Personal note:1). Although the ON-SPOT-EVALUATION could be as high as $6b using long term price of $60/lb, but NPV5 could be just $500m, when considering it needs $1b and several years to get all the permit and build mine to get cash flow
the IRR estimation could be just 20 - 40%.
2) If the above assumption is true, when M&A, the price can NOT be much higher than $1.5/sh
3) This board is too hot to be sustainable, and we have to be contrarian to servive in this venture mkt. The huge volume is a bad signal that showed too much profit taking and distribution. Remanber, all the raw data in PEA HAVE LONG BEEN KNOWN to the mkt, and "buy on rumor, sell on news."
4) One major risk is that IF M&A not go through, FCU may follow UEX stay there with their resources for years and keep diluting for no CF.
JMHO, but you can write notes about this kind of opinion and check late.