I'll chime in if I may... The market is forward looking right -...

I'll chime in if I may...

The market is forward looking right - there will be a time in the not too distant future when we have 3 solid operations, probably bringing in $$ at the rate of 3/4/5 times what we are now. With potential pricing upside, that could be 5//6/7 times what we are now.
There has been a lot of talk lately about SDV and JB not being factored into the sp yet... I agree. Although maybe just starting to become factored in a little bit lately..

The question really is: will we get these others up and running? If you think the answer is no, then sure we are maxed out. Not a huge upside, if any, from here.
If you think the answer is yes, then it's simply a matter of the transition in sp between say $4 and what it will be when there's 3 mines pumping it out. $11-$13 is my estimate.
Are people going to wait until the cash is coming in to justify that sp? no, they will take a risk-based approach to get in early to reap the imminent sp growth.
Should we be $12 now? No way. But as things get more and more inline for that inevitable revenue, we will transition towards $12 before the ops are at full tilt.

So, undervalued..? I would say yes, because I see it as a very high likelihood that we will have at least 2 more ops underway in the next 2-3 years. Plus solid product pricing growth on the cards. $6 now for $12 then..? No problem.
$4 now for $12 then..? even better!

btw FH, I know you know all this, just some thoughts for the broader community here to ponder...

Cheers