re: Ann: Positive DFS Results and Namibian Mi... Better and...

re: Ann: Positive DFS Results and Namibian Mi... Better and worse than I expected

Worse:
- No improvement in opex ($41/lb, with $45 @ LOM)
- Small reserve included (119mlbs)
- Increased capex (700m->870m)
- 10 year payback @ $70/lb (only 6 years to make money)

Better:
- Break even @ $61/lb
- Epangelo on board

Some big boxes ticked by having epangelo on board. Only problem is at current prices its still not a screaming buy. ~$950m to purchase the company and setup a mine at current prices for $119mlbs + $45/lb to pull it out doesnt leave you with a whole heap of margin to the current LT price.

So with the production figures confirmed, it now becomes a lower risk, highly leveraged speculative buy based solely on what you think will happen to the price of Uranium. I expect its price correlation to the underlying U price to increase in future compared to the last 6mths.