Ann: Managing Director & CEO Change, page-233

The difference to an early explorer is VMY right now is valued on Mulga Rock project as a Developer. Yes VMY is discounted due to approvals risk. That's why if approvals come through, VMY will rerate much higher. If approvals do no come through, VMY will do the opposite, they will halve in value and languish there for a long time. Think about worst case in the short term: VMY has no approvals, Mulga Rock tied up in court appeals, Alligator project still in early exploration phase, and no CEO (current interim "consultant" CEO really does not count).

Does that sound like a $180m or an $80m market cap company....

Also, the Federal Government is not the issue.
Its the state government, which is currently Labor.
And sadly Labor still have their antiquated anti-Uranium mining policy.

I'm not downramping VMY, but you need to be realistic about the risk/reward here.