super bullish Grant Isaac (Cameco) presentation at CIBC, page-8

I don't think the the word naive as you have applied it to Grant Isaac is appropriate Shumsta. The guy has a PHD in Economics and the CFO of a large public uranium company, what Grant Isaac doesn't know about the nuclear fuel industry doesn't matter. I also think you are wrong about determining the value of GLE. Both Cameco and Silex know the value of GLE at every step of the technology development, they have an agreed on a method prior to entering the partnership, which is logical. Whether Grant is excited or not should will not effect the value of GLE, it will be a straight mathematical calculation. The more we de-risk the project the more the price will go up, Cameco are possibly happy to pay more for GLE with less risk and therefore are prepared to wait, to a point. I also don't think the Silex share value should effect the intrinsic value of GLE, just my opinion but I am very confident in the management of Cameco and Silex.