Remember Target ... $12.36, page-234

I don't know how they calculate this value but maybe if we take whole Lance resources with 3m lbs production per year, then we have 30 years of producing uranium. In inflationary future, probably uranium prices will be much higher.

3m lbs per year * (90$ uranium - 50$ AISC) = 120m US$ per year as INCOME (not revenue).
120m US$ * 30 years = 3 600 000 000 = 3,6 billion in income ~= 3,6 billion market cap
3,6B / 159m shares outstanding = 23$ per share.

23 US$ = 36.90 AUD $.
Simply WallStreet fair value is 13 AUD $. Almost 3 times less than my calculation.

It's silly calculation I know.