West Wits eyes URANIUM potential in S.Africa, page-17

Of the ~80% SP collapse over the last 12 months, half of it can be attributed to general market conditions. Gold isn't as fun as it was and won't be heading north significantly for a long time. The other half is from managements constant changing of the goal posts and missed deadlines. MQ spins it as good as anyone but the facts are the EMI will be almost 12 months late when it's up and running (best case scenario) debt finance will be probably 6 months late (best case scenario) going off an original July deadline and the "equity portion" of finance is essentially useless at these levels. These types of reasons are why two of our top ten shareholders have sold out and according to Danny's data, another is selling down too.

While I appreciate the company has managed to get better deals on mining contractors, equipment and apparently a toll treatment, one has to ask why a second try was required in the first place and what else will need a second or third shot at it? This goes for the DFS too. MQ palms this all off as "it's mining and things happen". Yeah no it doesn't. Still, they stumbled on a few things and have made amends.

At these levels I believe WWI is criminally undersold given their asset and once toll treatment is announced (hopefully with a neighbouring competitor) it will help with SP sentiment.