Ann: Tiris Uranium Project Exploitation License Granted, page-17

I have always been interested in Tiris. One of the big risks was around permitting. I once posted a graphic which suggested permitting in the various jurisdictions of Africa can be a long process. And it has been so for AEE.

I was concerned this could keep dragging on. But all good now.

The only risk I see now is around water availability/access. The miners in Namibia had some issues which were sorted. The DFS should shed more light on this.

Despite having a low operating cost /lb; I do not think AEE would want to enter into contracts/BOA until the U price is higher. If you look at NexGen, they have AISC under USD10 and they are holding back.

I listened to a very good interview with John Borschoff on SmithWeekly. He was basically of the opinion to hold off contracting until the U price is much higher. But he suggested some inexperienced U executives may feel pressured to pull the trigger earlier. If people have not listened to this interview and others on SmithWeekly as it relates to U, then I suggest searching for it.

So it seems we are on the same page re: contracts. And I also agree debt will not be an issue, subject to those BOA's.