U price next cycle, page-9

The fundamentals for uranium as a commodity are clear, but I think the point of the post you were replying to was that as a company representing a leveraged play, PDN has a host of company specific risks on top of uranium fundamentals:

- their main mines operate in jurisdictions with regulatory and sovereign risk
- their development sites are in jurisdictions which may inhibit development
- there is a possibility of a capital raise to continue care & maintenance until uranium prices recover
- and a host of other company specific risks

Believing in the upside in uranium's fundamentals - and buying that London listed ETF holding uranium inventory - versus buying a specific uranium explorer or producer and taking on company specific risk are two very different things.

Anyone holding BKY or VMY over the last 12 months will understand that uranium companies don't necessarily track the U price, and I'm still unclear whether that also applies to PDN or not. That insight - versus enthusiasm about the uranium price in general - is what is key.