Mum Dad Investors Demand Better T/O Deal, page-15

GDay Grant,

You are deliberately misleading anyone reading your post. BLR does not own 90 million pounds of uranium. Your post is factually incorrect and void of the truth.

BLR owns 24,5% of a company that owns interest in the 90 m pounds. The truth is unless BLR pays another $13,5 million to increase BLR equity interest from 24,5% to 100%, BLR really only has 24,5% of 90 million, or 22 million pounds. Do please stop with spreading this falsehood.

I do not know what ablation is worth because as of today, it is uneconomic and non cash flowing. Basically it is a financial black hole. Such a financial black hole that the 2 interested parties have diverging interests. So maybe ablation is worth the scrap value of the pilot and 5 tonne machines. But you are close, as of today it is worth near zero.

I think there is a case for Glasier to decrease the offer, not increase it. Normal merger/acquisition multiples in the uranium space are around a 25-35% premium. Using ,2 where the share was trading before suspension, this is a take over price of ,27. Using ,3 as a base price, this is a take over price of ,405. Using last nights closing price, this is ,54. So be careful what you wish for. Glasier could withdraw his bid and you see BLR go into Receivership because there is no money to pay for HT deposit permits, ASX fees, water monitoring fees, and more.

Cait