Go Nuke, MRU does has all those things - higher grade(roughly 500PPM), lower opex ($25.05), lower capex ($298M) but you also must look at proposed plant design. Yes BMN has higher Capex but they are proposing production up to 7M lb/annum while MRU is 3.7M. So while Bannerman's project would see them put up $300M more initially to get the mill up, they may actually be fairly coimparitive to MRU as far as yearly revenue is concerned:
Lets say conservatively that LT contarct prices are $70/lb
MRU = 3.7M * $45(profit margin) = $166M
BMN = 7M * $28(profit margin) = $196M * 80%(ownership) = $156M
*Clearly, I have left out alot of other costs ie taxes, royalties, etc but thets just say they are roughly even for comparison purposes
I don't know much about Tanzania's (MRU)tax rate/royalties and I dont know anything about the political risk in Tanzania. But I do know that Namibia is right up there with the best mining juristictions in the world.
I realize we are both in the process of defining our resource but as of right now our resource is bigger: we have proven up 149Mlb (Measured) (212M M&I)with a 20+ yr mine life while MRU has a measured resource of 28.5Mlb (100M M&I) with a 12 yr mine life thus far. They too do not have a DFS nor a mining licence.
I guess what I am getting at is do not sell our project short. $10.00/lb is a big number and I am not saying we will solicit that kind of an offer but depending on your view on the LT U price (if it will be above $70), we have some solid profit numbers. To put things in perspective, given the above, it would be tough to say MRU has a resource worth double ours, but lets just say they do. A $5/ lb take out offer would be an offer of over $1B for BMN. We currently have a MC of around 140M. So suffice it to say, we have astonishing upside.
We have underperformed thus far, no doubt. Give it a little time. Things are unfolding nicely, we are still relatively unloved. I love owning unloved stock when I see the potential...it means you have beat the heard. GLTA
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