spot price up $1.75lb to $59.25lb., page-12

Bravo BollingerBob! There is no need to create all of these scenarios, plugging in numbers which amount to little more than a guess. There are way too many variables in play to even approach anything resembling accuracy. This is why it is much more accurate to use to Net Present Value Table laid out in Bannerman's PFS. NPV is the method of choice in determining whether or not projects represent value to the investor. In simple terms, if the NPV is positive - the investment should be made as it represents value to the investor. If it is negative, the investment should not be made because the project will have negative cash flows in the future.

The comnpany has a NPV table in their PFS (select your own discount rate and U3O8 price). Even if the company comes out with a 5% increase in Opex (which I find very unlikely but someone has suggested) and we use a $70 U price and a 10% discount rate, we have a NPV of $431M. That being said, there is an element of risk involved because future U308 prices are unknown. The market determines the risk they wish to attach to the project. If there was zero perceived risk, there is no reason BMN should not have a Market cap of at least $431M (using the above assumptions). But realistically, there is some risk. The market is valuing BMN at 33% of the NPV with a $70 U price, 5% increase in Opex and a 10% discount rate (all unlikely IMO).

In my opinion, we will see a $80 U price with no increase in Opex, representing a pre-tax NPV of $802M. It is up to you (and the market, or a potential suitor) as to what you believe the future holds. All these guessing games amount to a bunch of nonsense.