reality check, page-21

Sometimes, we are allowed to have some double standards, aren't we?

We cannot compare BMN with PDN in terms of production rate and cash cost because they are apple and pear, having different ore body, or so.

But we are allowed to brand BMN, the next PDN. In another word, A apple is a pear.

Do we know too much, or actually we only know very little?

A couple of numbers might interesting you if believe BMN is the next PDN. So be prepared:

Take Langer Heinrich Project for example:
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It take PDN 2.5 years from the completion of PFS to the completion of BFS;

It take PDN another 2.5 years from the completion of BFS to the designed production;
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Comments: Nowadays, the whole world is short of everything, and delay for everything. With 3 times as much as designed production rate, I don't know if BMN can beat PDN in rush to production within 5 years. That is 2013.


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At PFS, the operation cost is estimated at $6.5/lb, uranium spot price at $14/lb
At BFS, the operation cost is estimated at $14/lb, uranium spot price at $28/lb
Right now, it is about $37/lb with achieved sales price at $66/lb. The operation cost could be down to $24/lb at designed production rate against $75/lb spot price
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Comments: The operation costs has been doubled from PFS to BFS, and almost doubled again from BFS to full production.

So if you believe $23/lb at scope study (not even PFS), what would it be in BFS, and in real production?

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Compare Goanikontes Anomaly A with Langer Heinrich,

The 100mlb Langer Heinrich resources is estimated at 250ppm cut off.

For Goanikontes Anomaly, The highest cut off level is 200ppm. At this level, BMN only has about 40.5mlb. If you extrapolating it, you might have only about 15mlb at 250ppm cut off. I don't want to get that far.

Remember, BMN only has 80% of it, that is 32.4mlb at 200ppm cut off.
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Comments: I am not expert on ore body, or type, and I am not going to pretend to be geologist or metallurgist. But I know one thing for sure, if given 200ppm Goanikontes ore , or 600ppm LH ore, which one would you like to have? I think PDN had made its decision.

You can argue it with some "expert" opinion. As you know, opinion is like AH, everybody has one.