DJ are you suggesting that you know the value of the REE...

DJ are you suggesting that you know the value of the REE resource ahead of the wider market?

Or are you suggesting you know how many million Lb of U308 might be unearthed in Mauritania?

The market doesn't know the answer to either of these questions yet, and thus the share price (or market cap if you prefer) will be rated based on speculation of these things.

This is why small cap exploration stocks like FTE are called "speculative" stocks and the fact that you are somehow trying to conduct a valuation based on any other formula tells me you are either (once again) simply trying to stir up trouble on this forum or you simply don't understand how things work at this end of the market.