Member Info for andmillsy

Or utilities should!

Https://www.instagram.com/p/Czoc_TrOIWO/?igshid=MWd0ZG4zcXpoZ3RrMA==

Might be good for Colin and OSV to get up in the basket and look for future value opportunities

7375/7475

Anticipating Sput buying?

$10m raised by SPUT - no purchases

7350/7450

Lets see if spot gets a further push up currently Spot Uranium: 7350/7400

Why on earth would there be any threats with the value they've created?

Cashflow is the key and half year report didn't provide adequate evidence of MMP agreement generating cash in the bank for XTR.

Half year balance sheet didn't show the expected inflow imho and the statement from quarterly production report reinforces for me it's not yet received

"The Net Profit share due to Xtract for the 6 months ended 30 June 2023 is estimated to be US$2.1 million"

I'm sure I got the same figure as you the morning after they reported 150k purchase.

I think they may have updated now..

42,495 -31,525 = 10,970 so $73/lb

I've ignored daily management fees.

The prior 100k lot seemed high price - greater than 76/lb

Very opaque

Https://www.holdcomarkets.com/post/the-month-in-u-inventory-inventory-purchases-accelerate-in-october

150k lbs purchased

Also 25c off spot 7375/7475

This was intriguing read between Kuppy and Quakes

Kuppy

@hkuppy

·

2h

Someone please correct me if I’m wrong here, but $CCJ plans to buy 11-13m lbs of U in 2023. So far, they bought 5m. So there’s 6-8m of spot purchases planned?? Some will come from Inkai in Q4, but there’s still a LOT of spot purchases planned for Q4…

John Quakes

@quakes99

Yes, and as Grant explained they can strategically increase the ratio of Spot #uranium buying in order to drive up the Spot price, which will then increase their future revenue on the market referenced pricing for their entire delivery portfolio. Take a small hit for a big win.

No worries and thanks for the clarification.

To get the price paid you also need to make an assumption about the daily decline in cash for management fees - if you look at other days when SPUT didn't make a purchase of raise funds you can get an idea of the daily cost. Seems to be c60-80k small in relation to the size of the purchase however. I used the same source as you e.g. the sput tracker.

Anyone else having issues with getting yellowcakeplc.com to load correctly and display implied U price in the green box on right of screen?

Just throwing error messages for me. Strangely works if I use an incognito session.

Don't want to think the bargain implied U price being offered by YCA isn't being fully marketed !

Masplin - what's your source ? https://numerco.com/NSet still showing 74/75 and then 74/76 for Feb 24.

Useful interview with focus on tight market and drivers for future price increase

https://www.cruxinvestor.com/posts/uranium-bull-run-procurement-strategies-on-demand-surge-and-market-new-phase-on-the-next-6-months-4321

Sput bought 100k lbs.

Always unclear how much they paid.

Looking at cash reduction and assuming daily management fees c80k then it's about $76/lb which was the ask for Feb24

Very helpful James. I know you get this from your reference to production tax but repeating as it may help others - the reference to royalty is nothing to do with Empress royalty 3.375% which is solely for MMP account and this was clarified in RNS by XTR some time ago.

Kind of you to say that NtM - getting this below $1000/oz cost and if gold extends its gains to above $2000/oz the two factors really would shift the needle.

I really would like to have some clarity / proof of the actual cash flowing into XTR coffers.

Https://youtu.be/dSUtAhvodHs?feature=shared

Quite wide ranging and interesting interview.

From 6m30 - utility action including analyst view on $90 + per lb

Production challenges including Niger and adding volatility to spot price.

16min30 illustrates current supply gap 150 to 300 mil ramp required

22min30 about Kaz and supply route and differential pricing for this supply point.

Gordie/Howezap

Here is what he wrote in the annual report which was issued at end of June 2023.

"Production has stepped up further since the balance sheet date with the plant processing approximately 40,000 tonnes

of ore per month. The new plant has proven reliable and is producing recoveries of around 88% from the oxide and

weathered transitional ore. The plant has C1 operating costs of approximately $800 per ounce."

Unclear why he decided to quote C1 costs - I would have assumed they would be broadly similar to operating costs which are actually relevant to the agreement with MMP for FB. Infill drilling must be incremental to C1 costs but part of operating costs and there are likely other costs which are additional to C1 for example site security and general faciliities etc.

I think the answer is about 6.19 versus 6.24 based on below but I can't update the google sheet - for obvious reasons !

lbs 20,155,601 (21682318 - 1500000) remove future inventory

price 74.00

fair value 1,491,514,474

cash 133,850,000 35.6 plus (1500000x65.50) Oct cash plus cost of future inventory

NAV 1,625,364,474

fx 1.2117

NAV GBP 1,341,391,825

Shares 216,856,447

NAV per share 6.19

So for the whole of Oct with some rare exceptions YCA discount has been more than 10% whilst SPUT has been a lot narrower sometimes even a premium.

Main factor I can think of is fear of future KAP deliveries the value of which are baked into the NAV calc.

If YCA don't get the U then KAP don't get paid so the "loss" to YCA is the impact to NAV of having fewer lbs.

Request to Snooz ... any chance you could crank the numbers for the YCA spreadsheet to show the NAV without the future delivery lbs but with greater cash balance excluding future payments for U delivery ? Would be interested to know what the resultant NAV would be. Thanks.