cash and debt versus a possible bid situation

After allowing for all the UXA purchases, debt will rise to $4.825 million. Expenditure estimates for 2011 tax year, would push this debt on to $6.8 million at best - though despite profits from Geoscience they will do well to contain this to under $8 million.
Cash available at $2.68 million at 30/6/2010.

Despite all this, UXA assets purchased are valued, at cost, at $9.6 million.

The forward asset value after deducting loans, future and past, leaves asset value remaining at just $3.7 million and around $4.2 million total assets.

Market cap at 4.2c is about $7.65 million, valuing all the tenement interests at $3.45 million (this is a quite roughly worked figure).

Despite the above UXA have set themselves up very well indeed in the Geoscience exploration area, and for a minnow this is an excellent effort.
UXA JV's number 5 and again this does them proud in going after uranium and even thermal coal in West Myroodah.

UXA at its small market capitalisation of $7.65 million becomes increasingly attractive with every announcement made, and may well be on the watch list of some larger uranium companies with market cap above $20 million.