bgfuranium report for jan

My apologies if this has been reported.
Its a snipet from the latest uranium review from BGF.


'Investment Perspective: PEN is a company that has been focusing more
heavily on permiting and project advancement to a commercial outcome as
opposed to just drilling to increase the resource. It is now positioned to be
an early producer at 700 tpa U3O8, with capacity to expand to 1,500 tpa
once operational. It is one of our preferred uranium stocks due to proximity
to production and very low operating and capital costs.'

'Valuation Comment: PENʼs advanced stage, low cost ISR project is
reflected in the market pricing. The EV/lb or resource is at the upper end of
the scale at $8.58/lb, but when you add back the cash operating cost, it is
actually one of the cheapest of the stocks reviewed. Throw in the realistic
exploration potential and you will see that it is still good value - and this
doesnʼt consider any South African uranium as it is not yet JORC status.
The price x cash generation ratio of 3.8x is higher than other situations, but
this is only on the starting rate, or half the capacity of the plant. There is an
excellent capex payback period of only 1.3 years'