CONCLUSION
The results of past exploration, development and mining on OmegaCorp’s uranium properties give a strong indication of how prospective these properties are.
The fact that OmegaCorp has already swiftly bought a portion of the historic resources at Kariba into
JORC categorisation speaks volumes for the Company’s intentions and also the relative ease of
operating in the country. These resources underpin much of the company’s current value.
Over the next 12 months, we expect OmegaCorp to significantly increase its resource base, in
particular at Kariba, to approximately 30 Mlbs U3O8.
At present, the aim of being in production at Kariba by the end of 2007 appears bold, but if the
results of the scoping study bear up, then this may well be achievable and would likely cause the
stock to re-rate significantly.
We therefore initiate our coverage on Omega Corp with a BUY recommendation and a target price of
A$1.38/share.
OMC
omegacorp limited
