I don't think John borshoff and the mgmt team have been as bad as made out. Think how good they'd be doing if Fukushima didn't happen and they had contracts at $70/lb. The way they see it, I think, is that surely this story is going to turn around within 12 months or so, so if we can just hold out a wee bit longer (without selling our assets or decreasing production) it will be worth it. PDN have been a bold company who took on a lot of risk developing their mines. It hasn't gone their way. Not dead and buried yet, though I wouldn't want to buy in just yet either.
I'm currently playing with some DCFs based on potential increases in Uranium prices over the next few years. I have been struggling to find info on who buys the uranium directly from PDN (their customers) and also how frequently the long term contract prices are reassessed, e.g. if spot were to rise $10 how quickly might this be reflected in long term contracts. Does anyone have info on either?
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