpa.
Compare the size of the resource, 300mt with 2-3bt.
Compare the difference in profits.

As I see it, the only way this stock can shine is a significant increase in its target resource.

Strictly, my opinion. Hope it helps.