Ann: Research Report - ISR Uranium and Peninsula , page-2

re: Ann: Research Report - ISR Uranium and Pe... "ISR — Our Preferred Play on Uranium Equities"

LOL...now why didn't I think of that 7 years ago...


Many are looking to Japan as the catalyst for uranium price increases, with the reason being Japan’s nuclear fleet re-starting would spur global utilities to resume buying. However, in our view the likely catalyst to lift prices has already been playing out — reduced supply from primary miners and the postponement of developments. Primary uranium supply from miners reduced over the last six months: Kayelekera is on care and maintenance, while Ranger, Rossing, Somair and Cominak were temporarily shut down. In the ISR space, Kazakhstan has terminated expansion plans and Uranium One has put Willow Creek on C&M.


Recommendation — BUY; Target Price A$0.09
We maintain our BUY rating on Peninsula, with a target price of A$0.09 (A$0.07 fully diluted). Catalysts for share price movement include:
* Finalise debt funding — 1H14
* Production — 2015

http://www.pel.net.au/images/peninsul---ouchoobihu.pdf