I think the commentators have finally caught on to the fact that...

I think the commentators have finally caught on to the fact that LOT is a "near producer" with Kayelakera, and that there are only a few of these worldwide.Since buying out A-Cap they now have substance by way of resources, as well as a dormant mine/processing plant. although their ability to construct a mine and processing plant has yet to be proven (Kayelakera was bought off Paladin as a plant and mine in mothballs). Nevertheless, based on the capital expenditure in the 2022 DFS for restarting Kayelakera (which almost surely have increased since then) and an output of 1.7 Mlb/year, I find that LOT is priced half-way between NXG and PDN on an EV to Production basis.
NXG has a strong position as a nascent miner/producer in the Athabasca Basin of Canada and is looking to produce 28.8 Mlb of uranium/year (I have used NXG's capital expenditure and production estimate from their 2021 FS). NXG is expected by the commentators to be a take-over target.

LOT is more attractive to utilities if it has a higher output and strong reserves and hence the significance of the A-Cap take-over.
I do not expect LOT to match PDN and BOEs' valuations at this stage of development but they are third on the list to be the next ASX uranium producer after BOE and PDN (ignoring BHP with Olympic Dam, and RIO with Rossing in Namibia).

Is LOT under/fair/over valued at present? That depends on where you think the uranium price ends up in a few years and what off-take agreements the company can put in place. I prefer to track stocks on a comparative basis across a commodity/industry and so would rather that you draw your own conclusions.