Broadly ZNC was 12c and RTR 11c when the market first realised the potential of Earaheedy being a big drilling success.
Since then the RTR market cap has increased broadly by $250m while the ZNC market cap by $40m.
RTR has a 75% interest and ZNC a 25% interest in what has been discovered so far. so, if the ZNC share price had appreciated by as much as the RTR share price it would be around 40c now.
That is, if 75% of Earaheedy is worth $250m then 25% is worth $83m. Add $83m to ZNC market cap pre announcement ie $35 m + 83m = $118m then divide by the ZNC shares on issue of 294m and you get around 40c.
I know this is a simple analogy and I have left out some more complex details but it is unarguable than the ZNC share price has dramatically underperformed the RTR price since the Earaheedy announcement and by a big margin.
Of course, Rumble owns some ground near the discovery 100% but I dont think this is sufficient to explain the large discrepancy in share price appreciation between the two companies. Happy to hear others views.
