Ann: Appendix 5B, page-6

Agreed. Remember that the Spot price actually has little relevance to the price at which producers can contarct out there supply.  If spot hits 40USD a pound id say many nuclear power companies will start entering into contact negotiations with producers like PDN, Cameco etc. And the power will be in the uranium producers hands.  A spot price of 40USD could mean producers demand 60USD a pound for 10 years etc. Obviously they won't contract out all their supply,  but definitely a little too get production and cash flow going again. Spot prices will then rise as news filters through that uranium buyers are begging for supply then my friends we have a raging bull market.