Valuing Rare Earth Companies

My initial attempt at a comparative valuation model for REE companies gives an EV to TREO of Resource for PEK of $10/T. That compares with $211/T for MEI, $51/T for VHM, $444/T for IXR, $445/T for HAS, $120/T for GRL, $3245/T for ASM, $473/T for AR3.That is all I am prepared to put up at this stage. Before you criticize, please read my first post on this thread.I am very open to other results if they are quantitatively based (if you only have opinions, then please refrain).If my figures stand up, then even allowing for the variation of elements across the various ore types, PEK looks very cheap.I note that the companies with ionic clays yield larger amounts of heavy rare earths that are more highly valued and these include: MEI, IXR, GRL, AR3, while PEK has a Bastnaesite ore that is weighted to light REEs such as Nd and Pr. Even so, the very large differential in valuation for PEK is significant, especially when the other non-ionic clay companies such as ASM, HAS and VHM are compared.