value but for itself

I picked up 50k at 21c today before close, couldn't resist. Like many I brought my first lot at far higher levels. If you believe the U energy story, and taking into account the time effort and expense required to get a company to this stage of development then BMN at these levels for that and various other reasons should be excellent value. My only nagging doubt is that management have in my view done such an average job over the last few years of delivering the mining licence, investor relations and communication to shareholders I wonder, can they deliver any shareholder value from here - a dismal fail on that metric so far. The one thing they have appeared to be though is thorough and understated in as they progress to DFS stage.

From memory we were knocking on 80c pre-Fukushima and if Hanlong chanced its arm with an offer at 60c odd and many felt that was opportunistic and significantly undervalue BMN then 20c odd must be worth a look on relative value alone, sure almost half the MC of the company will then be cash ! - the DFS will prove what resource BMN have and the numbers for mining - whether the current management team are the ones capable of building the mine - do we really care ? If ever the cherry was ripe for gobbling it must be now - BMN near on its knees.

The whole 20% Turgi piece is the one possible elephant in the room. Still, if we head back anywhere near 80c I will be a happy camper and on a re-rating and with some positive developments that could happen in reasonably short order. Dreams are free.