Japanese court issued an injunction to block the restart of two reactors, page-5

John Kyle averaged two methods, comparable sales and cost, to arrive at the $13.1 million fair market value for Hansen/TR. For the cost method, Kyle simply asked BLR execs how much had been spent on the project through 4/30/14, and was told $18.1 million.

For the comparable sales method, Kyle assumed a resource of 26.8 million pounds at a cutoff grade of 0.10%, as estimated and deemed to be economic by Tetratech. Kyle then calculated the total uranium owned by BLR (71.5% according to Kyle) to be 19.2 million pounds. He looked at three previous acquisitions of uranium juniors in 2012-2013 and one sale of uranium resource assets in 2012, disregarded the resource classifications and cutoff grades, and arrived at a acquisition value of $0.42 per pound. Using this method, Kyle estimated a value of $8.1 million.

The average of the two methods is $13.1 million, but neither method seems particularly accurate. And the valuation is nearly a year old (dated 4/30/14), further casting doubt on this estimated value of Hansen/TR.