One thing for sure is that BMN is highly leveraged to the...

One thing for sure is that BMN is highly leveraged to the Uranium price.

An example to illustrate how leveraged it is:

If a average U price of $60 BMN is break even
- actual break even may be a little lower
i.e revenue covers capital + operation cost + financing
then BMN is worth nothing

but if BMN can sell its U uranium for just $1 more it makes $100 million more that all costs (i.e assumes 100pounds produced) which is a little more that current market cap

However if it can sell the U at $70 it makes $1 billion in excess of all costs i.e more than 10x current market cap

Now both scenarios are quite possible but the difference is huge from BMN being worth 0 to 10x its current value

I happen to believe a higher price in U is more likely at some point in time

Note: for simplification I have not allowed for dollar discounting of future profits - a detail model would really allow for a changing cost of prodn (uptrend)and changing U price it is most likely to have a uptrend