when the announcement was made before christmas regarding the PFS update i knew it would take a bit of a hit..from about $1.20, i thought 65-75c would be a decent sell off, sift out the investors who completely disagree with bmn's future, and kick on again once management clear the air and assure that bmn is on track, with some sort of backing like a contract deal incl some finance, but to see this at 41c is a bit of a shock, a rude awakening that the markets can be quite cruel at times. I bought a small parcel today because i believe bmn has a future, and to pay 41c, or, more importantly, a part of $88m for it i thought was a good deal...
In accounting terms, bmn is worth at the very minimum, $72m, thats exploration costs plus cash at bank
i must agree, for bmn to come up with 555m finance in the next 12-18 months is going to be almost impossible without forgiving a hefty % of their licence interest...this is why the SP is looking horrible
uranium prices i think have bottomed...although nuclear power will not take off as much as it is hyped up too....nuclear power is a long way off from being number 1, decades IMO
bmn trading at 41c is ridiculous, and all they need is some sort of news, any news to give this one some fresh air...an updated resource st would be a good start, followed by at least some stated interest from outside parties to help with the construction and finance and even some players coming on board with 5-10% holdings, this is what bmn desperately needs, and i bet my last dollar that pdn and areva ect have made their way over to the western side of namibia just to have a peek at bmn's state, and if they are looking weak, and out for the kill, there is a chance they might come and swoop on etango for a cheap price
worst case scenario, i think 36c is the bottom with this one, unless the market begins to bet on bmn as a good thing again, $1 seems a long way off but if things move in the right direction, it might not be that far away at all.
directors buying some more shares would be A GOOD START IMO
now at fair value, page-5
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Last
$3.15 |
Change
-0.050(1.56%) |
Mkt cap ! $553.6M | |||
| Open | High | Low | Value | Volume |
| $3.14 | $3.19 | $3.12 | $1.172M | 372.8K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 2335 | $3.12 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.17 | 5500 | 1 |
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| Last trade - 16.10pm 16/07/2024 (20 minute delay) ? |
| BMN (ASX) Chart |