compare with dmn, page-4

norcat read the JV agreement carefully and then come back and you might be suprised who has the better management



URE (DMN aquiired URE as part of the JV) can then earn a
further 19% (total 70%) by payment to ORO of $5 million plus a further payment of 25% of
an independent valuation of the value of the project in excess of $5 million.

Now mind you DMN still has free carry to BFS, then to get the 19% they have to pay 5 mill and 25% of the valuation of the whole project less the 5 mil.

Now I ask you what company would pay 25% of the vauation for 19%. ORO has basically free carried itself and kept 49% of the project and are operators.
The management at ORO are not given enough credit, they are smart cookies and I don't mind parking my money with such astute operators. To many times small operators roll over, but with this JV they have DMN by the short and curlies. Now tell me who is better ran and most likely worth more because there is no way DMN will come up with such an amount should the project go that far. I looked at buying DMN but if those num nuts sign things like this what else have they overlooked.