where to from here, page-13

They won't achieve long term pricing. They will get something in the middle between spot and long term so work on $55/lb. They will have to prove they can get their cash costs down to $30/lb which I think is a bit of a stretch.

Once you factor in corporate overheads, additional drilling for resource expansion, regulatory and environmental compliance costs/risks and more importantly what other supply comes on stream from larger players and new hopefuls, you can see why the market is discounting TOE.

Finding more, higher grades and closing the timeline will work in their favour and most particularly seeing a lift in demand of the metal.

Around 12c they would be pretty compelling.