RWD Peer Analysis, page-28

Hi pkn,
Just posting some points as to what may explain some of the discrepancies between the market cap of RWD and DNK. I will post only DNK attributes as this is the one I am most familiar with but as you can see it is a true tier 1 project (if it finally gets up and running as it is expected to). And yes the govt does own half of it as well.

Main project highlights extracted from previous DNK presentations.
The Colluli deposit, located in the Danakil region of Eritrea, comprises over 1.3 billion tonnes of potassium bearing salts suitable for potash fertiliser production and a massive ore reserve of 1.1 billion tonnes.

With a Project post tax NPV of US$860m and IRR of 29%1, Colluli demonstrates superior economics relative to all advanced SOP projects globally and is a stand out green eld development opportunity.

Colluli is one of the highest grade primary SOP resources in the world. Ore extracted from the mine has a potassium concentration up to twenty- ve times higher than potassium rich brines.

In addition to potassium bearing salts, the Colluli resource contains appreciable amounts of rock salt, magnesium chloride, magnesium sulphate and gypsum. Each of these salts has established markets creating future monetisation potential.

The combination of potassium salts in Colluli provides unrivalled potash diversication potential and the ability to make multiple chloride free, multi-nutrient potash products. Potash products including MOP, SOP, SOPM and kainite all have market potential and provide Colluli with product versatility that does not exist in other potash resources.

Primary production of SOP typically comes from potassium rich brines, which require considerable evaporation. Colluli is unique in that the potassium bearing salts are obtained in solid form.

In solid form, the salts at Colluli can be processed immediately, signi cantly reducing the time between mining and revenue generation.

That should give a starting point in being able to compare the 2.