Not sure how you arrive at this. MP is Billion $ 6.6 as of yesterday and they have an EPS of $ 0,38. Niocorp at 300 million shares looks at roughly $ 400 million earnings per year FS2022), maybe $500 million including REE’s or $ 1,60 EPS. That looks like almost 4 times MP’s EPS. Sure we will have more dilution, but strategically we stand more strong with a US processing capability , US government support and the exclusion of China competition.
By the way, MP’s P/E ratio is 28.5. Just do the math for Niocorp.