Skip, most of those figures were pulled from todays report.My...

Skip, most of those figures were pulled from todays report.

My rationale for putting together those numbers was as follows. Lots of people have expressed CAPEX availability concerns around plant, given the current opex costs. Consequently, I was interested in looking at BMN's value in a worst case scenario i.e. what is it worth in the event that its components are auctioned off to the highest bidders.

In this case, its a matter of looking at how easily a buyer could make money from the known prospect (i.e. lbs in the ground).

In BMN's case, if you flog off all the assets, baring the prospecting/mining lic, and someone buys the in progress mining lic, it would cost them roughly 18c per lb of uranium, because the 77m of other assets would cover most of the current market capitalisation.

In other words, if you already have a plant (e.g. pdn) it shouldnt cost you much more than 18c-30/lb to grab all of BMNs lbs.

If you then manage to pull 50-65$ per lb, youre talking 10-25$ margin, which is about a 55-138x ROI.

For arguments sake if you need to spend a bit more on some plant equip enhancements, youre still probably talking 20-50x ROI conservatively.