RE:thoughts on the ER? I thought the spot purchase of 410,000 lbs at $22/lb was money well spent. That's probably below their AISC at these production rates especially now that MU1 isn't producing those high concentration grades anymore. They have 600,000 lbs in planned sales for this year at a $51 average, so they'll make nearly $12 million on the trade alone.
For a company this size, it keeps them flexible. One of the most valuable assets they currently have is their contracts. If they can fulfill these contracts with spot purchases below or near their cast costs, they'll maintain their resource and show that they can still supply a long term contract. Fewer of their lbs are spoken for.
They also have $11.3 million in cash when their market cap is only about $100 million.
I'm not as certain on the long-term future of U3O8 prices, but this company will do well even with a moderate price increase. Most other explorers/marginal producers are still on the edge of insolvency IMO.