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Sunday, January 19, 2020 6:23:51 PM
RE:RE:Ask and one shall receive.
$UURAF : Ucore Rare Metals — Independent Economic Analysis
Posted onPublished January 17, 2020 by Tom Fahy
Present Estimated Bokan Basket Price Case $77/kg.
Flagship Project Bokan Mountain
Ownership 100%
Mineral Resources (M&I) 23,752,458 kg REOs
Shares OUTSTANDING(https://ucore.com/investor-centre/cash-share-structure) 284,129,859
Market Cap $45,460,777
Average Annual Production 2,051,349 kg
LoM 11 Years
Payable REOs 22,564,836 kg
True All-in Cost (TAIC) $52.08/kg.
Gross Revenue $1,737,492,372
Royalty ($34,749,847)
Gross Income $1,702,742,525
Total Operating Costs ($636,000,000)
Operating Profit $1,066,742,525
Total Capital Costs ($221,000,000)
Income Taxes ($282,686,769)
Net Income $563,055,756
Net Profit Margin 32%
Absolute Cost Structure (ACS) 68%
MTQ Score 0.5
True Value $1.98/sh.
Cash Flow Multiple 5x
Net Average Annual Cash Flow $51,119,617
Future Market Cap $255,598,085
Market Cap Growth 462%
Target $0.90/sh.
Notes: All Values in U.S. Dollars
FCM 2020 BOKAN MOUNTAIN BASKET PRICE CASE BREAKDOWN
Updated Heavy Rare Earth Metals Last 2020 Price ($/kg) TOTAL PRODUCTION (kg)
17-Jan-20 Europium Oxide (EuO) $30.62 75,537
17-Jan-20 Gadolinium Oxide (GdO) $23.69 778,320
17-Jan-20 Terbium Oxide (TbO) $513.87 133,350
17 -Jan-20 Dysprosium Oxide (DyO) $248.57 889,121
17-Jan-20 Erbium Oxide (ErO) $22.96 388,222
17 -Jan-20 Yttrium Oxide (YO) $2.92 4,782,634
Updated Light Rare Earth Metals Last 2020 Price ($/kg)
17 -Jan-20 Lanthanum Oxide (LaO) $17.13 2,009,622
17 -Jan-20 Cerium Oxide (CeO) $1.68 6,096,947
17 -Jan-20 Praseodymium Oxide (PrO) $48.10 758,162
17 -Jan-20 Didymium Oxide (NdOPrO) $40.74 2,940,686
17 -Jan-20 Neodymium Oxide (NdO) $42.42 2,940,686
17 -Jan-20 Samarium Oxide (SmO) $1.82 771,549
BASKET PRICE ($/kg) $77.04
GROSS REVENUE $1,737,492,372
It’s important to keep in mind that we performed our Ucore analysis at prevailing rare earth prices (Table), so its 100%-owned Bokan Mountain Project is viable today with an admirable 32% Net Profit Margin.
Ucore’s IBAS bid partnership with high performance alloy supplier Materion is a plus, too.
How does Ucore compare to Texas Mineral Resources?
Upon completion of a bankable feasibility study, TMRC’s stake in Round Top will be reduced by 70%. Its stake will be further reduced by an additional 10% following a one-time $3M payment by U.S. Rare Earths. We can’t justify holding shares for an extended period in a company with a future stake of but 20% in its core asset. If management is looking for an exit, we are, too
Recent UURAF News
- Dual Listed Firm Bringing Rare Metals to North America • AllPennyStocks.com • 11/13/2023 05:00:00 PM
- Form D - Notice of Exempt Offering of Securities • Edgar (US Regulatory) • 08/21/2023 04:25:25 PM
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