We think this miner looks like a self-enrichment scheme. The cowboy mining prince who founded the company awards himself share options and high salary, and executives extend high-interest loans to the company, while the actual business consists of a uranium resource that has not been funded and is overvalued, plus a small JV in Turkey. Investors have repeatedly been told, starting in 2017, that this separate smelting business line in Turkey would provide cash flow for the uranium mine, but that plant is currently lossmaking and reeling from the effects of the Turkey earthquake.
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