32c per share cash at bank. But the reason the market is probably undervaluing that is because of the "up to $10 million" to be invested in ongoing operations "whilst discussions with other potential investors are progressed".
Clearly, if "other potential investors" aren't turned into "actual" investors then the cash will burn but no revenue comes in the door. Thus, by end of calendar 2016 SLX won't be backed by 32c cash per share.
Notwithstanding all this, I'm a long-time and comfortable investor in SLX. Sure, on paper I've lost a lot of money. But I've made plenty on some other smaller stocks which means on balance I'm satisfied with my investment thinking.
SLX has now proven its technology beyond any reasonable doubt. It has deployed it at efficiency levels we're not privy to, but are clearly some multiples better than other existing providers of enrichment technology. It is ready to be scaled-up, but politics seems to be playing a considerable role in that scaling up of the SLX tech.
Personally, I still see deployment down the track as the world's appetite for nuclear fuel increases in the wake of reduction in fossil fuel burning and the increased urbanisation or poorer countries. When and how quickly is the bigger question. I'm as patient as is required.
I'm also reasonably happy - especially at current prices - with some of the other areas in which SLX is operating. A few positive announcements in the near term could quickly put some support under the SP to alleviate the very slow and tedious downward movement we're seeing currently.
Hi to seawindpilot, sinner, saintly, and all you other loyalists that I've not spoken to in about 8 years!
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