We all know that this stock is way undervalued, but how can we determine what is a Fair value while the share price is being manipulated ?
It is almost impossible to find a meaningful comparison with other REE companies as they all have different process routes and styles of deposit. The closest I could find is Arafura who have a MC of $36M and are trading at 5.1c, but they also have a much smaller deposit and plan to process in Australia, good luck with that ! And Lynas has its own special problems. So I tried to find a Gold miner with a project of similar size and OPEX.
Theta (formally Stonewall) is an Australian company who are conducting a feasibility study on a 5.6 Million ounce underground project in Africa. With an in-situ value of ~ $7.3B they currently have a market cap of $40M and today are trading at 11c/share.
Pensana has three times the number of Theta's shares issued, However with and inferred resource of 840,000t NdPr Its in-situ value of $35B is almost five times that of Theta's ! To me this indicates a Share price of around 15-20c would not be unreasonable.
