That's because those companies are trading on expectation of...

That's because those companies are trading on expectation of results

MKO's drilling campaigns so far have found nothing but small, low grade marginal type resources so the market has discounted their tenements of anything significant.

Your simplistic valuation of their resource is back of the envelope type stuff which is dangerous to base investment decisions on. It does not take into account any of the most basic drivers of a valuation

-Time value of money
-Capital Costs
-Taxes
-Funding - They have no cash left which means more dilution

I think you will find that due to the small and low grade resource found so far if they ever get to producing a feasibility study the project will be uneconomic and marginal at best