BOE cashflow + valuation

Last night I spent a while trying to do some back-of-napkin calculations on Boss Energy's expected cashflow in coming years. It's clearly flawed because it's basing things off today's opening share price (28/7) yet Boss won't get to full production of 2,450,000 lb p/a until approx. 3 years post restart - so there's a disconnect there. Anyway, the gist is: two columns, left hand side working things off cash cost + royalties + sustaining capex, and the right hand side simply using AISC (and arriving at more or less the same numbers, thankfully). So that's the two columns. The boxes are then repeated showing the figures with U price in green at US$60/lb, US$75/lb and US$100/lb. The first one also shows Boss's U inventory as a % of the current share price (around 11%).

The figures are taken from the EFS, the only real assumption in there is the -A$8.0M sustaining capex required per year to run the operations. This was initially my estimate (i.e. that's the number I had to plug in to reduce the cashflow number in bold to match the right hand column, where AISC already includes sustaining capex). Happily when I checked the EFS it almost matched up; EFS notes total sustaining capital expenditure of -A$97.42M (p33) and when you spread that across an 11 year LOM, you get -A$8.8M p/a. Royalties are 5.0% for Government and 1.5% Native Title (p38). Where to from here - not sure. Don't know enough about what sort of EBITDA / FCF multiples a uranium producer should trade on - thoughts from others welcome. The below is very much a work in progress, let me know if I've misunderstood anything. Wiser heads such as @lemonwasher, @bombersmadd and @Deme feel free to critique if interested/desired. I'm really not sure what sort of FCF yield a miner should be aiming for - anything about 10% looks great, but in my mind that is offset by a very short mine life, and the reality that by the time Boss are doing 2.45m lb p/a, the SP would likely be well north of $3/sh (you'd hope!) so the FCF yield would be in single digits. Anyway, enough musings - over to others.