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Das wurde übrigens Freitag in The Australian newspaper (Tageszeitung!!!) veröffentlicht!!
Here is the post, delayed to internet. Posted in the Australian Friday.
Cheers
West Australian Metals (WME) 37.5c
HERE'S one for yellowcake loving "nearists" with a penchant for Africa, specifically for Namibia, the world's fifth-biggest uranium exporter.
WAM's object of joy is its Marenica project in the West African nation, down the bumpy road from Paladin's existing Langer Heinrich mine. Marenica is a few clicks down the road from the chunky Trekkopje project, which French giant Areva bought for $US2.5 billion.
WAM chairman Rodger Johnston says WAM is striving for an official resource, with a drill rig due any day now.
A guide to the size of the resource is that a previous owner dilineated 18 million pounds (40 million tonnes at 200 parts per million) in the 1980s. WAM has a goal -- presumably more than an aspirational one -- of proving up 14-22 million pounds.
Johnston says WAM was focused on its WA gold turf -- "none of which was particularly exciting" -- before catching the uranium bug.
WAM earned an 80 per cent interest in the 700sqkm tenement by spending a modest $1 million or so, with the minority local holder free-carried until a JORC-compliant resource is proved.
WAM has $2 million in the bank and is confident of having enough dough to get to JORC stage because there's 60 million options exercisable at 5c. "That's not to say we won't raise money," Johnston says.
WAM's shares recently sprung to life after repeatedly hitting a 25c ceiling. Johnston's theorises that holders who got in on an earlier 2.5c placement exited when they made a round 1000 per cent gain.
WAM has a fully-diluted market cap of $95 million. That may look toppish, but we'll squeeze in a speculative buy on the back of triple-digit oil price supporting the uranium price.
However, one must be wary of viewing a soaring spot market as an unequivocally positive trend. As reported this week, production glitches at Langer Heinrich mean Paladin was forced to buy in uranium at spot prices to fulfil contracts.
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