Recommendation, page-304

"I generally believe in an efficient market and so there must be some reason (some element of risk) that people see which is causing the price not to increase. "

I don't think like that anymore. I've had too many stocks in the past that had me asking that question. Most did what I expected, sometimes after I gave up waiting. RAC was a classic and painful example. At 20-25c, I was sure it was worth in excess of $1. $1 was my "conservative" target.
After nearly a year of it going nowhere, I decided maybe I was missing something and sold. It went to 5c after that and I was glad I sold. One year later it hit my $1 target. Another year later it hit $4, four times my conservative target. I was sitting on a stock that later went up 20 fold but sold because of a period of a stagnant sp.
N. Investor has an estimated NPV of over A$700mill at current Angolan MAP prices based on MNB's scoping study. That valuation looks realistic to me. I see good potential for significant value adding beyond that. I can see much more potential for this to go up 20 fold than I saw in RAC.
Sometimes we need a bit of patience. This will be producing next year. I can wait that long this time. It might not take nearly that long so see 20c, 30c, 50c or more.