Investment thesis, page-32

INPUTSTAILS ENRICHMENT V2

Price ofyellow cake $90 per lb ( I did not take this into account in my first attempt)

Price ofconversion $58 per lb

Therefore, assumeprice of natural UF6 = $148 per lb.

Price of enrichingtails to natural UF6 $25 per lb Source SLX

SLX royalty@ 7% (but could be as much as 12%)

Therefore:

5,200,000 lbUF6 x $148 $769,600,000

(I previouslyused 5,000,000 but new information suggests the extra)

Less cost ofproduction @ $25 per lb $130,000,000

$639,600,000

SLXrevenue

51% of net $326,196,000

Royalty @7% of $769,000,000 $ 53,872.000

SLX profit $380,068,000

This is upon V1 due to including cost of yellow cake. I have assumed this time that Camecohave yet not taken up their option

$380,068,000/ 235,946,075 = $1.62 c per share all US dollars. PE of 12 = $19.33 or AU$29.25

At this stage there is a lot of conjecture in the figures.