u fundamentals, page-11

One thing for sure is that BMN is highly leveraged to the Uranium price.

An example to illustrate how leveraged it is:

If a average U price of $60 BMN is break even
- actual break even may be a little lower
i.e revenue covers capital + operation cost + financing
then BMN is worth nothing

but if BMN can sell its U uranium for just $1 more it makes $100 million more that all costs (i.e assumes 100pounds produced) which is a little more that current market cap

However if it can sell the U at $70 it makes $1 billion in excess of all costs i.e more than 10x current market cap

Now both scenarios are quite possible but the difference is huge from BMN being worth 0 to 10x its current value

I happen to believe a higher price in U is more likely at some point in time

Note: for simplification I have not allowed for dollar discounting of future profits - a detail model would really allow for a changing cost of prodn (uptrend)and changing U price it is most likely to have a uptrend