Ann: Financing Arrangements - Mt Carbine Quarry & Mining Leases, page-159

Found some interest things that might help the discussion. Firstly King Island (KIS) has a new piece of research Nov 18. Worth a read about tungsten and the size & value of other operators (world).

In short, the value of known tungsten deposit is divided into the respective company market cap. The cheaper the better. 

SEI $1.05/mtu
KIS $2.02/mtu
TGN $8.79/mtu

I also had a look at TGN and KIS shareholdings and top 20 compared to SEI.

My biased conclusion is their share price is being control by the large shareholders. 

TGN 495 shareholders  728m shares of which top 20 have 627m shares or 86.06% (45 have unmarketable parcel)

KIS 564 shareholders 217.2m shares of which top 20 have 176m or 81.06% (169 have unmarketable parcel)

SEI 1447 shareholders 554.88m shares of which top 20 have 224m or 40.56%

So with over 80% being control by top 20, it reduces the volatility in the share price. 

Thoughts!