calculations

VUL had 50 mill lbs U in the SMM deposits last year. More was discovered since and I would suggest the total of that and other projects to be say 75 mil lbs today.

The Insitu value is 75 mill*US$46 based on A$=0.745 = $A4.63 bill. or based on 120 mill shares: $A38.59/share or based on market cap of 120 mill shares *$A1.3/share: $A29.70 per $A1 market cap.

Considering that the U price is rising, the current $A1.30 price is somewhat low, IMHO.

The NPV ought to be significantly higher, according to a research analyst, it was $3.65/share for SMM which has 188 mill shares but was based on a permanent U price of US$40 while in fact it is rising and must be US46 by now.

However, assuming we do take the very conservative number of $3.65 for SMM, the NPV for VUL would be approx. 188/120*0.5*3.65=$A2.86 (SMM has twice as much U), assuming the Qland deposits could be mined.

That would be a rough estimate increasing with time.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.



Subject to audit,

Gerry