AGS JV are targeting 50,000 tonnes or 110 million pounds. For AGS, that is 27 million pounds. Currently, they have proved up 61 million pounds or 15 million pounds for AGS.
AGS is currently trading on market cap of $273m or $18 lb of proved uranium.
If they prove up their 27m lb share, the current share price of 80 cents is $10 per lb.
This is far beyond the current industry average.
The best (economic) uranium stock is currently EXT, with open cut resourceof 145m lbs at 450ppm in Zone 1 and targeting another 105 million lbs in Zone 2. (Note Zone 1 beat its target by nearly 100%).
EXT with 250m lbs is currently trading at $11 lb proved reserves and $6 lb forecast near term (August 2009)proved reserves.
AGS is simply way over-valued compared to its peers.
too late to keep the change, too late to pay, page-4
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