shareholders please dont rollover, page-101

Hi Ashly, (Maurice Blackburn)

Attached is the Directions Update and Court Hearing date set for January 16.

As previously mentioned I believe that it would be prudent to send a lawyer to convince the Judge to simply delay the Court Approval of the DOCA by 5-6 months so that the production cutbacks can work their way through the markets . You could also use this time to build your class action lawsuit.

This would be beneficial to all stakeholders, including shareholders,  in that the previous guarantees granted for any loans would now have more value and perhaps the debts could be more favorably restructured at that time (i.e. summer)

DB interim financing would remain and the company would simply chug along until the summer. Debts would be frozen for this time period. Since most debts are owed to the large rich creditors little prejudice would be caused to them and none to small creditors since they are all paid. The uranium market could possibly change drastically to the upside by the summer.

On page 53 of the IER it states that they are aware of the Cameco and Kazatomprom cutbacks and that there will not be any changes to their forecasts . They also mention that the consensus price increase for uranium over the next 3 years is 70%.  

This I find all of this very hard to believe since the majority of the analysts have been mistaken for the last five years on the uranium market !

What happens if the price increases 100-150% and not 70%? In that case everything changes including the extremely important discount rate (art 8.3.2. on page 54) used in the DCF analysis! The value of the mines and assets would double!

Frankly my estimate is as good as theirs!

Please keep me posted.

Thanks