peer valuations

Black Range's 91 million pounds of uranium still trades at a 60% discount to peers. The peer average [EV/Pound] ratio is less than half of what it was nine months ago.....

If Black Range's EV/Pound ratio were to double to 0.44 from 0.22 and the average peer valuation were to increase by 50%, (thereby closeing the unwarranted gap somewhat) then the discount to the peer average would fall to (0.44/0.83)-1 = 47%.

A doubling of the EV/Pound ratio for Black Range would = a doubling of the share price from 1.2 cents to 2.4 cents. Investors would STILL be getting the 50/50 BLR/Ablation JV for free!

Recall from prior posts that I've made that I believe BLR's 50% JV interest could be worth more than $100 million, albeit probably in 2 years. Assuming a lesser $50 million, that alone is 3 cents per BLR share, (assumes 1.72b shares)

Global, Non-Producing Uranium Peers
[EV/Pounds] ratio (Measured + Indicated + Inferred)

Bannerman Resources 0.14
Berkeley Resources 0.31
Deep Yellow 0.59
Energy Metals 0.59
European Uranium 0.18
Forsys Metals 0.51
Kivalliq Energy 0.95
Lamaride Resources 0.63
Macusani Yellowcake 0.27
Mega Uranium 0.56
Peninsula Energy 0.70
Powertech Uranium 0.42
Strateco Resources 0.58
Toro Energy 1.52
U308 Corp. 0.47
Uranium Resources 0.87
Virginia Energy 0.08

Average: 0.55

Black Range Minerals 0.22 (assumes 1.72b shares)
BLR discount to Peers: -60%