WH Ireland EQUITY RESEARCH ExtractResources Limited* 18/8/09
This Yellowcake Slice has just increased by 58% Buy Price A$8.10 Valuation A$9.93 3-year Target A$15.20
Following the release of the JORC compliant Inferred Resource for Zone 2, and preliminary cost guidance from the company, we have up-dated our valuation. The key changes to our financial model is a 25% increase in production rate (12 to 15Mtpa), an 85% increase in project capex (US$380 to 704M), and most importantly, a 30% drop in estimated production and processing costs (US$33.8 to 23.6/lb U3O8)...........(continued) ------------------------------------------------------------------------------------ I came across the 12 page PDF at
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