VMY undervalued, page-156

Mining is the simple aspect for Mulga Rock. It is the processing of the ore and creation of yellow cake that can get tricky (witness PEN.ASX).
Also, the yellowcake market is a restricted and controlled market with sensitive purchasers under close government supervision. In addition, buyers are looking for reliable suppliers over a long term with generators establishing a 7 year plus inventory of fuel. Of course, the yellowcake is delivered to enrichment processors who are even more closely controllled. All of this increases the level of confidence that a supplier needs to establish with the end user (nuclear power generators) and so DYL are correct in regard to that aspect.
On the other hand, of course, DYL has not delivered a single ounce of product and so DYL is only claiming off-take confidence in regard to JB's personal clout resulting from his PDN background.
I have mixed feelings with JB. He put together a successful company at PDN but failed to bring it through the storm of the yellowcake collapse, leading to PDN being devalued massively and seriously at risk of complete failure without the presence of Chinese interests. He took on too much debt and so was unable to weather the storm when it hit. PDN continues but without JB and only after massive restructuring and loss of capital.