Joooooles, I have to admit that your analysis is the whackiest logic I've seen for a while.
SNN has 130m shares (fully diluted) - KMN owns 65% (fully diluted), equating to 85m shares. At the current market price of C$1.70, this equates to KMN's stake being worth C$144m (divide by 1.09 to get A$132m).
KMN has 365.7m shares on issue, so the SNN stake is worth A$0.36/share.
Don't get me wrong, I think SNN will end up being worth more than BSG and the Kalman prospect remains very interesting.
The thing that I find very interesting is that KMN have had probably the best Uranium intersection in Australia since the Uranium boom took off. I would be tempted to make a bit more of that if I was management. For reference - hole K-20 intersected strong uranium mineralisation from 276m and had almost 58m at grades between 0.069% U3O8 and 0.154% U3O8 including a 28m intersection at 0.154% U3O8.
KMN Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
