Here I will have a go:Question 1: MEI would appear to be a lot...

Here I will have a go:

Question 1: MEI would appear to be a lot further down the development and resource definition track (including testing and MRE) than VMM. Market is betting MEI will get to production first, and well before VMM. Agree or disagree? That would explain the market cap (and how it translates to SP) difference in itself.

Question 2: As long as SOI on issue remain low, if the market decides that VMM will get to production earlier than expected and/or will significantly progress before MEI then MC and SP will increase. With lower shares on issue, if this point 2 eventuates then VMM market cap will move much closer MEI (and obviously SP will significantly increase) But here is the catch, it is all about point 1 above.

Long term SP btw will also depend on how capex is funded as well - because you may need to issue more shares.

Question you haven't asked: Because VMM doesn't have a lot of liquidity that in itself impacts MC as stops in part trading activity. Now very different to WA1 which doesn't have a lot of liquidity as well but there the market is banking on WA1 getting to production within the next few years.

Your posts highlight too me the short term nature of your investment outlook. If you are so confident just sit back and take stock. As we know, countries are seeking to diversify rare earths away from China - so investing in rare earths is a long term investment area.

GLTAH of both stocks.

All IMO