I still find this stock very curious.The cashflows from this...

I still find this stock very curious.

The cashflows from this project are marginal at best based on the DFS uranium price of US$62.4/lb. I did the numbers in August and based on 1.3M lb's p/a this was only going to do average EBITDA of US$30.3M p/a (i.e. Uranium at US$62.4/lb less AISC of US$39.1/lb = margin of US$23.3/lb. Multiplied by 1.3M lb's gives you US$30.3M EBITDA per annum. Further figures on higher uranium prices all here: https://hotcopper.com.au/posts/63200447/single)

Now they're increasing the share count by 25%, so even at a $0.13 share price, market cap will be A$164.5M (US$111.3M at current ROE's). Even if this went back to trading at 100% of NPV (A$189M / US$125M) on that new share count, it's a SP of just $0.15. Upside seems capped for some time. I don't get the attraction here, for anyone to make money it needs the uranium price to shoot the moon (and stay up there), so why not just buy SPUT and avoid all the execution/inflation risk?