mgmt don't sell us out cheaply.even if you take the tier 1...

mgmt don't sell us out cheaply.

even if you take the tier 1 resource not the global, 100mt at$10p/tonnne is $1billion value. Even if you discount that bout 60$, market cap $400m. Based even on whole resource at 158mt, that's $1.58b.

Note shares fully diluted
155,112,330 shares
5,550,000 options
full dilution 160,662,330

Below sets out sale price and market cap of UMC if sold for that price:
$1.30 $209m
$1.50 $241m
$2.00 $321m
$2.50 $402m
$3.00 $482m

In my mind, $2.50 is only price I would accept.