Here's what Warwick G (Uranium analyst) had to say about spot...

Here's what Warwick G (Uranium analyst) had to say about spot prices of U today:

"On Wednesday I received a number of enquiries about uranium. The journalists were keen to talk it high
some months ago, and they are having pleasure in talking it lower now. Just remember that the uranium
prices being quoted are base on very low volume and prices are very spurious, whether they be $135/lb or
$80/lb. There is an incentive for existing producers to push it lower as it doesn’t benefit them in the short
term due to long-term contract prices. The longer it stays high, the more uranium mines will come on
stream to provide excess capacity. The fact is that there continues to be a serious shortage of uranium
with no significant supply response. Uranium stocks will recover when this sinks in. It still has the best
looking fundamentals of any sector."

Conclusion - expect the spot price to vary quite alarmingly over next few weeks - medium term most U analysts expect a U price of $90+ for a significant time.

Additionally - I'd say that the share price of any spec stock (and BMN along with many noteworthy companies has to rank as spec as it's not producing) - is going to be hit by the hurricane of what happens in the wider share market. Who knows where it will be next week or next month?? The important question for non-day traders is where it will be in a year's time. If the fundamentals are good then the U market isn't going to go away.

I don't hold BMN because when I was buying U stocks in April it seemed overpriced at a JORC of 21Mlbs. If the total JORC is going to be nearer 100Mlbs, and the grades work out for mining, then it will be a screaming buy at some stage when things settle - if it keeps anywhere near the current sp.

Keep cool while all around you are losing theres!