Companies: GLA    RIO    UMN   

AIM-quoted Uramin, the Namibia and Canada-focused uranium play backed by fellow AIM-counter Galahad Gold, could shortly seek a quote on Toronto’s Venture Exchange (TVX), suggests Galahad’s boss Ian Watson. Galahad, where veteran wheeler-dealer and investment guru Jim Slater is deputy chairman, has 11.6 per cent of Uramin, which intends to develop the Trekkopje uranium project in Namibia and options in Alberta.

At 48p, Uramin shares have performed poorly since April’s £34 million float at 68.5p. Watson hopes a Canadian listing could help change that.

Galahad’s own share price, at 9p down two thirds in two years, is another disappointment. Apart from Uramin, the company has 20 per cent of Northern Dynasty Minerals, now 445p on the TVX, which holds Alaska’s giant Pebble deposit, holding an estimated 64 million oz of gold and 49 billion lbs of copper.

Unlocking Pebble could cost more than £1 billion. Mining giant Rio Tinto has taken 9.9 per cent of Northern Dynasty at £5 a share and Watson hopes for production in six or seven years.

Another Galahad holding is International Molybdenum, which Watson claims could produce a quarter of world supply from 2010 but whose shares have collapsed from 40p to 6.75p. The market is sceptical about Galahad’s ambitions, technical challenges and project economics at Pebble.

The shares remain a gamble, but one which could pay off handsomely.