EL8 CHART, page-231

EL8 with resources of 115M lbs U3O8 is one of the most lowly valued uranium companies on my spreadsheet. I do not have every explorer since they keep popping up but I have most of the established names with an established (JORC) resource, including developers.
Currently, I have an EV to Resource of A$0.64/lb at an average grade of 429 ppm. That is a low valuation with a higher grade than many.
With the lead times involved in establishing a mine and production activity, it will be quite some time before that can happen with EL8s resources.
If they are hoping for a buy-out then obviously it is the nearby producers who are first on the list. DYL (as a latent developer) sought to diversify geographically and bought VMY in WA wich had a mining licence and was ready to begin construction of a mine and plant at Mulga Rock. EL8 is some way off that possibility in both Namibia and Australia.
The speculators are keen but the nuclear operators have been slow to buy for a long time. Even when they do, they look to existing producers like Khazatom and Cameco who can scale up moth-balled facilities rapidly and who have low cost and well proven operations.
Yes, the demand is coming but it is not yet impacting on the market in a serious manner. I have been reviewing demand versus supply charts from commentators for years now without the U3O8 spot price being high enough to justify new production being funded.
If EL8 is playing the search-find-sell game, then their reward will be well down the track.

For disclosure, I have held until recently but I have decided to back away from uranium explorers while I retain a restrained holding in a few developers.