No flawed logic - the stock supply (30% of the cap exited into...

No flawed logic - the stock supply (30% of the cap exited into the bid) created an overhang - hence the previous disconnect with the spot price move.

Like several U stocks (VMY; PEN etc) where the share register was experiencing the exit of major shareholder blocks, whether it be fund closures or ETF selling or whatever, the stock didn't move in line with the U spot over the 2018 period.

When the stock overhang is removed and the spot kicks up $10 (plus the project delivers a reasonable DFS) then the stock price will reflect the change in Uranium market dynamics.

Great investors observe overhangs and buy into them particularly when the U spot moves in the other direction.