VMY chart, page-337

And look at the news out of Illinois, Belgium, Japan and China, a lot of extra demand not yet priced in by the market, and which won't be filled in an ultra-thin spot market.

Let alone the news of the SPUT upsizing its offer by one US$B, to 1.3B. That's a lot of lbs of secondary demand squeezing a stretched primary and fading secondary supply.

VMY is arguably the most undervalued (still) of all Australian-listed U developers, by a long shot, even adjusting for today's moves.

And when you think that the collective sector's market cap is headed into a >US$100B environment (from its current ~$38B), there are multiples on offer in the year ahead.