Ann: Drilling At Geikie Identifies 1.5km Alteration Zone, page-32

What are you smoking? Oil and gas speccies that declare dusters have more market support than what BSN has had since listing. BSN listed with a 16.25M market cap. It’s now a cash value company reporting 5M in cash and equivalents end of last quarter, closing at a market cap of 5.4M today. That’s an EV of 295k after total liabilities recorded in the last annual report. If the company had 7M cash after costs on listing, that’s a 97% drop in enterprise value as at closing today! BSN isn’t merely speculative as you say, it’s currently dwelling with lifestyle companies that only record a few trades a week on the value front. All of this puts into question management and loyalty with institutional investors (which is clearly broken) when there’s no material explanation through the exploration results as to why such a sharp drop in value is warranted.

Nobody is comparing BSN to a producer, and simply because no resource is defined doesn’t mean funds or retail holders won’t take a position with moving spot price. I don’t think you have done enough research - a company with no defined uranium resource will move with the increasing and decreasing uranium price albeit to a lesser extent than a company that is producing and selling to offtake partners. It doesn’t matter that value can’t be released till years in the future because every asset has a net present value and that is always factored into the share price of a company with a risk discount.

As to the hedging comment, if you don’t understand the concept of diversifying your asset portfolio beyond your main undertaking, I’m questioning how you’re even here.