First Uranium Corporation T.FIU

How this may play out. Possible values.

[Critical_Mass]

Assumptions
Conversion price =	0.20
MWS Earnings =	60 million a year at current production and gold prices
	Option 1 = Vote No to both deals and be diluted				Option 2 Sell Ezulwami and buy back as many notes as possible before they convert			Option 3 =Accept AGA deal		Hypothetical Buyouts
Assumptions and comments	The 443.3 million NAV for MWS is from RBC's dec number. I took the current marked down FIU NAV for Ezulwini from the last report.  A likely better non distressed value then the 70m currently offered, but still conservative especially if we can actually get it producing profitably with a lower royalty rate, reduced interest after the dilution and new mine plan				Assume we can buy back 80m at 87.5/100 par.  We will realize a gain on this of 10m			Not bad on the surface, but I reject this option because it leaves us with a money losing mine and no working capital. So the numbers arnt accurate as there will be dilution resulting not considered
	We Still need working capital, but not much.
	Option 1	Vote NO			Option 2	Sell EZ, buy notes		Option 3	Sell MWS	Current and Hypothetical New offers
		MWS 10x P/E	8x P/E	Sprott Value		MWS 10x P/E	8x P/E
	Using RBC NAV (MM)	Using 10x P/E	Using 8x P/E		Using RBC NAV	Using 10x P/E	Using 8x P/E			Current
Ezulwini	100.0	150.0	150.0	150.0	0.0	0.0	0.0	100.0	150.0	60.0	90.0	120.0	150.0
MWS	443.3	600.0	480.0	700.0	443.9	600.0	480.0	0.0	0.0	335.0	400.0	443.0	600.0
Total	543.3	750.0	630.0	850.0	443.9	600.0	480.0	100.0	150.0	395.0	490.0	563.0	750.0
NAV- Debt= Enterprise value	375.6	582.3	462.3	682.3	276.2	432.3	312.3	100.0	150.0	75.0	170.0	243.0	430.0
Gain on Note retirement					10.0	10.0	10.0	0.0	0.0
Enterprise value/share afterwards	0.376	0.583	0.463	0.683	0.487	0.752	0.548	0.420	0.631	0.219	0.618	0.925	1.711
2012 Debentures debt	152.3	152.3	152.3	152.3	70.0	70.0	70.0	0.0	0.0	152.3	152.3	152.3	152.3
Current Shares	237.9	237.9	237.9	237.9	237.9	237.9	237.9	237.9	237.9	237.9	237.9	237.9	237.9
Shares issued	761.5	761.5	761.5	761.5	350.0	350.0	350.0	0.0	0.0	0	0	0	0
2013 Note debt	167.7	167.7	167.7	167.7	167.7	167.7	167.7	0.0	0.0	167.7	167.7	167.7	167.7
Deal Costs and Management Golden Parachutes										23	23	23	23
Total Shares in each option (MM)	999.4	999.4	999.4	999.4	587.9	587.9	587.9	237.9	237.9	237.9	237.9	237.9	237.9
						Option 4 = Accept both deals.
RBC Global gold Average current P/E multiple from weekly gold tables when I did this						25c minus 10m loan from Gold One.  Which is around 4c.  So 21 c if we are lucky and there are no escrow charges or further deductions due to negative working capital as warned in the last report.
	2011	2012	2013
Tier 2	19.8	13.4	9.7
Tier 3	24.6	10.5	5.9
						No thank you!!!

Please excuse the formatting.  It was difficult fitting my excel file in this post and I had to squeeze it quite a bit.