Uranium Subprime

There is a company called Mega Uranium worth about 800mln on the open market. Today they reported from yahoo news:

"As at June 30, 2007, Mega had cash, cash equivalents and marketable securities totaling $105.9 million as compared to $41.3 million at the end of September 30, 2006, an increase of 155%. As at June 30, 2007, the Company had mineral properties and related expenditures of $351.4 million as compared to $56.8 million as at September 30, 2006. The increase is primarily due to Mega's acquisition of Redport Limited, Twenty Seven Capital Corp. and Monster Copper Corporation."

So 800-100=700mln left-400 for companies=300mln valued just on their properties in Australia which are tremendous. They have no debt and now have 4 (Nu Energy not reported) more companies not on the open market, tremendous resource base, and additional management.

And the market treats it like this a negative growth industry. No sense. Lets see if patience is rewarded.