market depth, page-61

Satori

Uran has given us some information to base a valuation re Ukraine.

Uran is targeting initially about 5000T of U.
Uran will need to spend around $20M to develop these deposits.
The number of shares (fully diluted) could be about 200M after Ukraine is acquired.

Back of envelope calculations is about $400M MC. Hence the share price around $2 once production is in full swing.

These assumptions assumes the new government will preserve the agreement signed in 2006, its assuming the jv arrangement will be 50/50 and its assumed Uran's reserves portion based on the 50/50 split is 5000T.