The DFS was not overly conservative in a lot of its assumptions (currency, tax, royalties,discount rates) and the mine life was short (4 years), but with good exploration potential.
Have always liked the region -comparatively underexplored, and the uranium is of interest.
As to the project, looks like April will be a critical month vis a vis Hunan (though I don't trust Chinese smelter groups that much=see KIS).
Project appears to fit in the middle between VML at the big end of town in terms of tonnage/minelife (don't rank Qld Ores as much) and rich little tiddlers such as PDM at the small end.
One big advantage may actually be 'first mover advantage'-it appears well ahead of the pack in terms of actual development. And of course access to UK funding should help.
In terms of upside value, seems to have a bit in it, but the TNG potential selldown may cloud the waters for a while. A mild positive is my attitude-would not chase it at these levels, but would not ditch them for the time being. See how April unfolds.
(But you can stick PE analysis on a company of this size and only one advanced project with a short operating life!!!!!)
Good luck. (Not a GBG???LOL)
Cheers,TAS
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