Good Morning All,
It is a sunshining morning after two days of gray, rain and wind.  Very nice to see.
My friend Pip, has a very hard time seeing where all of this is going.  To lost in the numbers.  So to help him out.
Pip, can't see Ucore at 3 to 5 bucks a share when SMC gets funded.  Well, I would like to remind him that in March this year Ucore hit a 52 week high of $2.36 just on good news hype.  I would think that with a real money results it could get back to that level and passed it to the 3 to 5 bucks a share range.  To me that is reasonable. 
Would the financial news start paying attention to Ucore if they are building a REE separation plant in Ketchekan?  In the last 12 years we have seen news article after news article about REE and how China controls the market.  General the second half of the article is on some company trying to break that control or the dyer consequences if we don't.
Would it be reasonable to believe that a separation plant would be big news after 12 year of little or nothing?  Look at the hype that MP got over building one ten years ago.  MP even got a segment on 60 minutes with a big hype over DOD's reaction. 
To me it is reasonable to believe that this news interest and hype should push Ucore share price to 10 to 25 a share when the SMC comes on line. 
The next step would be SMC starts producing REE and selling them.  Would that be big news after 12 years of not quite making it to 99.99 pure REEs but a concentrate that goes to China to finish?  Now what is Ucore's earning model?  Was it not buying concentrates and separating them at the SMC and licensing RSX tech to other mines?  Other mines like MP, round top, bear lake to name a few.  Also what other elements can Ucore make money off of doing the separation? 
To me it is reasoable to see a Ucore at 75 bucks a share once they start cutting Licensing deals.
You all have a great day.
Dragon
PS Yes, Pip, I am on my third cup of Folgers' coffee.  Maybe you should try it.  To help you see past the numbers.