Ann: Lance Continues on Track for 2024 Production Restart, page-20

open to be corrected but the lab test showed that recovery rates are at 95% if using low pH treatment but they haven’t proven it could be done onsite. So markets are hesitant on that (Is that right?)

also, it’s not clear why UEC decided to not proved resin to PEN. What happened there? This had the effect of delaying production timelines. Perhaps the uncertainty is why the market aren’t willing to place great value to this project? Maybe behind the scenes they’re finding it difficult to get their extraction processes right?

also it doesn’t help that they keep doing equity raises. One more raise and I reckon the market will think management aren’t up for even restarting this project (maybe?!)

this is just my interpretation of what’s going on. Anyone else here have any insights?

IMO