Spot 60+, page-16

Thanks for the clarification, J Bridgey

It would be useful to do some analysis of the ratio of the value of commodities in the ground vs long term price forecasts… not just uranium, but other commodities too. Obviously there are many factors: jurisdiction, grade, resource vs reserve, additional prospects, project stage, processing complexity, logistics, environmental and regulatory considerations, estimated capex & cash costs, financing, etc.

For gold miners, an in-ground value of under $100/oz for undeveloped projects would not be uncommon, ie <2% of spot, so for uranium companies that would be <$1.2/lb at spot… though maybe give the anticipated long term price appreciation perhaps a few dollars per lb is justified for uranium explorers. Suggest you add share price calcs based on lower values (eg $1, $2 and $5)… at these levels ACB is still underpriced, but some companies in your list seem overvalued.