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.
PRE Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
