Here's my rough-n-ready (simplistic) attempt at comparing BLR's...

Here's my rough-n-ready (simplistic) attempt at comparing BLR's Taylor Ranch/Picnic Tree Project to the Valhalla/Skal Project in Queensland, based on the JORC compliant indicated and inferred resources so far proved up.

At a cutoff of 0.025% U308, Taylor Ranch/Picnic Tree contains 24.4 Mlb of U308, which is owned 100% by BLR. Grades are typically 0.054% U308.

At a cutoff of 0.023% U308, Valhalla/Skal contains 57.0 Mlb of U308. SMM's share of this is 28.5 Mlb (50%). Grades are typically 0.08% U308. Mining of uranium is currently prohibited in Queensland.

As at market close yesterday, SMM's market cap. was $629m for a share price of $3.05, while BLR's was $99m for a share price of $0.16.

Calculate then a target price for BLR of $0.16(629/99)(24.4/28.5) = $0.87

The above is simplistic (ignores any share dilution, differences in capex, etc), but it does suggest that BLR's share price should be much higher than today's post announcement price.