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| | Corporate Profile: Titan Uranium Inc
Publisher: Kaiser Research Online
Author: Copyright 2013 John A Kaiser
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Titan Uranium Inc (TUE-V)
| Titan Uranium is a Canada-focused uranium explorer focused on its numerous properties in the Athabasca Basin. The company is led by CEO Philip Olson and President Brian Reilly. Within its property portfolio Titan has interests in over 1.3 million acres in the Athabasca Basin, held in 22 properties, primarily concentrated in the southwest but with a large property holding in the center of the basin and a number of small claims in the vicinity of the known deposits in the western portion of the basin. Titan has a number of joint venture partners earning into its various properties, including JOGMEC which is earning 50% in the Border and Virgin Trend projects and Vale which has an option on 50% of the Sand Hill Lake project. In May 2009 Titan announced a planned acquisition of Uranium Power Corp. on the basis of .53 Titan share per UPC share, giving Titan exposure to UPC's property holdings in the United States and its near-term production potential at the 15 million pound Sheep Mountain uranium project in Wyoming. On August 4, 2009 Titan announced the closing of the UPC acquisition. In October 2011 the company announced it would be merging with Energy Fuels Inc where Titan shareholders will receiive 0.68 EFR share per Titan share. Prior to concluding the transaction, Titan agreed to sell its Canadian exploration properties to Mega Uranium in excahnge for 10 million Mega shares. |
Key to Understanding IPV Charts and Spec Value Hunter Tables
| An IPV Chart is a graphical presentation of a Spec Value Hunter table that has been constructed according to the Rational Speculation Model developed by John Kaiser. The IPV Chart allows speculators to identify which projects offer poor, fair or good speculative value in both absolute and relative terms. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted capitalization, stock price and net project interest, and the dream target deemed appropriate for the project. A dream target is what a project would be worth in discounted cash flow terms once in production. |
| Green background indicates the dream target judged appropriate for this play by John Kaiser - otherwise unranked. |
Poor Speculative Value -   |
Fair Speculative Value -  |
Good Speculative Value -   |
| Note: narrow arrows indicate IPV is outside the fair value channel but within 25% of the fair value limits |
| Click on the company name to view the company profile, the project name to view project details. |
| Click on the project icon if its background is shaded to get the IPV Chart for that company. |
| Sheep Mountain |  | 100% WI | United States | 7-Permitting & Feasibility |
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| Sheep Mountain 43-101 Economic Study (USD except where noted otherwise) |
| PFS | Apr 10, 2010 |
| BRS Inc | Sheep Mountain |
| Mining Scenario | TR | Mining Costs |
| Mining Type: | UG+OP |
| Cost Currency: | USD |
| Processing Type: | HL |
| Capital Cost: | $104,000,000 |
| Operating Rate: | 3,200 tpd |
| Sustaining Cost: | $14,177,000 |
| Operating Days: | 365 |
| Operating Cost: | $32.79/t |
| Strip Rate: |
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| BC Cash Cost per Unit: USD | $32.64/lb U3O8 |
| Mine Life: | 11 years |
| BC Cash Cost Net By-Products: USD | $32.64/lb U3O8 |
| LOM Tonnage: | 5,799,730 t |
| BC All-In Cost Net By-Prod: USD | $41.79/lb U3O8 |
| Est Startup: |
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| Spot All-In Cost Net By-Prod: USD | $41.79/lb U3O8 |
| Production Potential |
| Metal 1 | Metal 2 | Metal 3 | Metal 4 |
| Metal: | U |
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| Grade: | 0.11% |
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| Recovery: | 91.0% |
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| Annual Output: | 1,173,414 lb |
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| LOM Output: | 12,907,555 lb |
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| Base Case Price: | $60.00/lb |
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| Spot Price: | $21.30/lb |
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| Base Case NSR: | $60.28/t |
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| Spot NSR: | $21.40/t |
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| Base Case Valuation |
| Reported Valuation Currency: | USD |
| Pre-Tax NPV: | $101,000,000 |
| Discount Rate: | 7% |
| After-Tax NPV: |
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| Total Base Case NSR USD: | $60.28/t |
| Pre-Tax IRR: | 25% |
| Total Spot NSR USD: | $21.40/t |
| After-Tax IRR: |
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| Annual Pre-Tax Cash Flow Base Case and Net CF/FDSH USD: | $32,106,120 | $0.23 | Pre-Tax Payback: |
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| Annual Pre-Tax Cash Flow Spot and Net CF/FDSH USD: | ($13,305,002) | ($0.11) | After-Tax Payback: |
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| Enterprise Value CAD : | $30,898,143 | $.23/sh | Share Price: | $0.23 |
| Note: |
| Comparative Valuations using Life of Mine Averages |
| Discount Rate: | 0% | 5% | 10% | 15% |
| Base Case Pre-Tax NPV USD: | $234,990,320 | $144,744,070 | $87,418,414 | $49,816,415 |
| Base Case Pre-Tax Net NPV/Sh USD: | $1.78 | $1.10 | $0.66 | $0.38 |
| Premium BC PT NPV over EV: | $1.60 | $0.92 | $0.48 | $0.20 |
| Spot Pre-Tax NPV USD: | ($264,532,020) | ($214,497,442) | ($180,716,137) | ($156,852,042) |
| Spot Pre-Tax Net NPV/Sh: | ($2.01) | ($1.63) | ($1.37) | ($1.19) |
| Premium Spot PT NPV over EV USD: | ($2.19) | ($1.81) | ($1.55) | ($1.37) |
| The comparative NPV calculations assume constant annual cash flow based on the life of mine average annual payable production and CapEx spent in year one. The operating cost includes the LOM sustaining capital. Due to details such as ore scheduling these NPV figures may differ from those of the 43-101 economic study. |
| After-Tax Valuations using Spot By-Product Prices |
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