"BMN has over 200mlbs of resource so of course its CAPEX is...

"BMN has over 200mlbs of resource so of course its CAPEX is going to be higher."

Yes BMN has a big resource and at very low 100ppm cut-off it isn't surprising as that inflates the resource figures. Good if they actually achieve it but they are using a 100ppm for a reason and it is strtching the friendship just a little doing so.

PEN has used a 200ppm cut-off of which is the norm for Insitu-recovery uranium projects. If they used a 100ppm cutoff the resource would now be showing around 80m/lbs of U3O8.

BMN has indicated they are 80% owners of Etango and the figures they use are for 100% of the resource.

Lance is 100% owned by PEN.

BMN has indicated the current resource is over 80% of the total "Etengo" resource area of about 6km with a total exploration area of ~20km

PEN has only touched on just 10% of the Lance area of over 300km.

PEN is building a 3m/lb p/a plant for around $60m capex.

BMN is planning a 5-7m/lb for a massive $555 million capex over 9 times higher???

BMN has about $19m cash left and a $10m convertible note available. They won't be raising cash as cheaply as they did in the past as the sp has been smashed. BMN has no project funding in place and will have to go cap in hand to the market.

PEN has $30m cash and $150m facility ($100m Pala +$50m YA)available should they so choose to use them. PEN can use this to get started without the need for further financing.

It will be interesting watch these two over the next few years. PEN will have been in mining and with good cashflow for 3 years before BMN's planned start up. PEN will possibly have Karoo online before BMN turn a sod of earth in production.

Any wonder the market has crucified BMN, once a "market darling". Don't get me wrong BMN has great prospects but in the current environment BMN simply is way out there and the market knows it as well as the company does. That is why they are trying to capitalise on what they have termed "opportunities to improve the project economics" in the DFS. If they do and they achieve funding BMN will be re-rated upward and I watch this with interest accordingly now.

I am glad I bought more PEN last week.