value comparison, page-29

No, I don't think it's a bad thing at all. I would love nothing more than for them to appear tomorrow with 29mlbs of M&I resource.

But it would be somewhat naive to think they won't be spending at least $60m in the next 5 years on exploration given their comments indicating their strong commitment to their exploration program.

Combine that with 144m capex in the next three years and the bills are adding up.

I mean, doing the most basic of calculations on current U price minus their production costs, minus capex, minus exploration doesn't paint a rosy picture.

e.g. 29mlbs resource * ($55/lb - $45/lb) - 144m capex - 60m exploration = 57m = 2.6c/share.

Super, super simplified calculation... totally ignoring corporate costs (which will probably be close to 30m over the next five years - 5.7m last 12 months) but I think it helps illustrate my point that at current U price, we've got basically nothing.