Agree with you to some extent Champ. The EXT SP will wallow a bit until enough drill data is released to undeniably define a total, or close to total resource. The retardant is the strangled share registry preventing normal retail euphoria from maintaining upward momentum after release of drill data.
On relatively small volume we saw the SP increase by approx 50c (don't quote me on the amount) on the last ann. Given obvious recent price capping on tiny volume, It would seem logical to assume that this increase was down to what little buying pressure can be generated by retail punters. If you follow this logic it suggests that if the registry reins were loosened, the SP would take off proportional to retail clamouring to get on board, and therefore stock availability.
Bottom line is that we are top heavy at the moment. Despite the declared intentions of all concerned, to go into the U-mining business, I believe IMHO that this is more an option rather than an intention. Simple fact is this; at roughly 500mIbs, we are worth (today) $8-$9. The meteoric rise over the last year has slowed simply because we are no longer working from a low base.
The undeniable truth about EXT is that Ib for Ib, $ for $, we are still only firming up what looks like being less than half the full monty.
In a way, the very quality of this story is its own worst enemy in terms of attracting a take over prior to final size being known. Any suitor now knows that no SH will sell unless the likely final magnitude is paid for, and that's a big ask at these numbers. I'm getting a feeling that any TO energy might be revealed at around say the 750mIb mark (July-ish?), but in any event by that stage, the SP should be at levels commensurate to the resource. A few thoughts.
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