Vimy has a strong value cornerstone in Mulga Rock - a "major...

Vimy has a strong value cornerstone in Mulga Rock - a "major project [for a] small company" - and plenty of upside at Alligator River, where last year's drilling continued to point to the potential for other high-grade (plus-1% U3O8, or plus 10,000ppm) deposits to complement the 910,000t at 1.29% U3O8 (25.9Mlb) outlined at Angularli. Vimy delivered a positive scoping study on the "Nabarlek look-alike" late last year.

Young says: "We are really excited about the Alligator River Project (ARP). A few weeks ago we were doing a presentation to a sovereign group and our geologists did a very detailed presentation on their recent findings and current thinking. I was simply blown away. It really stirred the inner geologist in me and I can now see just how prospective and woefully under-explored this region is.

• "In the short term, even with a weak spot price, discovery of another high-grade deposit by Vimy could prove a share price catalyst," it says.
  
  "The high grade of Angularli renders it a profitable development even at weak prices, but success in the immediate area would leverage the value of this high-grade deposit.
  
  "There's a wall of uranium demand coming, there's no doubt about it," Young says.

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  Vimy will eventually seek to bring in a development partner for Mulga Rock, though the management group has shown previously it can assemble a team to go it alone on such a project if markets allow.
  
  Mulga Rock, now progressing through secondary permitting and licensing, was one of only four advanced uranium projects the incoming Western Australia Labor government exempted from its 2017 ban on new mines.
  
  Young says there is little concern among investors about what is generally viewed as a slightly confusing landscape, in a state with one of the best reputations for attracting mining investment in the world.