U308 price just cracked US$22 lb, page-12

There is a lot of opportunity in the uranium sector, it seems to me that most of the players have a unique edge making the majority of them decent speculative investments in their own way. VMY, BOE, PEN are my favourite of the bunch.

I believe BOE would move significantly from a uranium sentiment change  by their potential first mover advantage - mainly as they have established infrastructure = low capex = production fast tracking. At current 98m market cap, one would want to expect a DFS that has decent NPV & IRR, which should also be expected from the low production costs / lb ($20) and low capex. Bearing in mind BOE also have exploration target 100m lbs, I think BOE is a better investment than BKY at this stage. I think the BKY market cap is a nice hint of where BOE is headed when moving into the development stage - assuming that the reported DFS will be as good as expected.

table data is sourced from BMN's preso, but with updated market caps.



VMY, in my opinion, has the best long term set up. As well as their core 90m lbs project, they also have 3 highly prospective tenements in the alligator river region, and one of the tenements with an already defined jorc 26m lbs and explor target 20-60m lbs. I also believe the other two tenements will have a mine worthy resource, plenty of drilling planned this year and the cash to do so. VMY's issues mainly revolve around project financing and securing contracts.

PEN interests me as they have secured contracts through to 2030 and are currently in the process of getting 'game changing' ph permit which will (highly likely) bring their opex costs down under $20 / lb and improve margins. This is expected to be approved by mid 2019.


Disclaimer - i currently hold VMY and PEN, looking for entry BOE.