Member Info for Malik-

I think their analysis and valuation makes a sense.

Thy calculate a gold price implied in the shares now of below $2400. Meaning the stock is very conservatively priced.

New piece out from these guys below which looks at some gold stocks valuations including GGP.

They write quality stuff on various commodities incl gold and uranium.

Must subscribe to account. It’s free and probably not for long!

https://substack.com/home/post/p-160778185

New report from these guys looking at sulphuric acid in Kaz.

Link above.

Definitely worth following their research.

“ What people overlook in s&d forecasts:

they assume: 1) Kap can’t ramp up, 2) overfeeding happening big, 3) Japanese inventory sales are over, 4) physical funds able to buy a lot 5) some have restocking despite ok inventory levels 6) overlook use of loans of material”

Definitely worth reading their analysis and its free.

Must read analysis for those invested or looking at the uranium space - about the supply outlook…

They take a contrarian stance here.

https://substack.com/@asymmetricresearch

Congress passed a bill banning imports of uranium.

And this is not moving? !

Spot at 83 and talks of getting above that after close.

Imminent re rating?

Spot 15% higher.

What a buy!

Spot price doesn’t care: Numerco showing a rise last night: 69.5!!!

At $61 here!

Implied uranium price in shares at USD61.5/lb here…

Stop wasting your time with this crap.

What matters is you are buying uranium here at 57.8 and the discount is widening while uranium p rises.

This is great buying opportunity.

2 years have been wasted because Czech govt since their elections were focused on other priorities.

With govt not making public its view on the project til now, Cez which is govt related (and obviously EMH) had hands tied to say anything.

That’s what killed the performance of the shares.

That’s changed.

FID this year.

I believe the market so far is totally missing the significance of that news.

The story has derisked markedly.

And yet it continues to trade at near all time low.

The best risk/reward play I can think of.

What’s the downside? Vs 9x upside to Nav post dilution…

The communications by both Czech R PM and Cez backing the Cinovec project are a GAME CHANGER for the equity story.

Their radio silence on the matter since the Czech elections was the they key reason for the stock’s massive underperformance. This is now cleared, and expect the discount to Cinovec NAV implied in EMH shares to narrow meaningfully as the risk premium that should be associated to the project reduces dramatically.

Recall this project can easily be financed just with the backing of an entity like Cez and its big balance sheet.

This is the year when EMH this shares could really move.

FID due this year according to Cez… and we finally get a sense of urgency by Cez!

The upside to fair value is enormous - post dilution you are probably looking at 9x upside at $28k hydroxide on my calculations.

I have loaded yesterday at open.

Fasten your seatbelts.

Stop talking nonsense about cash deployed here reduces dividends.
It’s adds USD100m of annual FCF immediately.
It grows the divi prospect!

What I am saying is this ancqusition adds a juicy USD100m per year of Freecashflow to Thungela at current coal price, and at lower risk than South African business.

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The deal announced this morning is a great deal!
It adds a significant c30% to Thungela group Freecashflow and a lower risk than South African activities , while capital increase of less than 10%.
So you can say it’s 20% or so accretive to Thungela shares.
Even if you include the large rehabilitation liabilities the payback at current coal price is 3 years!
I just bought some shares.
BUY!

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