strange valuation compared to namibian u comps, page-4

Because GBE is the much better investment compared to the U-companies that are active in another African country. Niob has more stable prices because it has no future market and lacks speculative investors. The Niob-market structure is more favorable because we have a very dominating producer. This fact forces the trading houses to find other sources in order to reduce dependency. Some day the sentiment will shift from the U-market to speciality metals. GBE is way undervalued not only compared to the U "hopefuls".