I don't quite follow, as I also said this:

"Fair market value" in exploration-phase miners (if there is such a thing) has an emotional component that is larger between these kinds of issues than in other market segments. Shareholder sentiment (as opposed to reason) and promotion are among the contributory factors.

"Market value" also presumes the existence of a broad market, which is seldom available to tiny exploration-phase companies that often experience wild swings in "value." The breadth of market exposures is also quite variable between such companies, as is the enthusiasm, or lack thereof, among shareholders.

LBSR has been relatively overvalued compared to Aztec during the history you present simply because Aztec is far closer to becoming a producer than is LBSR. This is why trying to compare the two is quite complicated.