Interesting. I came to a very different conclusion. The risk/reward is very different. Cleanteq is about the lowest risk junior miner you will find, but this is reflected in the valuation already. If it goes up 2.5x from here then it hits it’s NPV. Niocorp is currently 1/16 or so of its NPV.
That’s a pretty crude measurement as there are a lot of assumptions in the NPV that could sway either company a huge amount in either way, but it does give an example of the much higher risk/reward ration of NB.