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Berkeley Energia's Oman deal prompts price target upgrade by WH Ireland

The Oman deal he writes that its “offers Berkeley shareholders real value”, according to WH Ireland

Salmanca uranium project
Salamanca is a “globally significant project"

WH Ireland has increased its target price for Berkeley Energia Ltd (LON:BKY, ASX:BKY) to reflect the recent financing agreement for the Salamanca project.

The Sovereign Wealth Fund of the Sultanate of Oman is to provide up to US$120m to fully fund the Salamanca mine into production, which WH Ireland analyst Paul Smith thinks is an outstanding achievement in the current environment for uranium explorers.

READ: Berkeley Energia underlines Salamanca's quality with US$120mln finance package

“There are few development stage uranium projects which can match the investment quality of Berkeley’s Salamanca project and few others which can boast the continuous news flow and pathway to production we anticipate from the project,” Smith said, as he raised his target price to 130p.

Berkeley shares currently trade at around 48p in London.

Quick facts: Berkeley Energia Ltd

Price: 37.48 GBX

Market: LSE
Market Cap: £96.93 m

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