Thanks for the very informative posts soulsurfer. So what you're...

Thanks for the very informative posts soulsurfer. So what you're saying is that the huge discrepancy in SP/Mkt Cap is largely based on sentiment rather than fundamentals?

Going back to the points you made:

1) The corporate structure
SVY: 49m shares v NML: 72.6m shares
NML has ~50% more shares on issue whereas the MKT cap is only 85% smaller than SVY's (5m v 35m)

2) Quality of the board
Yes SVY's board has a proven track record, yet Rock Doctor alludes to the fact that so does NML.

3.) Quality of Asset
We can't exactly evaluate this at the moment, given how early it is for both companies.

It is still not adding up for me. For instance look at both company's SP performance today:
Gold up. All producers up, lots of explorers up (SVY - 23%) and then we have NML (down 4.35%)
It just isn't making sense. Is it NML that's undervalued or the other way around?