Ann: Mineral Sands Conference Melbourne March 2016, page-2

According to the report DRX will earn $53 million per year for 14 years= $0.91 per share (only on Cyclone) assuming no further dilution. That equates to 6.5c/share per year. (The cumulative rate of inflation change for the last 14 years (US data) is 31.8%. and will be ignored here) That's a PE of 0.2 at yesterdays sale price of 1.3c.
The long-term trend for the P/E ratio of the Australian market is around 15, although it has bounced about a bit in recent years.
You can use a P/E ratio to compare a company’s cost to that of the broader market or against its peers in the same sector.
Examples: Mineral deposits PE 2016= 17.6 estimated 2017=2.8
Iluka PE 2016=19.9 estimated 2017= 12.3
Pathfinder MineralsPE 2016=(minus) -12.8 no 2017 estimate
Using Mineral Deposits 2017 PE Diatreme shares should be 18.2c/s and Ilukas PE they would be 79.95c/s (when they're in production) We'll ignore Pathfinder.
Although this is pretty simplistic it does make the current share price of 1.3c/s look a tad light on.