interim financial report – a few issues

The Financial report for half year ended 31st Dec does not disclose the termination of the Uranium One agreements. This would typically be reported in Note 11 “Events after Reporting Date”.

The auditor’s review letter is dated March 14, only 3 days before the March 17 news release. This begs the question did the auditors know about the termination? If they did not is poses the question whether “adverse” information was withheld from them.

I assert neither circumstance, but as a layman this is an obvious discrepancy I observe and I’m sure there’s a completely logical explanation forthcoming from BLR management……

At December 31, BLR’s cash position was only $112,302 AUD, or $101,652 USD using today’s exchange rate. The auditors correctly note that there is a material uncertainty whether BLR will continue as a going concern.
So no forum BS here; this is a professional independent opinion noting a legitimate concern about viability.
There’s some money from the convertible note still undrawn, but how long will that tide them over?

As Cropper correctly notes BLR does not own Hansen. It has an option to acquire 51% of the mineral rights from STB Minerals LLC. To extend its option, BLR must pay STB $1 million USD and issue $1 million worth of shares by July 28, 2014. To exercise the option, BLR must pay STB $2 million USD and issue STB $7.5 million worth of shares. If BLR successfully acquires the 51% from STB, it must pay $1 million USD and issue $1 million worth of shares to NZ Minerals LLC, which owns the remaining 49%. To acquire the 49%, BLR must pay $2 million USD and issue $2 million worth of shares to NZ.

So the only likely place that money will come from now is Azarga; the BLR faithfull won’t dip into their pockets and if they did at what SP?
That's right, observe where the buying depth is now positioning - IMO this is where the traders consider they will get their orders filled.

Azarga considers Dewey-Burdock has significant permitting risk, so I can’t envisage them spending millions of dollars to keep the HT dream alive given the apparent difficulties of licensing a complex operation with new technologies and a strong local residents group with plenty of clout (TAC for the uninitiated, and with whom I have no affiliation).

This is obviously my own opinion here, but I read it as I see it and the circumstantial evidence is beginning to mount and unfortunately it all points to the likelihood that success is becoming increasingly remote.

There were 27M votes today that think the same as I do. I hope you don't lose any money in this company, and that is what motivates me to continue posting in the face of ceaseless abuse from the cheerleaders. This is in my opinion a spin of the roulette wheel.