Dundee on enCore - Energy Fuels deal
The $0.33 MM in cash doesn’t quite cover $6.2 MM of additional resource value we model (17 MM lbs compliant, 18.67 MM lbs historical). But it gains a 19.9% equity interest in EU to share in upside and grants toll milling access for potential revenue. Parties gain mutual access to proprietary data concerning each of their respective properties. The non-cash and stock items are difficult to value, but could prove invaluable, potentially impacting future revenue streams or leading to further deals, particularly around Roca Honda, a main pipeline project. NM was off the map for a while, but it still ranks second in uranium resources in the US, and first with 350 MM lbs historical production from between 1948 and 2002.
https://research.dundeecapitalmarkets.com/en/~/media/Dcm/Publications/CoverageListResearch/2015/November/E/EFR112515.ashx