objective assessment

Reality is the share price is in the gutter. Factors of relevance going forward:

Company specific:

- misinterpreted or otherwise, a disappointing PFS as far as the market was concerned, at best v poor marketing by the company. Must be addressed in a big hurry.

- higher end Opex figures in PFS, questions on ease of Capex raising, uncertainty over combination of debt/equity

- fairly strong smell of fear on this company on the basis of post PFS release trading activity combined with general market jitters = significant sp decline

- current market cap relative to peers is rock bottom on a lbs in the ground basis which, all else being constant, puts BMN squarely in the bargain category

- notwithstanding perceived negatives in PFS, project considered economical on basis of contract U price

- PFS generally considered conservative on its numbers. Project economics with potential to improve into DFS as alternativ processing methods exploited and viability is confirmed

- suggestions of electricity pricing / supply issues with electricity sorced from neighbouring south africa

- supposed transfer of shares from retail to institutions that should serve to strenghten / tighten the register

- resource upgrade/update pending

- mining license application lodged

- strategic partnership discussions ongoing

- DFS progressing

- sufficient cash in bank to see BMN through to DFS

Fundamentals:

- global market jitters not helping, another dose of fear in the markets

- international U scene heating up with strong signs of continued rise in focus on nuclear as a clean energy source(so far we have mentioned China, US, Russia, UK, Germany, Indonesia, India, Malaysia, Philippines, Middle East)

- add Japan and Korea to the race for resources http://www.uraniuminvestingnews.com/2731/nuclear-energy-battle-japan-vs-south-korea.html

- possible inverse head and shoulder formation in the spot U price

- 2013 end of megatons v megawatts program - question marks over renewal with positive ss/dd implications

- over all supply and demand fundamentals appear strong based on what I have read.

Down but not out by any means. Susceptibility to a low ball takeover is now more a concern I think.