Why Cobra?

  • Clean, pre IPO funded company​
  • Current project adjacent to Rio Tinto’s Rössing Mine (12% of World Production)​
  • Proven Uranium mineralization (Initial Resource 9Mlbs U3O8, Target 180Mlbs)​
  • Similar geology to Rössing Mine (active for 35 years)​
  • Excellent infrastructure on license area​
  • Mining friendly jurisdiction​
  • Impending Uranium supply shortage

Market Fundamentals

  • Currently no new production is coming online – most prospective mines need +US$60/lb Uranium to operate.
  • Time taken from application to mine approx. 7-10 years.
  • More new reactors increase the demand for supply while old mines are closing and reducing the ready supply for the market.
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  • At the same time secondary supplies are diminishing and primary producers are economically challenged.​
  • Years of inactivity has taken its toll on the junior market​.

Demand Supply Deficit ( Source: Cantor Fitzgerald )

Undervalued Market  =  Opportunity

  • Current operating mines in the US started Q1 2018 with average contract price above US$50/lb. Up from last year’s average of US$46/lb.​​
  • Older mines going off line is creating an opportunity for newer, cheaper supply to cover the growing demand supply gap.​​
  • Chinese state owned enterprise (SOE’s) continue to develop new mines (Husab, Namibia) as well as remaining in acquisition mode for both physical Uranium and Assets.
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  • The Market is still showing clear value accretion the closer to production an asset comes.
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  • Now is the time for fresh, clean assets.​

Uranium Total Enterprise Value by Development Stage ( Source: The Cloudminer )