like what i have read..., page-10

bossdog, FGB, the report (Vanadium Sector Review) has very interesting peer comparisions,

SPM is in Development & Feasibility Stage, while Argex is in Exploration Stage

SPM is the second highest in the overall rating, while Argex is far below. Quote about SPM "The overriding key feature of the project is the vanadium tenor in concentrate, which is ranked far above the group"

In the report, they rate SPM far above Argex. But SPM's market capital ($25 millions)is far below Argex (C$ 100+ millions).

In the report, the Median EV/t Contained V is US$306/t from the Report's Peer Group. The average EV/t Contained V is US$323/t. While SPM's EV/t Contained V is US$ 5.64/t (@ share price $0.30/share) or about US$ 4.00/t (@ $0.22/share). From $4 to $300 is 75 times.

If using the Median EV/t Contained V of US$306/t, SPM's market capital should be around 75 times its current one, that is AUD$ 1.8 Billions. SPM's share prices would be $ 16.00/share, not $0.22/share as now.

What are the reasons of this huge undervalued SPM ? Listing in ASX might be the one. Going to TSX might help.