I think that is a valid question. How could it not be? I have been long on Zen for some time and follow it closeley. Not much to follow the last 3 or 4 months I admit. I believe there are good reasons why there is such a valuation gap, but it does make you wonder why the market is not picking up on it, at least speculativly.

1. Its a venture stock, investors get jumpy very quickly.

2. Zen has accumulated enemies for competitive reasons.

3. Graphite pricing is a inexact science and not well understood.

4. The size of the resource has not been precisly defined.

5. The processing and mining costs are undefined.

6. Who will buy it? For how much?

7. Lack of news from management- no pumping. ( a positive in my mind)

There are probably more good reasons and I invite the list to be added to. However, I think 20 NDA's should be charachterized as more than a few sniffs with all due respect. Also the DOE news was very positive and IMO gave us credibility the market is not recognizing because it is an inferred win, but no substance beyond that.

The high end graphite market is set to take off, (Graphene, PB reactors, EV's, electronics, but so far for Zen...no substantial announcments that indicate true value or ability to participate.

As far as AE and PDAC, when he stated that he may not have known that the NDA's were going to require more work to get to full valuation, after all this unique find has a lot of moving parts and I believe he is trying to maximize value for shareholders, including himself.

I am only a measly retail investor, but it seems to me that the way this team goes about its business is with confidence and thier actions are the actions of someone who is patiently working through to the end game. The SP is irrelevent because in the end it will be proven out and no one will remeber all this nail biting.

Just my two cents for what its worth,

GL to you and all Zen longs.