In your footsteps...reading alot of excellent material here (thanx go to all the real constructive contributors), buying slowly (NOT/PRB/FNC/BLR so far). Doing a lot of DD on SEDAR (oh so slow due to lack of indexing/titles, etc). Your query: UC in their JV acquires 10-15% per year and only reaches 55% after 4 years may explain small volumes. Also they have a rather smoky past history (tardy reports, so many new magmt people (why does a VERY big guy like Hamelin suddenly quit, incl his directorship, NOVAK bails out, JV arrives and knows McF because he has walked around it, where are their A-team geologists like those on SPK team ? ). Earlier remark from a regular here was "scary". BUT I still did my DD in depth and decided I now like UC enough to buy them in the next few days. DD continuing of course but the pros outweigh the cons at the moment. Having a hard time considering SPK with 300M shares out there but their team appears to be the best in the McF area. Good luck.