why vul is trading at 30% to smm

SMM has 43.2m pounds of resources and Mkt cap of $217m ---> Mkt cap/in-ground resoucres = $5.1
VUL has 36.1m pounds of resources and Mkt cap of $183m ---> Mkt cap/in-ground resoucres = $3.7

although their mines are not exactly the same, the biggest and most valuable asset of both cos is Valhalla

i asked the same question on SMM thread but i don't get a satisfactory answer there. no one bothers to do the maths, look at the facts, and ask why?