Ann: Investor Presentation, page-6

Hi Guys,

The investor presentation gives some answers to questions that have been recently posed on threads.
@fbx258 asked how much of the debt holder stock remains to be sold off before pricing returns to a more realistic level. The investor presentation informs us that as of the start of this month, RBC and JP Morgan were holding 11.6% of the stock. I think these guys were some of the main debt holders, but others could confirm. Not sure about China Investment Corporation. Tembo, Value Partners, Paradice and HOPU are long term resources investors with an eye to the Uranium story. So that's good news. We must be getting close to normal trading.

We've had some high quality input from @JID about the quantity of secondary supply going forward. The presentation estimates that to be 20m lbs in 2022 vs the current 48m lbs estimated (propaganda?!) from UxC.

Questions have been asked about the Vanadium at Langer Heinrich. I can certainly remember reading about this a couple of years back as a technical option being investigated. Clearly the economic incentive is now greater when the mine comes off C&M as the V2O5 price is much higher.

Cheers,
Tim.