I did a quick IGV calculation for extracts uranium takeover in 2012. I calculated the IGV at $22.4 billion at $70 a pound. The key difference here is that African governments take minimum 10% of projects for free usually and can be up to 20%. Wa1 does not have this government control risk. Extract was also taken over during the European financial crisis and the Fukushima disaster so sentiment was not the most bullish. It still managed US $2.2 billion for effectively 90% of project.
We know the IGV for luni (much higher than extract on the niobium alone) and it is continually growing as they drill out to find more minerals and the edge of the deposit.
People like Warwick grigor from far east capital think it’s expensive but with an enterprise value under a billion and 18 months into discovery , I think it’s cheap.
General discussion, page-11907
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