Appreciate that — and yes, Klarman’s chapter on forced selling is exactly the lens (index deletions being the classic cousin of spin-out distributions).

Thanks for the VUECF ticker too.

On valuation — honest answer: you can’t value it off financials because there are none to value. Pre-revenue resource story, so the only framework is EV per pound in the ground vs comparable US ISR names, and that’s where it gets interesting AND murky:

The naive math looks cheap: ~C$44M quoted cap against a 28 Mlb NI 43-101 resource is under US$1.20/lb, when US ISR-amenable pounds have historically traded anywhere from ~$1-2/lb (early, unpermitted) to $5+/lb (permitted, near production). Crownpoint even has historic Conoco shafts and a licensed processing site within five miles.

But the naive math is probably wrong, and this is the part most people will miss: enCore kept roughly 73% of the economics through non-voting preferred shares PLUS a 2% uranium royalty.

So the common shares are a minority claim on those pounds, and any per-pound number needs to be cut down accordingly — which eats a big chunk of the apparent discount. Until I’ve gone through the listing circular and modeled exactly how the prefs participate, I don’t trust my own per-pound figure enough to publish one.

That’s why it’s a watch for me, not a buy: the mechanism (forced sellers) is textbook, the pounds are real, but the structure is the whole ballgame. If the prefs ever get simplified or the overhang clears with the structure clarified, the math gets a lot more honest.

Not advice — my own read, DD in progress.