broker client note, page-28

Honeymoon is not a uranium play at this stage.

Uranium one closed the mine in 2013 because of low uranium prices,,, at that stage U had been above $40/lb for years.

IMO Honeymoon needs at least a price of $60/lb to break even.

The problem is the amount of U stockpiled around the globe at the moment and the ability for the largest players in the world to ramp up production if there is an increase in the U price.

ERA has billions of dollars stockpiled, BHP has enourmous stockpiles at Olympic dam and keeps pumping it out of the ground for free as a by-product of the copper mining.

The Kazaks have huge stockpiles and the ability to ramp up production at any time and so do the Canadians.

You will already have noted that the board of BOE has put back the theoretical opening of the mine.

Honeymoon is not a going concern,, it is just a vehicle for the CEO and board to do Capital Raisings and keep themselves in their nice paying jobs.

In my opinion there are more capital raisings to come, and the theoretical opening date will continue to be put back. Each capital raising dilutes the shares of course but to fix this they will probably have a 10 to 1 consolidation at some stage to at least keep the share price above 1c.

Be cautious of this company,,, They make their money through convincing investors of the great gains that can be made so that investors will contribute to the capital raisings.