Hi Kids,This is my poor attempt at a T4P style evaluation....the...

Hi Kids,

This is my poor attempt at a T4P style evaluation....the numbers are a bit rough, but fairly accurate....I think.
Please feel free to correct/argue with me.

As you know they are doing a Uranium feasibility study now, but their prelim figures in their annual report state, using the the Uranium cut-off grade of 0.01% they have an indicated resource of 19,408,000 U3O8 lbs!!! Or in todays prices (US$120/lb) US$2,328,960,00 in ground. Now that is fairly low grade, therefore mining expenses will be a lot higher than some other U miners, BUT when you take into account their MASSIVE copper resource, and the fact that revenue from their first year of production alone will almost be equivalent to their entire market cap. With further upside in a vastly under stocked rising copper market!
With a mine life of 37 years, and excellent exploration potential!!!! THIS COMPANY IS GROSSLY UNDERVALUED.

The only thing the market doesn't seem to like is the sovereign risk involved with the mine being in Zambia.

But even with a relatively high risk adjustment of 20% (considering they are already in production) and using a conservative PE of 5x the price should be about $8.60 ps.

Of course this doesn't take into account the uranium, this is for copper alone. Nor does it take into account rising copper prices and exploration upside. And in my opinion 20% risk adjust is way to high and a PE of 5 much to low.

I arrived at these numbers by multiplying todays copper price by their expected first year out put. Divided that figure by the amount of shares on market, multiplied by 5 and subtracted 20% for risk.

If my maths is dodgy my apologies.

Love to hear your comments.