significantly undervalued?

Newcomer to BLR here, just looking into the company and based on it's resources and potential income stream it appears significantly undervalued.

Two of the 2012 analysts pegged the value of the company higher than what it is now, one at 3.1cents and another at 7cents per share whilst a third values it at its current price.

Using a simple npv with 2million pounds output per year (starting in two years) I get a valuation between 2.5-3.6cents per share at current Uranium prices (which are apparently set to rise this year). Regardless, at this price they seem to be a bargain. Based on Hansen alone.

Is there something I'm missing out on, or some big risks that I have to factor into my equations? I know the resources of 90million pounds are only inferred and are not measured, although I did my valuation only using 25million pounds of resources. I also used both options and shares to dilute the price.

a) i've missed an important piece of information (still researching further)
b) the stocks significantly undervalued (not many people know about it?)
c) I've made a mistake

Can anyone tell me how true the following quote is as to BLR's cost structure for their US Hansen operations, any help appreciated: (sourced from http://australianuraniuminvesting.blogspot.com.au)

"The Life of Mine Operating Costs were estimated at a total of $30.01 per pound of produced uranium, that includes wages of $3.07, UBHM operating costs $13.38, ablation operating costs $3.13, material handling $0.19, water treatment $0.12, milling operating costs $8.14, and site wide costs of $1.99 that were prepared to an accuracy of +/- 20% and exclude royalties, taxes and contingency. Capital Costs were estimated at a total of $141.52 million and include UBHM slurry handling $3.09 million, ablation $34.11 million, material handling $1.91 million, water treatment $12.07 million, site wide costs $7.34 million, engineering and installation $15.00 million, and mill for $68.00 million."

Good luck to all holders! I'm considering jumping in, even after the recent surge in share price. Any one have any strong opinions as to why the stock would decrease in price?
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DYOR, this is only my opinion and in no way financial advice.