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Message: First Uranium in roaring mood + Selected uranium stocks
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First Uranium in roaring mood
One of the world's best performing stocks of any kind quietly raises C$107m to accelerate South African mine development, and put powder in its potential acquisition keg.
Author: Barry Sergeant
Posted: Tuesday , 12 May 2009
JOHANNESBURG -
South African uranium and gold miner First Uranium, one of the world's top performing stocks of any kind, has announced a bought deal where it has raised C$107m by selling 15.25m new shares for C$7 each. In Toronto, where the company holds its primary listing, the stock price reflects a gain of more than 600% from lows seen in October 2008, to a current market value (capitalisation) of nearly $1bn.
The stock is also listed in Johannesburg, but hardly ever trades due to extremely thin liquidity. First Uranium is 41% held by South African gold miner Simmer & Jack, which carries a market value of $410m. First Uranium's latest capital raising is aimed at accelerating construction of the pressure leach portion of the uranium circuit at the Mine Waste Solutions tailings recovery operation "to more quickly realise higher uranium and gold recoveries", but also "for potential consolidation opportunities".
First Uranium has taken advantage of buoyant demand for mining stocks. Global portfolio flows indicate that among mining stocks, listed uranium names have been in strong demand over the past few months, third among mining subsectors only to specialist miners of nickel and zinc. One catalyst has come by way of spot uranium prices, moving up over the past month or so, reversing a longer term downward trend, and a more recent one in place since December.
First Uranium ranks broadly as the best performer among the global uranium group. The company commissioned the gold plant at its Ezulwini mine in South Africa in July 2008, and is currently busy commissioning the uranium plant there. Gold output is projected at around 340 000 ounces a year at full production, with a co-product cash cost of around $340/oz, while uranium output is seen at about 1.2m pounds a year, with a co-product cash cost of some $25/lb.
At Mine Waste Solutions, also in South Africa, First Uranium is building up to annual production of 142 000 ounces of gold (co-product cash cost: $279/oz) and 1.4m pounds a year of uranium ($21/lb). First Uranium is now well funded, and more modules are going up at MWS. Overall, the company is set to move into the Top 10 global uranium producers, and simultaneously rank as a Tier II global gold miner.
In January, First Uranium announced a bought deal, where it raised C$61.5m, selling shares at C$3.00 each, less than half the price of the current offering. In March, First Uranium raised $75m from Gold Wheaton in a gold royalty type deal, after raising $50m in a similar deal with Gold Wheaton in December.
Listed uranium stocks have also been spurred by a good stream of news on the discovery front, especially out of Namibia, where much focus has gone to Extract Resources, with its Rössing South discovery. Major miner Rio Tinto has taken a stake in Extract, and also Kalahari Minerals, which holds 38.85% of Extract. Good stock price gains have also come from NWT Uranium, which holds 34.06% of Niger Uranium, which in turn owns 15.06% of Kalahari Minerals.
The outlook for spot uranium prices remains on balance for the meantime. Uranium prices moved up from around $10/lb some ten years ago, to a peak of $136/lb in late June 2007, and then fell and fell, to recent multi-year lows around $40/lb, but have since picked up to around $44/lb.
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Selected uranium stocks |
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Producers |
Stock |
From |
From |
Value |
|
|
price |
high* |
low* |
USD bn |
|
CAD 29.64 |
-33.2% |
106.8% |
10.017 |
|
|
AUD 22.01 |
-11.8% |
135.4% |
3.209 |
|
|
AUD 4.70 |
-30.1% |
188.3% |
2.240 |
|
|
CAD 3.86 |
-23.4% |
543.3% |
1.561 |
|
|
CAD 2.52 |
-72.3% |
265.2% |
0.491 |
|
|
PriarGunsky |
USD 128.00 |
-78.8% |
28.0% |
0.224 |
|
Producer averages/total |
-41.6% |
211.2% |
17.741 |
|
|
Weighted averages |
-33.6% |
135.5% |
|
|
|
|
|
|
|
|
|
Developers & other |
|
|
|
|
|
CAD 7.54 |
-5.8% |
639.2% |
0.984 |
|
|
UEX |
CAD 1.53 |
-69.9% |
240.0% |
0.254 |
|
Uranium Part. |
CAD 7.91 |
-24.7% |
75.8% |
0.493 |
|
AUD 1.82 |
-39.1% |
36.5% |
0.540 |
|
|
CAD 1.90 |
-28.3% |
387.2% |
0.306 |
|
|
AUD 0.77 |
-54.0% |
170.2% |
0.161 |
|
|
AUD 1.05 |
-59.7% |
364.4% |
0.125 |
|
|
CAD 5.75 |
-24.7% |
187.5% |
0.391 |
|
|
Greenland Minerals |
AUD 0.38 |
-54.2% |
153.3% |
0.056 |
|
CAD 1.90 |
-55.3% |
233.3% |
0.111 |
|
|
AUD 3.04 |
-24.0% |
442.9% |
0.347 |
|
|
AUD 0.59 |
-62.3% |
88.7% |
0.052 |
|
|
AUD 0.27 |
-28.9% |
175.5% |
0.231 |
|
|
AUD 4.75 |
-12.4% |
533.3% |
0.829 |
|
|
CAD 1.09 |
-51.1% |
172.5% |
0.112 |
|
|
CAD 0.60 |
-67.9% |
275.0% |
0.037 |
|
|
CAD 1.25 |
-48.3% |
267.6% |
0.101 |
|
|
Thor Mining |
AUD 0.05 |
-75.0% |
246.2% |
0.006 |
|
Uranium Resources |
USD 1.23 |
-79.5% |
241.7% |
0.069 |
|
Uranerz |
CAD 1.60 |
-54.9% |
213.7% |
0.076 |
|
CAD 2.25 |
-48.5% |
120.0% |
0.167 |
|
|
AUD 0.17 |
-52.2% |
223.5% |
0.042 |
|
|
Marathon Resources |
AUD 0.83 |
-57.8% |
327.8% |
0.048 |
|
Nufcor Uranium |
GBP 1.85 |
-25.4% |
147.5% |
0.116 |
|
GBP 1.12 |
-12.2% |
335.0% |
0.306 |
|
|
AUD 0.60 |
-57.2% |
174.0% |
0.089 |
|
|
USD 1.46 |
-57.1% |
810.2% |
0.068 |
|
|
GBP 0.04 |
-81.9% |
141.9% |
0.118 |
|
|
Tournigan |
CAD 0.40 |
-61.3% |
192.6% |
0.042 |
|
AUD 0.27 |
-36.9% |
165.0% |
0.010 |
|
|
AUD 0.37 |
-13.1% |
508.3% |
0.052 |
|
|
Southern Uranium |
AUD 0.09 |
-47.9% |
177.4% |
0.008 |
|
Uranium Equities |
AUD 0.15 |
-50.0% |
190.0% |
0.021 |
|
GBP 0.28 |
-33.9% |
46.1% |
0.079 |
|
|
GBP 0.56 |
-1.8% |
484.2% |
0.088 |
|
|
CAD 0.43 |
-76.8% |
258.3% |
0.044 |
|
|
CAD 0.31 |
-72.3% |
96.8% |
0.023 |
|
|
Crosshair Exploration |
CAD 0.25 |
-74.7% |
194.1% |
0.024 |
|
AUD 0.40 |
-54.5% |
400.0% |
0.034 |
|
|
CAD 0.31 |
-81.4% |
258.8% |
0.011 |
|
|
AUD 0.40 |
-55.6% |
196.3% |
0.020 |
|
|
Coronation Minerals |
CAD 0.08 |
-75.0% |
220.0% |
0.007 |
|
Khan Resources |
CAD 0.51 |
-63.0% |
251.7% |
0.024 |
|
Bayswater Uranium |
CAD 0.17 |
-64.6% |
240.0% |
0.023 |
|
Energy Fuels |
CAD 0.54 |
-57.5% |
390.9% |
0.029 |
|
Azimut Exploration |
CAD 0.44 |
-87.3% |
131.6% |
0.007 |
|
Desert Energy |
AUD 0.16 |
-53.7% |
269.0% |
0.010 |
|
Pancontinental Uranium |
CAD 0.09 |
-82.0% |
100.0% |
0.004 |
|
Pepinnini Minerals |
AUD 0.44 |
-56.0% |
225.9% |
0.023 |
|
Nuinsco Resources |
CAD 0.06 |
-83.8% |
266.7% |
0.009 |
|
CAD 0.37 |
-72.4% |
270.0% |
0.017 |
|
|
Pitchstone Exploration |
CAD 0.35 |
-78.5% |
159.3% |
0.010 |
|
Canalaska Uranium |
CAD 0.18 |
-46.2% |
288.9% |
0.021 |
|
Uranium Power |
CAD 0.28 |
-49.1% |
300.0% |
0.024 |
|
Bitterroot Resources |
CAD 0.19 |
-82.4% |
111.1% |
0.011 |
|
Encounter Resources |
AUD 0.25 |
-37.5% |
400.0% |
0.013 |
|
CAD 0.12 |
-65.7% |
228.6% |
0.005 |
|
|
Magnum Uranium |
CAD 0.30 |
-49.2% |
328.6% |
0.008 |
|
Atomic Resources |
AUD 0.13 |
-58.1% |
83.1% |
0.006 |
|
CAD 0.46 |
-42.5% |
318.2% |
0.021 |
|
|
AUD 0.34 |
-41.4% |
209.1% |
0.022 |
|
|
Red Hill Energy |
CAD 0.59 |
-39.2% |
195.0% |
0.024 |
|
CAD 0.16 |
-56.2% |
166.7% |
0.013 |
|
|
Crossland Uranium |
AUD 0.08 |
-64.3% |
87.5% |
0.007 |
|
Monaro Mining |
AUD 0.10 |
-84.3% |
52.3% |
0.007 |
|
Epsilon Energy |
AUD 0.04 |
-95.2% |
5.0% |
0.002 |
|
Eromanga Uranium |
AUD 0.05 |
-67.1% |
104.0% |
0.005 |
|
AUD 0.06 |
-79.3% |
460.0% |
0.007 |
|
|
Toro Energy |
AUD 0.22 |
-47.4% |
144.4% |
0.122 |
|
CAD 0.14 |
-57.8% |
575.0% |
0.015 |
|
|
Cash Minerals |
CAD 0.09 |
-74.2% |
325.0% |
0.009 |
|
Apollo Minerals |
AUD 0.25 |
-51.0% |
96.0% |
0.018 |
|
CAD 0.11 |
-76.1% |
320.0% |
0.008 |
|
|
Wealth Minerals |
CAD 0.34 |
-76.1% |
240.0% |
0.009 |
|
Santoy Resources |
CAD 0.13 |
-64.3% |
177.8% |
0.011 |
|
Uracan Resources |
CAD 0.33 |
-45.8% |
170.8% |
0.026 |
|
GBP 0.20 |
-20.6% |
440.0% |
0.018 |
|
|
CAD 0.05 |
-77.8% |
100.0% |
0.006 |
|
|
CAD 0.23 |
-32.4% |
557.1% |
0.015 |
|
|
Nortec Ventures |
CAD 0.19 |
-47.1% |
164.3% |
0.011 |
|
Int'l Enexco |
CAD 0.48 |
-60.0% |
140.0% |
0.008 |
|
U3O8 Corp. |
CAD 0.53 |
-42.4% |
211.8% |
0.011 |
|
Silver Spruce |
CAD 0.10 |
-79.2% |
100.0% |
0.004 |
|
Triex Minerals |
CAD 0.33 |
-77.1% |
120.0% |
0.006 |
|
Rum Jungle Uranium |
AUD 0.08 |
-60.0% |
122.2% |
0.009 |
|
CAD 0.22 |
-37.1% |
780.0% |
0.011 |
|
|
CAD 0.20 |
-77.8% |
81.8% |
0.005 |
|
|
Universal Uranium |
CAD 0.09 |
-81.9% |
325.0% |
0.003 |
|
Oklo Uranium |
AUD 0.06 |
-50.8% |
136.0% |
0.004 |
|
Hawk Uranium |
CAD 0.06 |
-73.9% |
200.0% |
0.003 |
|
CAD 0.35 |
-30.0% |
250.0% |
0.010 |
|
|
Great Australian |
AUD 0.06 |
-66.7% |
175.0% |
0.006 |
|
CAD 0.71 |
-50.0% |
215.6% |
0.029 |
|
|
CAD 0.20 |
-47.4% |
566.7% |
0.007 |
|
|
Aura Energy |
AUD 0.11 |
-65.6% |
32.5% |
0.007 |
|
AUD 0.07 |
-71.1% |
225.0% |
0.003 |
|
|
CAD 0.22 |
-20.4% |
258.3% |
0.010 |
|
|
Int'l Montoro |
CAD 0.04 |
-80.0% |
60.0% |
0.001 |
|
CAD 0.07 |
-77.4% |
250.0% |
0.002 |
|
|
Uran |
AUD 0.08 |
-72.2% |
275.0% |
0.003 |
|
CAD 0.20 |
-56.7% |
116.7% |
0.018 |
|
|
CAD 0.48 |
-69.4% |
295.8% |
0.020 |
|
|
AUD 0.05 |
-51.0% |
336.4% |
0.023 |
|
|
CAD 3.48 |
-41.4% |
124.5% |
0.355 |
|
|
CAD 0.10 |
-58.7% |
280.0% |
0.002 |
|
|
CAD 0.08 |
-66.7% |
300.0% |
0.004 |
|
|
CAD 0.05 |
-80.0% |
100.0% |
0.001 |
|
|
AUD 0.10 |
-39.4% |
163.2% |
0.034 |
|
|
AUD 0.13 |
-35.0% |
550.0% |
0.014 |
|
|
AUD 0.45 |
-11.8% |
130.8% |
0.044 |
|
|
CAD 0.08 |
-88.5% |
50.0% |
0.007 |
|
|
Developer averages/total |
-55.8% |
240.9% |
7.974 |
|
|
Weighted averages |
-44.3% |
208.2% |
|
|
|
Overall averages/total |
-54.4% |
239.1% |
25.492 |
|
|
Overall weighted averages |
-36.2% |
156.3% |
|
|
|
|
|
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Diversifieds with uranium |
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|
EUR 428.75 |
-47.7% |
41.3% |
20.724 |
|
|
GBP 30.07 |
-58.0% |
202.2% |
66.200 |
|
|
GBP 15.13 |
-31.4% |
106.8% |
138.976 |
|
|
USD 36.20 |
-7.5% |
170.8% |
12.822 |
|
|
CAD 2.45 |
-51.6% |
222.4% |
1.475 |
|
|
* 12-month |
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Source: market data; table compiled by Barry Sergeant |
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