SP, you forgot PRE's gas project and their other farm-outs in your valuation. Gas hasn't been a goer this time round but the tenement is very, very prospective - proven by the failed well (failed because of technical difficulties not a lack of gas).
I don't think PRE is overvalued compared to NAV. I think they are both similarly undervalued and if PRE's gas is more likely than NAV's REEs then I would say that it is PRE that is comparatively undervalued.
For the record, I like both companies.
So to take your valuation style and incorporate all the assets you missed we have:
1. Market cap
PRE about $10 million
NAV about $40 million
2. Cash
PRE $750,000
NAV $6,600,000
3. Gold
PRE 150,000 ounces and still early days.
NAV 950,000 ounces.
4. Other Projects
NAV have a promising rare earths project
NAV have some farmouts - Au, Cu, Ni, Zn, PGE
PRE have some farmouts - Au, Cu
PRE have a very promising gas project.
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