I do not mean to blatantly promote my Twitter (apologies in advance) but this morning I asked a question of the Twitter uranium world on BOE's current valuation and got a number of interesting responses. I won't repost it here - too difficult - but if you can check it out yourself.
The brief gist of it is that at 30c at today's open we had a market cap of A$683m, yet our NPV is A$420m. On that basis along Boss looks very expensive (how many other 'junior' miners would you find where the MC was greater than the NPV?) This was the question I asked and the answers received tended to be along the following veins:
- NPV is based on US$60/lb U price and seems likely it will far exceed this (at least in the short term)
- NPV is based on 36M lb's and Boss' full JORC is 71.6M lb's
- There is plenty of exploration upside to expand the JORC by 58-190M lb's (NB: this would be the absolute game changer for me)
- MC includes 170M plant on care and maintenance
- MC includes a premium given the high-calibre management team and tier 1 jurisdiction (SA).
Just some food for thought. I bought into Boss because I want the first-mover advantage, someone who will actually be able to sell product into the next bull market and potentially reward me with dividends. Not many ASX U stocks can offer that potential today. By necessity it means our market cap is already one of the larger ones, so the % gains will be lower. However as noted above, if Boss can expand the JORC resource and therefore the Life of Mine, anything is possible.
So I await most eagerly the exploration updates. The 2nd September announcement noted "results due next month and drilling scheduled to start in the coming quarter".
I bought more today: for a more recent uranium entrant, red days are my happiest ones.
Cheers,
m
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Buyers (Bids)
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14 | 44340 | 3.580 |
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Price($) | Vol. | No. |
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