I own some Encore and bought some today in fact, but I don't think it works at $80 U3O8. Project level NAV is interesting but it is corporate NAV that ultimately matters and to calculate that you'd need to deduct corporate G&A, reclamation, warrant dilution, taxes etc. There's upside to the resource, but the current resource is only worth around 0.6 times NAV in my opinion.
I own some Encore and bought some today in fact, but I don't think it works at $80 U3O8. Project level NAV is interesting but it is corporate NAV that ultimately matters and to calculate that you'd need to deduct corporate G&A, reclamation, warrant dilution, taxes etc. There's upside to the resource, but the current resource is only worth around 0.6 times NAV in my opinion.
That’s all in the model, full dilution. 30% load on their reported AISC. They are actually realizing $83 with term contracting. There
is some covered/uncovered elements they had to work through to fill some contacts but those lower priced contracts should be delivered.