way undervalued, page-10

Hi guys,

While I think that your comparison to other uranium companies is useful, I think that the total number of shares on issue has been been overlooked.

Market cap is only $30m based on the number of ordinary shares on issue however there are a huge number of options on issue that are deep in the money, approximately 35m options.

Fully diluted market cap $100m.

Now I would say that a company that has a market cap of $30m that has the opportunity before it that Uran does would be cheap, but is a company that is really capitalized at $100m cheap and undervalued?

Don't overlook the fact that we have no information on the size and grade of the resource, projected production etc.

If they come out with a JORC resource of 50,000 tonnes at a grade of 0.05%+, then I would get excited, but not yet.

I'm not down ramping, just providing an alternate view.