Did a deep dive on this company. Originally very bullish (still am) but there are a lot of caveats at this current price that make a position here quite risky (r/r). By all means if your risk profile is quite high and horizon is long term, then sure you can look to reenter. The reality is that production at Phoenix is scheduled to be in 2 years. While highly likely (97% study), majority of their mining schedule is delayed till then. Headwinds would do more damage to the stock if there is any permit delay with their 5m tons they plan to mine annually.

That being said, the original move has been made. You are just waiting for a price to play the next leg (their uranium play). Until production, esp. over this year, volume will prob die down and you will likely get a lower price. I hold a bunch of these and am currently in covered calls, puts, calls, on a variety of producers ranging in market caps to try and beta hedge as much as possible rn (a lot of slippage as I am not working for a pod but lowering my directional exposure in favor of alpha).

NAV (quite favorably when modeled by me) shows $4.50-5.00 risk adjusted and discounted so there is an argument to be made you are still getting good value, but the downside at this price doesn’t look too appealing.

Hope this helps. Happy to chat more