RE: Too much stock to too many hands. One other data point to consider:
Uranium One is getting bought out with an implied valuation of $66/lb per pound of resources.
See this link: https://www.mining.com/uranium-one-being-taken-private-for-1-3-b-by-russian-firm-75587/
So the bottom line question to ask is: what stock price should EFR trade at to reflect a $60+ per pound of resources valuation? That would be a reasonable inference as to the maximum current valuation of EFR, which arguably would only be achieved if it was bought out.
One thought: when spot Uranium traded at $62/lb in January 2011, EFR was selling in the 70 cent range, and that was without the mill and other denison assets.
GLTA