Good analysis radx. Personally I believe the share price lag is...

Good analysis radx.
Personally I believe the share price lag is a result of the 7-8 year bear market mixed with negative sentiment around uranium. You have to remember all the people who got burnt during the bear market will be very reluctant to invest in uranium again. It takes a new wave of investors into the space.
Some long term uranium analysts that have been around for the last bull market and all the way through the bear market say the difference between the lead up to the bull market starting around 2005 than the one now is there was far less negative sentiment around nuclear as a whole In 05. So due to this it may take a bit longer for the bull market to start even though fundamentals are in line as a shift in sentiment around the nuclear space is needed this time around.