have a look at the diluted shares on issue to factor in options, warrants, convertible notes etc. It's on their websites
https://nmg.com/investors/
NMG 86m shares x C$3.13 = C$269m = A$306m
https://masonresourcesinc.com/investors/
LLG 155m shares x C$0.28 = C$43.4m = A$49.4m
Talga with all options and performance rights is about 374m shares x $1.16 = A$434m
In terms of comparison of performance of the AAM and how far progressed research is into things like silicon, it's impossible to compare from the outside until binding agreements are in place (with pricing). As an outsider it's basically guesswork on the relative performance of the products.
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