Peer Analysis, page-51

taking the shares on issues as 765,000,000 post the recent raising you can use two bases to value the project for NTA share backing

at the capital cost of building it, $138M you get a share price equivalent of 18c
at the carrying value of the asset by Uranium One before putting it in care and maintenance, $68M you get a share price equivalent of 8.9c

gives a nice high and low range for the value of the project once it gets re-started as the $138M would have been underpinned by the economics back when U was high and the carrying value would have been based on operational data and the accounting treatment of that profit generating ability

the fact both are multiples of current price means this has still got some ways to run!