Share Name Share Symbol Market Type Share ISIN Share Description
Urasia Energy LSE:UUU London Ordinary Share CA91703W1086 COM SHS NPV (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 322.00p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unknown - - - - 1,548.69

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Date Time Title Posts
26/5/201119:48Uranium One (UUU.TO)2.00
03/11/200717:31 URANIUM Kazakhstan1,070.00
02/2/200701:03UrAsia Energy21.00

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DateSubject
31/10/2007
14:05
martincc: Update not very well received, down 18% in Canada. http://www.fin24.co.za/articles/default/display_article.aspx?Nav=ns&ArticleID=1518-24_2212525 Uranium One tanks Oct 31 2007 01:13 PM Cape Town - The share price of uranium miner Uranium One tanked on Wednesday after the Toronto-based miner cut its output forecasts for 2007 and 2008. By lunchtime, the shares were down a whopping 15.54% to R74.10 from Tuesday's close of R87.73. Uranium One said in a trade update to the Toronto Stock Exchange on Tuesday and to the JSE on Wednesday that it has lowered its 2007 U380 production forecast to 2.1m pounds from 2.5m pounds, primarily due to the extended autoclave commissioning period at the Dominion Reefs Uranium Mine plant in South Africa. Fin24 speculated about the possibility of autoclave hitches in mid-October when observing nearly 45m shares (more than 10% of the issued capital) changing hands on the Toronto Stock Exchange in just two days. Uranium One said the first autoclave had now been commissioned and was operating at design throughput. It added that the South Inkai uranium processing plant had begun production on schedule, but production targets had been adjusted due to a temporary shortage of sulphuric acid. This shortage was expected to only impact on uranium start-up projects. The 2007 attributable production forecast for the Akdala Uranium Mine remains 1.8m pounds of U3O8. For 2008, the company is lowering its production forecast to 4.6m pounds U3O8 from 7.4m pounds, primarily due to the temporary sulphuric acid shortage which is expected to hurt the ramp-up of both South Inkai and Kharasan. Interestingly the production update was located on the website for the Toronto Stock Exchange, where Uranium One has a primary listing. - Fin24
28/3/2007
23:04
hattori_hanzo: I'm still long UUU and have quite a large holding. I like the fact it's a producer, infact I wish it wasn't merging with SXR, because, personally, I think the merger is holding back the UUU share price. I have limited exposure to O&G atm, just two stocks; UEN, which I only bought again yesterday and RIFT, which has done very well for me, but I should probably have sold more t'other day. I have my eye on a couple of others, but am waiting for developments. However, in truth, I prefer mining stocks to O&G stocks. Good luck, hope all is well with you.
12/2/2007
08:06
lowersharpnose: UUU to be bought by SXR! Uranium One and UrAsia Energy Announce Combination to Create Emerging Senior Uranium Company http://www.investegate.co.uk/Article.aspx?id=200702120726400752R South Africa - sxr Uranium One Inc. ('Uranium One') and UrAsia Energy Ltd. ('UrAsia') are pleased to announce that the two companies have entered into a definitive arrangement agreement whereby Uranium One will acquire all of the outstanding common shares of UrAsia. The acquisition will result in the creation of a new, globally diversified uranium producer with an exciting growth profile and a combined fully-diluted market capitalization of approximately US$5 billion. Subject to shareholder approval, the combined company will continue under the name of Uranium One Inc. Under the terms of the acquisition, UrAsia shareholders will receive 0.45 common shares of Uranium One for each issued share of UrAsia, representing a value of C$7.05 per share based upon the closing price of Uranium One on the TSX on February 9, 2007. This represents a 13% premium to the closing share price of UrAsia's shares on the TSX Venture Exchange on February 9, 2007 and a 21% premium to the 20 day volume weighted average trading prices of Uranium One's and UrAsia's shares on the TSX and TSX Venture Exchange, respectively. SXR buying UUU for C£7.05 per share, worth about 300p a share. That's agood start to the week. Explains the 10,000,000 share turnover on Friday. rgds lowerSharpnose
08/1/2007
21:35
lasata: Analysts Remain Bullish on Uranium After Nearly Doubling in 2006 By Craig Wong 07 Jan 2007 at 12:00 PM EST VANCOUVER (CP) -- After nearly doubling last year, the price of uranium appears poised to continue its bull run in 2007 as demand for the radioactive fuel continues to outstrip supply, analysts say. ''It is a commodity that has for years been under a lot of pressure from excess supply and now the seeds have been sown and we're beginning to see the flip side of that,'' said RBC Capital Markets analyst Adam Schatzker, who has forecast the price will average US$100 per pound in 2007. ''There is not a lot of mine production. The inventories that were being sold into the market are disappearing and we're actually in a supply-demand deficit.'' Though hedge funds and other speculators are beginning to move into the uranium market, he said the biggest driver to the recent increase in price is a shortfall in supply and growing demand. New nuclear power plants are being built in China and other parts of the world, while few new major deposits have been developed, leading to demand that is 40% ahead of current supply. For years the price of uranium removed the incentive to spend the money building any new production or searching for new deposits. With governments selling their inventories the markets were flooded with cheap uranium and there was no need to dig up new deposits. But those inventories are depleting and uranium users still need the fuel for their reactors. The price of uranium averaged US$28.15 per pound in 2005 and jumped to and average of $48.10 per pound in 2006. However the spot price for the radioactive metal was a whopping US$72 per pound at the end of the year. Scotiabank commodity specialist Patricia Mohr has suggested that the current upswing in uranium prices is a ''secular'' change in global energy markets, due to the price of oil and that nuclear power generation emits virtually no greenhouse gases. ''While exploration activity has surged for uranium - across Canada, Australia, Africa and in Kazakhstan - there has been little improvement in mine production,'' Mohr wrote in a recent report forecasting an average price of US$80 in 2007, ending the year close to $90. She suggested mine production gains this year will be limited as Cameco [TSX:CCO] and Areva will likely boost output in Kazakhstan, the Dominion project will start up in South Africa and Smith Ranch may be expanded in the United States. The shortfall in supply was made worse when Saskatoon-based Cameco, the world's biggest uranium producer, reported flooding at its Cigar Lake mine in northern Saskatchewan, a project it had hoped to bring into production in 2008. Construction at the deposit, which has proven and probable reserves of more than 232 million pounds of uranium at an average grade of 19%, began in January 2005, but came to a halt last year after a flood that pushed back completion by at least a year. Though the company has started round-the-clock work drilling holes to the source of the water inflow so it can pump in concrete, it is not known when the mine will actually be able to come into production. Some market watchers have speculated that the Cigar Lake mine may never begin commercial production. Schatzker said the flood at the mine that is expected to produce 18 million pounds a year when it comes does come into production, had a ''fundamental impact on the market.'' ''The range of expectations of where that might go is all over the place because really a lack of information and a lack of clarity,'' he said. But even with the trouble, Salman Partners analyst Raymond Goldie still rated Cameco a top pick for the year. ''We believe that investors have been overly concerned about the link between oil prices and uranium prices and about the flood at Cameco's Cigar Lake uranium project,'' said Goldie, who has a C$55.95 12-month price target on the stock. ''However, as investors realize that what Cameco loses at Cigar Lake on volume, it more than makes up on price, Cameco's share price continues to recover.'' Investors have been flocking to uranium stocks, particularly those of junior companies with a lower stock price. For example, Paladin Resources Ltd. [TSX:PDN], a small Australian miner that trades on the TSX and has uranium properties in South Africa, has been a top trading stock for several weeks on the Canadian markets. SxR Uranium One Inc. [TSX:SXR], a Toronto-based resources company, has also been a popular investment as has been Denison Mines Corp. [TSX:DML], an intermediate uranium producer, with mining assets in the Athabasca Basin of Saskatchewan, and the southwestern U.S. as well as exploration properties in the U.S., Canada and Mongolia. Investors have been drawn to Denison because the company owns parts of two of the four uranium mills operating in North America today, giving the company a diversified mining asset base as well as milling infrastructure. The Toronto company recently got C$100 million in financing to back its bid to acquire OmegaCorp Ltd., an Australian-traded miner with uranium projects in southern Africa, including the advanced stage Kariba Project in Zambia. © The Canadian Press 2006
08/1/2007
06:59
sheeneqa: By Craig Wong 07 Jan 2007 at 12:00 PM EST VANCOUVER (CP) -- After nearly doubling last year, the price of uranium appears poised to continue its bull run in 2007 as demand for the radioactive fuel continues to outstrip supply, analysts say. ''It is a commodity that has for years been under a lot of pressure from excess supply and now the seeds have been sown and we're beginning to see the flip side of that,'' said RBC Capital Markets analyst Adam Schatzker, who has forecast the price will average US$100 per pound in 2007. ''There is not a lot of mine production. The inventories that were being sold into the market are disappearing and we're actually in a supply-demand deficit.'' Though hedge funds and other speculators are beginning to move into the uranium market, he said the biggest driver to the recent increase in price is a shortfall in supply and growing demand. New nuclear power plants are being built in China and other parts of the world, while few new major deposits have been developed, leading to demand that is 40% ahead of current supply. For years the price of uranium removed the incentive to spend the money building any new production or searching for new deposits. With governments selling their inventories the markets were flooded with cheap uranium and there was no need to dig up new deposits. But those inventories are depleting and uranium users still need the fuel for their reactors. The price of uranium averaged US$28.15 per pound in 2005 and jumped to and average of $48.10 per pound in 2006. However the spot price for the radioactive metal was a whopping US$72 per pound at the end of the year. Scotiabank commodity specialist Patricia Mohr has suggested that the current upswing in uranium prices is a ''secular'' change in global energy markets, due to the price of oil and that nuclear power generation emits virtually no greenhouse gases. ''While exploration activity has surged for uranium - across Canada, Australia, Africa and in Kazakhstan - there has been little improvement in mine production,'' Mohr wrote in a recent report forecasting an average price of US$80 in 2007, ending the year close to $90. She suggested mine production gains this year will be limited as Cameco [TSX:CCO] and Areva will likely boost output in Kazakhstan, the Dominion project will start up in South Africa and Smith Ranch may be expanded in the United States. The shortfall in supply was made worse when Saskatoon-based Cameco, the world's biggest uranium producer, reported flooding at its Cigar Lake mine in northern Saskatchewan, a project it had hoped to bring into production in 2008. Construction at the deposit, which has proven and probable reserves of more than 232 million pounds of uranium at an average grade of 19%, began in January 2005, but came to a halt last year after a flood that pushed back completion by at least a year. Though the company has started round-the-clock work drilling holes to the source of the water inflow so it can pump in concrete, it is not known when the mine will actually be able to come into production. Some market watchers have speculated that the Cigar Lake mine may never begin commercial production. Schatzker said the flood at the mine that is expected to produce 18 million pounds a year when it comes does come into production, had a ''fundamental impact on the market.'' ''The range of expectations of where that might go is all over the place because really a lack of information and a lack of clarity,'' he said. But even with the trouble, Salman Partners analyst Raymond Goldie still rated Cameco a top pick for the year. ''We believe that investors have been overly concerned about the link between oil prices and uranium prices and about the flood at Cameco's Cigar Lake uranium project,'' said Goldie, who has a C$55.95 12-month price target on the stock. ''However, as investors realize that what Cameco loses at Cigar Lake on volume, it more than makes up on price, Cameco's share price continues to recover.'' Investors have been flocking to uranium stocks, particularly those of junior companies with a lower stock price. For example, Paladin Resources Ltd. [TSX:PDN], a small Australian miner that trades on the TSX and has uranium properties in South Africa, has been a top trading stock for several weeks on the Canadian markets. SxR Uranium One Inc. [TSX:SXR], a Toronto-based resources company, has also been a popular investment as has been Denison Mines Corp. [TSX:DML], an intermediate uranium producer, with mining assets in the Athabasca Basin of Saskatchewan, and the southwestern U.S. as well as exploration properties in the U.S., Canada and Mongolia. Investors have been drawn to Denison because the company owns parts of two of the four uranium mills operating in North America today, giving the company a diversified mining asset base as well as milling infrastructure. The Toronto company recently got C$100 million in financing to back its bid to acquire OmegaCorp Ltd., an Australian-traded miner with uranium projects in southern Africa, including the advanced stage Kariba Project in Zambia
06/1/2007
21:04
papillon: Abdul, lowerSharpNose, if you go to the STOCKHOUSE BULLBOARD for UUU and read the latest post by kurtwalter you will see a research note from BMO (dated 2/1/07) which rates UUU to outperform and gives an increased target price of C$6.50 per share. This will give investors a potential return of 20% based on the following estimates: a contract uranium price of US$65 per lb from 2008 to 2013 with the decline to US$30 per lb extending out to 2021 ie average uranium price of US$39.6 per lb. Also estimating UUU share of annual production of 10 million lbs in 2012. UUU remains a low cost producer relative to its peer group. This research note also explains why UUU has suffered a bigger drop than its peer group since the start of 2007; the market was disappointed with the latest quarterly results. BMO explains this away as purely to do with sales timing; BMO forecast higher sales; production was in fact higher than BMO forecast. This bodes well for the next quarter's result. I believe that BMO's uranium price forecasts are very conservative and a much higher target share price than C$6.50 would give institutional investors a 20% return. Because UUU is such a low cost open cast producer (as will be UMN) they will still be able to make money if uranium prices did return to US$30 per lb in the future, unlike the majority of "deep" mine producers.
19/12/2006
07:23
786abdul: Uranium is very hot-(from Moneyweek) Why is nuclear power set to make a comeback? The case for reducing our dependence on fossil fuels is overwhelming. Climate is an important part of the picture. Whether global warming is real or not is an irrelevance; the political consensus is shifting behind the view that it is, and this means that the push towards lower-carbon energy sources looks unstoppable. Nuclear isn't carbon-free – fossil fuels are still consumed in mining uranium, for example – but it's still an improvement over most other forms of energy production. However, the need to invest in nuclear isn't just about climate change. Equally compellingly, there are supply and demand issues. We live in an increasingly 'plugged-in' world, where access to electricity is vital and where, as countries such as China and India industrialise, we are going to need more and more of it. Demand for electricity will double between now and 2030, according to International Energy Agency (IEA) estimates. Meeting that demand from non-nuclear sources would be difficult and costly. Spiralling prices for oil and gas in recent years show how tight the supply situation is for these commodities. Coal will play an important part, but the pollution that coal-powered plants produce is a major handicap. Newer, cleaner-burning technology can reduce this, but it comes at a cost. Renewables such as wind and solar are even more expensive and are, in any case, only capable of meeting a small part of the extra demand. The fact is that with the current level of energy prices, nuclear is already cheaper than gas, almost as cheap as coal and far cheaper than renewables, according to the IEA. Finally we have to take into account the security of supply considerations. Most countries would like to reduce their dependence on the politically unstable parts of the world that control most of the world's oil and gas (there are often suggestions that gas is a safer thing to be dependent on than oil, but who wants to end up relying on Russia's benevolence to keep the lights on?). Most of the major uranium resources needed to produce nuclear power are located in friendly, stable countries such as Australia, Canada and the US, and that's a huge bonus. On all of these grounds, nuclear looks very compelling and this is something governments are finally recognising. Around 30 new reactors are under construction in 13 countries, while others such as the UK and the US are working on ways to encourage plans for even more. And this should be just the start, given that China talks about building two new reactors a year for the next 15 or so years. The companies that build nuclear plants are certainly optimistic; Toshiba forecasts that 130 gigawatts of new capacity will be built by 2020, for example (that's equal to about 90 to 130 new reactors at modern plant sizes). How can investors profit from nuclear power? A boom such as this would mean a major investment opportunity – construction costs alone will be around $1.5bn per reactor. So what's the best way to profit? Well, MoneyWeek is inclined to ignore the limited number of listed companies that actually operate nuclear power plants, since the economics of nuclear are not always compelling for private companies. Construction accounts for around 75% of the cost of nuclear generation, which means that companies are highly exposed to changes in the price of electricity. The fluctuating fortunes of the UK's British Energy, which was haemorrhaging cash a few years ago as power prices tanked, demonstrates this only too well. This means that companies running new plants will be highly dependent on governments offering them deals that will reduce the risks inherent in their exposure to shifting electricity prices, perhaps by giving them subsidies or letting them sign long-term offtake agreements at fixed prices. This will probably happen, since few businessmen will want to build new plants without such deals. But still we think it might be better to look at opportunities in the nuclear area that aren't tied to a single country and so have less political risk. Uranium stocks set to benefit Firstly, investors might look at the companies that will be supplying the reactors with their fuel. Because nuclear power was out of favour for so long, uranium exploration work has been extremely limited, and consequently not enough is being produced. There is a severe shortfall in supply – both now and for the foreseeable future. At present, the shortfall is made up by reprocessing warheads from the ex-Soviet weapons stockpile, but this is likely to run out within a few years. Meanwhile, the flooding of Cameco's Cigar Lake project has made a bad situation worse. The mine was supposed to supply around 15% of world production from 2010, but the project may now have to be abandoned. A number of analysts have described this as being akin to the oil world losing Saudi Arabia. So what's the best way to profit from this? We've long favoured Cameco, (CCJ, C$41.55) but with the future of Cigar Lake uncertain, this is not the time to buy or add to holdings. Any further bad news could spark a sell-off, so we would wait to see how the situation develops. Among the mining majors, BHP Billiton and Rio Tinto both have uranium interests, but they only account for around 1% of earnings. However, Rio's uranium operations are held in a separate, 68%-owned company Energy Resources of Australia (ASX:ERA, A$19), which is the world's second-largest uranium miner and the purest listed mining play (Cameco also has processing operations). With a very low price/uranium resource ratio of just 3.3 (or a still-reasonable ten excluding the politically-sensitive Jabiluka deposit), it looks the best value company in the sector. Others worth investigating include UrAsia Energy (Aim:UUU, 168p), which has interests in three Kazakhstani assets, operated in conjunction with the state-owned Kazatomprom. Dension Mines (TSX:DEN, C$26) has interests in two important Canadian projects, include the producing McLean Lake facility, while Paladin Resources (ASX:PDN, A$7.3) and SXR Uranium One (TSX:SXR, $14) are nearing production with assets in Australia and South Africa. But if uranium prices were to rise sharply, the producers will probably not be the big winners in the short term. "With investors now riveted on the uranium sector, we believe that a mania phase is possible," says Doug Casey in the Casey Energy Speculator. If this is the case, the big gains will be made from speculative junior exploration companies. Casey suggests buying a basket of small speculative uranium stocks such as Abaddon (TSX:ABN, C$0.67), Azimut (TSX:AZM, C$5), Hathor (TSX:HAT, C$1.3), JNR (TSX:JNN, CS1.86) and Triex (TSX:TXM, C$3.76), which should see their shares rocket if the boom develops into a mania. This strategy potentially offers high returns, but at high risk. It should only be a small part of a portfolio, and investors must be prepared to get out quickly once the mania subsides. Unfortunately, there are no direct ways of taking a punt on the uranium price – it's not traded on futures exchanges in the way that most commodities are. The closest you can get is Uranium Participation (TSX:U, C$12) and Nufcor Uranium (Aim:NU, 285.50p), which are stockpiling uranium in the hope of price rises. Be aware that these are not exchange-traded funds, so the share price does not directly reflect the value of the uranium owned.
14/11/2006
13:03
princey0: StockInterview: In your opinion, what is the impact of the Cigar Lake underground mine flooding on the uranium sector? Jamie Strauss: We are somewhat concerned the nuclear renaissance may be, to some extent, slowed down unless we find new ore bodies or bring more production onstream quickly as a result of the Cigar Lake problem. We're going to continue to keep the upward price in uranium, but there's always a negative to the positive. In this case, the negative is the nuclear renaissance requires access to uranium production to be contracted before they can get bank financing to put in a new nuclear power station. StockInterview: Cameco's uranium mining delay at Cigar Lake would impact the nuclear renaissance? Jamie Strauss: I think any delay of that amount of new product coming onto the market – the market was tight enough as it was – any further delay for new uranium, the nuclear renaissance can not be accelerated as a result. It's got to be held back to some extent. StockInterview: Why is that? Jamie Strauss: As I understand it, with nuclear reactors, in order to build a nuclear reactor, you have to contract your uranium fuel and a significant amount of it. Not just for the first year, but I also suspect you have to have your stockpiles of it, as Kevin Bambrough has highlighted, before you can get your bank financing. No bank is going to give money if you can't actually produce any revenue from it. The uranium industry has to wake up to making sure there is enough uranium out there. Will there be enough uranium for these power stations if they are built? StockInterview: If not from Cigar Lake, from where would the uranium come? Jamie Strauss: The Americans, who look at the Cigar Lake situation, see the tightness of the market, and have one of the most aggressive new nuclear packages going, are they going to sit by and watch this thing happen? I suspect they're going to go straight on down to Australia and say 'release your resources.' StockInterview: Do you think the U.S. will pressure the Australian government? Jamie Strauss: I think they must. Australia is sitting on 30 to 40 percent of the world's known resources. They have signed a nonproliferation agreement, a free trade agreement around the world and the uranium deal with China . Then, you've got to try and release that. I think that's going to be very positive. StockInterview: What about the U.S. Department of Energy and U.S. government 'already mined uranium' being stockpiled? Jamie Strauss: I think uranium stockpiles held by governments, particularly the United States government, are a positive and not a negative. The U.S. government wants to get nuclear power stations up and running. Therefore, they will use that stockpile to make sure the market remains as stable and as qualified as possible in order to get nuclear power stations up and running. StockInterview: Won't dumping the government uranium stockpiles into the market drive the price lower and discourage new uranium companies from following through on their projects? Jamie Strauss: They won't dump it. They will let uranium onto the market in order to secure long-term contracts. It will probably dampen the price. That does not mean to say it will fall down. It may stabilize the price, and I think that's a positive. At the end of the day, we're not talking about what the price of uranium could go to, because that's not the game. The game is: 'Is the nuclear renaissance on, or is it off?' If it's on, which I firmly believe it is, it depends upon the speed it's going to go. We have got to make sure there's enough uranium in order to allow this to continue. StockInterview: What impact would the price of uranium have on the nuclear renaissance? Jamie Strauss: I'm not in the game to push up uranium as high as possible because that will kill the nuclear renaissance. We've got to make sure the uranium price is the right price. This will ensure utilities have confidence in the uranium industry and that it is there to support them. Otherwise, we've not got a uranium renaissance. StockInterview: Then, what is a fair long-term uranium price? Jamie Strauss: The long-term price will ultimately come down to the marginal-cost producer. That's the standard comment to make for any industry. I suspect the marginal cost producer will be the United States mines. I'm guessing at the moment, but that's what I suspect. StockInterview: In Wyoming and New Mexico? Jamie Strauss: Exactly. I suspect a lot of these old mines, which they'll be able to bring back into production to some extent, will be the marginal cost producers. If you take Strathmore Minerals as an example, which bought the two lowest cost producers as tabled by Kerr McGee, then the marginal cost of production must be somewhere between $40 and $60. I would argue it's got to be $60/pound. I believe this company is conservatively $3.10/share price target on just the measured and indicated resources of Roca Honda and Church Rock (Kerr McGee properties). And that's forgetting all of the other bits and pieces including Dieter Lake, Athabasca, the Wyoming resources and the cash. This company has significant upside. It's priced for takeout at the moment, and it's a given to somebody who wants to consolidate. I think there's no reason why this stock should not exceed $4. We have warrants when we did the fundraising. I'm also a private shareholder. StockInterview: Speaking of uranium stocks, which are your favorites? Jamie Strauss: In Tier One (producers and near-term producers), SXR Uranium One is our favorite and remains it. We should include UrAsia and ERA. We love ERA. I am not going to put down Paladin. I think SXR will out perform Paladin and will actually go to a premium rating. Jamie Strauss calls SXR Uranium One CEO Neal Froneman's acquisitions 'a stroke of genius.' StockInterview: How do you compare the two? Jamie Strauss: My main concern on a relative performance was that Paladin had a high rating coming into production and had a high likelihood – not because of Paladin, but just because of any mining stock – of coming up with some disappointments. In comparison, SXR had come from an undervalued basis where that was all written into the price. I think it is fair to say that SXR's Dominion is a brown field, where Langer Heinrich is largely a green field site. The Dominion ore body is well understood. I think Paladin has an excellent track record. I think they're well respected. StockInterview: What about the burden of SXR Uranium One's recent acquisitions? Jamie Strauss: In principle, I think it's a stroke of genius that he was able to get these assets. This company has come from virtually being a bust company. Neil Froneman has turned that around, focused on one asset and had a very long-term view of where he wanted to go. To take those assets (Wyoming, Utah), which were available to anybody who wanted them, they were the jewels in the crown of the North American-developed asset base. It's like a bit of art, isn't it? There are only a certain amount of Picassos. There are only a certain number of mills out there. You're not going to get another mill set up quickly. StockInterview: What's Neal Froneman going to do for an encore? Jamie Strauss: I think he's got a lot on his plate at the moment. He's got a lot to deliver. He's never missed a deadline in this project, to date. I'm not going to bet against him missing a deadline now. But, it does take an awful lot of manpower to do what needs to do. He's got the building blocks. Obviously, he's got to acquire other producing assets, or near-term producing assets, which will supply those building blocks. I think he wants to buy another company because he's bought these mills, and he needs feedstock to go into it. I don't know if he's going to buy Strathmore Minerals, but I think the price in Strathmore is there for anybody to consolidate with it. It's priced for takeout at the moment, and it's a given to somebody who wants to consolidate. It's well rumored that UR-Energy is up and running. StockInterview: Where is the biggest excitement in the sector now? Jamie Strauss: I think the speculation side is really coming in now – the pure explorers. That sector looks as though it's kind of got further legs to go. We believe there are two areas of investment in the uranium world. One of them is the near-term producers and the late stage developers. That's the area we focus on – companies such as Aurora Energy (TSX: AXU), Berkeley Resources: (ASX: BKY) and Energy Metals (ASX: EME). The other area for investment is the exploration side. We haven't got the capacity to cover all of the 300 to 400 stocks. Therefore, we stick to the top end. StockInterview: Paladin's John Borshoff told an Australian newspaper, "Everybody's been trained in uranium by the Simpsons." He also said a lot of the juniors were mining the stock exchange, didn't have the expertise for uranium mining and would be lucky to get off the ground. Jamie Strauss: I am a great believer the great majority of exploration companies will never come to production. Therefore, we have focused very hard to make sure we pick the top five percent of the industry. I'm onboard with John Borshoff. To go through pure exploration straight up to production is a very difficult game. But, we desperately need exploration to find economic deposits, which are difficult to find. I don't put down the junior sector, but he's stating the obvious. The odds of finding an economic orebody of anything is difficult.
31/10/2006
12:25
andrbea: good article on junior miners: "Supply constraints for the next few years will intensify as imminent producers will not meet their promises." Froneman concluded, "This will drive uranium prices much higher." Another insight he brought to our attention, "We have put our money where our mouth is by being totally unhedged." Why is that important? He told us, "We have avoided bank debt so that we can avoid being forced by banks to hedge our uranium production." And so, that will indeed help uranium prices climb higher. We exchanged phone calls and emails with Bill Boberg, Chief Executive of UR-Energy about Cameco's catastrophe. He wrote, "I will that it did not happen, but it is a reflection on the current thin uranium supply and demonstrates why some of us juniors working to bring mines into production in the next few years are worthy of investment." He added, "I think all juniors, but especially those with production relatively near term, have benefited from Cameco's bad news." But why do we see such strong market activity in the juniors? "I think we have been seeing increasing knowledge of the uranium sector in the past couple years and, with that, an increase in market activity," he told us. "The StockInterview guide to the uranium sector has been a real player in that increase in knowledge base by investors. The rapidity at which the Cigar Lake flooding affected the market activity in junior uranium stocks is a reflection of the knowledge that uranium supply is tight, and that the Cigar Lake flooding made it even tighter for the next few years." The biggest percentage gainer among junior uranium development companies on Monday, as a result of the recent 7-percent jump in the spot uranium price, was Strathmore Minerals. We talked with Strathmore Minerals Chief Executive Dev Randhawa about the company's 20-percent price rise accompanied by nearly 2.8 million shares of trading. "Investors are looking for a stable environment," Randhawa told us. "The market is demonstrating how tight supplies really are." He also pointed out there was in his company by foreign interests, but would not specify anyone in particular. "Strathmore is a turnkey operation in the United States with proven resources and a highly qualified technical team with many decades of in situ recovery mining experience," he explained. "All along our strategy, with David Miller, was to acquire uranium properties which could be produced at, or less than, $30/pound," he said. "When we first started this strategy, there were only three or four other companies on the radar screen, so we got the jump on many of the best uranium properties." He explained, "We are well diversified in the United States, Canada and have holdings in Peru." The company is reportedly the largest landholder in the Athabasca Basin as well. We asked about his Dieter Lake property in Quebec, which previous work suggests might contain as much as 110 million pounds of U3O8 contained. Because it is not compliant with National Instrument 43-101, we don't hear much about it. How does the recent spot uranium spike affect moving forward on Dieter Lake? "Projects and properties which were not previously on the radar screen are now going to be economic," Randhawa responded. "Dieter makes sense now," he added. Strathmore Minerals also benefited from across the pond on Monday, after Jamie Strauss, Head of Institutional Sales for London-based Hargreave Hale, issued a buy recommendation. His thumbs-up for Strathmore blew the company's shares past the strong buy recommendation and C$2.50/share price target issued by Bart Jaworski of Raymond James on October 20th. In his desk notes, Strauss wrote, "...the quality and diversity of its asset base, increasing confidence that the company is approaching the title of 'near term producer', a highly competent technical team and above all a valuation which offers not only equity funds the opportunity to invest but also consolidators within the industry..." Strauss added, "Using code-compliant resources only, Strathmore could therefore more than double the share price before hitting fair value." Strathmore Minerals, along with SXR Uranium One and Energy Metals, are among the favorites of Sprott Asset Management. While numerous uranium mining executives rejoiced over the spot price jump to US$60/pound, one CEO took it with a grain of salt. When we phoned Uranerz Energy Chief Executive Glenn Catchpole for his reaction to the market's behavior, he took it in stride. After we informed him of the 7 percent jump in spot uranium, he dryly responded, "We as a company can benefit – the company will benefit from the increased prices." He did acknowledge Uranerz was getting large trading volume. "We thought the stock would dip, but it hasn't," he told us, referring to large number of share which recently became free trading. Other than that, it was business as usual for Catchpole – getting his in situ uranium recovery operation through the final hurdles to join the ranks of uranium producers. After all, if Cameco won't be mining uranium in Cigar Lake in the foreseeable future, someone has to. Until then, we anticipate mining analysts will be upwardly revising their price targets on these and other companies. And so the flooding will continue, perhaps at both Cigar Lake and in the junior uranium sector. By James Finch http://www.bestsyndication.com/?q=103006_miners_flooded_by_dollars.htm
31/10/2006
07:35
andrbea: Also on Stockhouse yesterday On Sept 9/06, BMO released a research report on V.UUU ( $2.90 / 507 million shares ) in which it gave it a strong BUY, with a 1 year target of $4.30......... http://www.stockhouse.com/bullboards/viewmessage.asp?no=13337739&t=0&all=0&StartDir=N&StartID=13324281&StartDateTime=2006-10-11 This rating is based on UUU producing 1.8 million lbs of U308 in 2007, generating gross revenues of $84 million US and $0.07 /share in cash flow. For those unable or unwilling to valuate what they invest in, it should not take much effort to understand the enthusiasm for EFR's future share price......and comparisions with other emerging uranium producers would result in a similar conclusion. For EFR, the requisite known or reported comparables would be.. ...shares o/s is 28.5 million and 38 million million fully diluted , including the proposed PP ....debt is nil ....expected initial production in 2007 is about 1 million lbs of U308 and 2 million lbs of vanadium .....gross annual sales would be $47 million US and about $67 million US including vanadium credits How to calculate cash flow ? We know that the mines closed at a time when the U308 prices stayed below $13 to $15. That would suggest that the cash costs were around this level. Since then, energy and labor costs have increased, but so has the vanadium prices, whose revenues will reduce cash costs. Lets be conservative and assume that the cash costs will average $20 per lb of U308 produced, including vanadium credits. That is, the annual cash flow will be $27 millionUS at a U308 price of $47 US /lb ( this is the price assumed by BMO ). Lets also assume that EFR will do another equity raise of 12 million shares to raise the fd shares to 50 million. That is, annual cash flow per fd share at $47 US yellowcake would be $0.54 US/fd share or about $0.60 /fd share. Note that BMO projects UUU's cash flow per share to be $0.07 per share in 2007...or about 60 times cash flow for a target price of $4.30. These trial calculations show that EFR should be valued at $36/fd share, if its production achieves 1 million lbs per year. Assume that you are in error by 50 % and the projected share price is still above $10....and thats at $47 yellowcake, well below the new record price set today and the $110 that Sprott is projecting. As I posted yesterday, there are many factors that go into a full valuation model and that almost certainly, there will be differences when the full suite of parameters are invoked. The major ones here is for EFR to bring its existing reserves to 43-101 compliant standards, and for its exploration program to show further potential for resource additions in the future.
Urasia Energy share price data is direct from the London Stock Exchange
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