RE:Warren Irwin founder and CIO of RAM ...Interesting Listen and read, thanks for posting.
Obviously Warren Irwin has voted for his preference with his $'s.
I thought there was a lot intersting in what he said, and he used an updated estimate of his own for Arrow at 300 Million pounds (including latest scint holes, without Assays, and assays not included in initial resource estimate). So using a $4/pound post fukishima uranium Value he sees NXE worth $1.2 Million, or about 4 times what current market cap is net of cash....
Those valuations should probably apply to fission as well, with a small premium for indicated versus inferred - what is good for the goose, etc...
He doesn't like dykes and water radiation, etc - so sees NXE as far easier to mine as it is basement rock hosted and not likely to have leaking like Cigar lake in his opinion. Those are probably very good points...
Now he is heavily invested in NXE and is justifying his position there, in comparission to Fission, so he focussed there, but he does not talk about how cheap Fission PEA says it should be to mine despite the lake and dyke, etc. Nor does he ever indicate Inferred versus Indicated. As I mentioned before, I am curious if NXE will ever try to infill or will try to sell on a purely inferred basis with potential buyers doing their own analysis - perhaps even with a discount for what would likely be considered the extra risk, - maybe it is not worth the cost of infill drilling a ton and the dillution/cost involved in that - they sure hit a lot of high grade without the infill drilling....Just a different approach.
Mr. Irvin is sticking his neck out by throwing numbers like 300 million (although i have to agree) as overall market value for NXE might be hard to officialy value based on that without any of it in the indicated category though......
I will be curious to see if Fission starts to worry less about the infill drilling and tries to increase the inferred category - not sure if it is harder to do that with the wider horizontal /shallower ore compared to deeper vertical ore deposit. Same conductor, but such different ore bodies/discoveries. Like I keep saying - a super interesting case study of discoveries and approaches to drilling etc.
I do find it a bit unfailr for him not to mention the NICE hits Fission has been getting hi-grade and shallow to West of the Triple R though - he should at least have mentioned that directly, but I totally agree with him in that that mine plan as it is now, will likely change vastly, since the shallow high grade that is still being expanded in the west will make things cheaper and give a lot more options and make the 780 and 00 perhaps the mid-term mined ore.....and make a slow build of any dyke needed much cheaper and less risky...
Fissions overall plan and whole deposit map will likely look a ton different after this summer drill program. i hope they go crazy with holes this summer and focus on everything the updated aerial survey and exploration holes show as best potential targets. They will have the money and info needed to do a MASSIVE drill season this summer. Then follow updated resource and from that and the new deposit map, updated mine plan and Economic Assessment...
He does mention the "selling/informing" public of the deposit as something big new discoveries need to do at a certain stage. So perhaps Dev slammers can take note of that, because Fission sure has and continues to try and spread the word about FCU and all it's perks - with a lot of people saying it is a waste of time and money - any good company needs to do this....
Good listen/read. Thanks.