MKR is a producer, and as @goldbear77 has said, it should not be compared to PMY or any of the other developers including SVL, ARD, IVR, MYL.
If you look carefully MKR already has priced into its market cap a significant differential for the worth of its plant and current tailings production, more than $2 per share, so each share purchased includes the price you pay for that plant and income. You need to decide if you are happy to pay that amount and that is entirely up to you.
You have to look at MKR differently and price it next to producers, so you will need to find others to make that comparison. Maybe US/Canadian Ag companies or Au producers in Australia. You need to look at the production potential on existing resources and the likelihood of expansion of the resources via drilling.
I only put MKR in the graph because you asked for the comparison.
As to the funding. It is very likely that PMY will get funding via traditional debt or NAIF, and it has JV partner for 25% plus offtakes. So it won't be an issue. At present when you acquire a share in any of the developers including PMY, you are not paying for the plant, just the resources, anyway.
We have commenced a bull market for PM's so the market starts to value the resources in the ground. Capital raises might be made by developers for drilling and these are most likely to be easily absorbed by the market. In PMY's case these would be used primarily for drilling and would add significantly to ts market cap/share price because its history shows, it has a very high success rate for conversion of inferred to indicated and to increase the global resource in the case of extension drillings.
Best V
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