Obviously having more shares on issue means that its not realistic to compare the sp of CDS to Coal of Africa.
But the EV/t doesn't compare shares on issue - its market cap and resource - hence a comparison based on this is possible.
See the graph on pg 17 here:
http://www.cockatoocoal.com.au/downloads/newsandresearch/Patersons%20Article%2016%20May%202008_8450.pdf