For Standard Uranium, the current situation is 'show me, not tell me'; discovering something in the Athabasca Basin is usually very rich and very high grade, which would completely change the story.

In the investment game, companies are almost never fairly valued; instead they are either undervalued or overvalued relative to their NPV and market cap relationship, making the concept of 'fair value' nearly non-existent.

Anfield Energy had management compensation that was not commensurate with the company's size and development stage when speaker owned it; this may have improved, but the speaker has not looked closely recently.

Standard Uranium suffered through some of the worst years in the business and faced serious exploration challenges; the best move was pivoting to a project generator business model, which they eventually did after years of struggle.

For BaseLoad Uranium, valuation depends on who owns the stock and who is trying to get out; if there is excess supply in the float, the stock gets sold off regardless of technical progress, and this is part of mining investing that requires investigating ownership/selling pressure.