galloway says extract not for sale + valuation, page-4

Extract Resources is currently valued at US$6.93/lb U3O8, making Extract stock the highest priced on the list of uranium exploration companies with assets in Namibia

Even though Extract‟s stock is trading on the relatively high side

2 small problems with this 'analysis'
1) The assumed Jorc figure of 267 is 'wrong'. That is what it was 3 months ago. It is closer to 350 now and everyone who follows this company knows it (apart from the analyst probably)..the market looks forward not backwards and alluding to 'potential increases' is a complete understatement. What 'potential increases' are the other companies likely to see, nothing in the EXT league I'll warrant.

2) Why would you say it is the 'highest priced' when a) you are trying to sell the company and b) it is only true on a narrow set of criteria? It is only the 'highest priced' if you completely ignore the grade..and who but a moron would do that? Why not then say:
Extract Resources U3O8 has a current grade of 492ppm, making Extracts Uranium by far the highest grade on the list of uranium exploration companies with assets in Namibia.

So if you want to talk about which stock is the highest price (with any real meaning) you need to take fully into account the real size and likelihood of future upgrades (not just pay lip service) and also account for the grade which clearly makes this an exceptional deposit. Isn't it a bit odd how they adjust for cash in hand but, whilst quoting a table with grades don't even mention it? Or perhaps IJG would rather put a negative spin on the company for their own reasons ;-)