Nice update from Stephen Roman on Crux. $GLO

Market cap today C$250 or ~$195 mln.

Nice to hear that their zinc JV is running at capacity of 110,000 eafd.

110,000 wasn't even on the chart in the chart in their Dec presentation. Zinc prices up to $1.28 /lb and Roman mentioned he now expects the expansion debt to be paid back in under 12 months.

Estimates earning $12-15 mln /yr at current rates. Slap a 10x multiple on it and we've got a $120 mln (Roman argues the 'annuity like' returns should garner a higher multiple. @mrfriebe ?)

Switching to Dasa, the flank zone (which is now fully permitted) has a NPV of $211 mln at $35 /lb U. Note: Not a lot of PEAs using sub $50 U in their analysis.

Pounds in the ground analysis is pure shenigans and I'm not a geologist. Will just note the flank zone is only 20% of the identified resources at Dasa and won't ascribe any value to the remainder of the deposit.

Zinc Befesa JV worth $120 mln

Dasa Flank zone worth $211 mln

$331 mln vs a market cap today of $195 mln

That's ULTRA conservative IMO:

Low zinc multiple
$35 /lb uranium
Zero valuation to non Flank Dasa lbs