what the ?, page-19

The problem as I see it dolphin, and the reason the current spot price is so frustrating is that prospective financiers WILL be looking at the spot price when they weigh up the economics of the project and decise whether to bank roll the capex (or part of it). Without some serious long term contracts in place it's pointless making assumptions about what they might get for the product and the single existing offtake is for a small amont over a long period. The terms of the deal have not been released so it's not clear if the purchasers have to take a percentage of the total each year of the contract or whether they can push the delivery and payment back towards the end date of the deal when the U rice may have gone up.

At a spot price of $49 against production costs approaching $45 I really don't believe we'll find financing no matter how many times management tell us it's almost complete or how close to completion they say it is.

If the Uranium price doesn't start pcking up well before Christmas I see another milestone slipping from the schedule again.