Initital target identified to achieve between 4M lbs (low case)...

Initital target identified to achieve between 4M lbs (low case) --> to 35M lbs resource. Remembering that this is a very small initial target area that has been located to drill first.

Some VERY rough back of envelope stuff...... hypothetically let's for a second say that they can define an initial resource from this area around the 20M lbs (middle case) mark. If we apply a value to each pound of $0.75c USD ($1.11AUD) that would give a market cap after initial MRE of circa $22M AUD give or take. Or 120% up from here. That's also if in the meantime spot Uranium has stayed level and not increased closer to the $60+ lb mark which is very probable over the coming 6-9mths.

Next 12mths.
Downside risk (using 4M lbs MRE) = 50%... remembering they still have a very large tenement and historic drill results showing Uranium presence.
Upside potential (using 35M lbs) = 290% + if Uranium/Nuclear thesis and sentiment shifts further positive as we as U investors suspect it may.

That falls in my "good bet" range.

This is MY thought process on this one only. DYOR