Ann: Licence Application Granted around Ulytau Uranium Project, page-8

Existing U miners in kaz are firstly partnered with state kazataprom, that i would think, increases the in country probability of permitting and development approvals. ie, the state wants more U projects and it wants its hands in it. And it needs to replace mines that may be depleted. Perhaps it has not previously encouraged enough free market exploration, hence maybe why that door is open to us now ? SG said that Kaz has recently adopted similar to WA mining code. Sounds like country is turning a new page to its pathway ahead.

Naturally there are the 3 options available to any exploration company. Develop, monetise (sell), or JV free carry.

As to what path we take, i would say there are potentials that i think would be split on what scale of MRE we discover .
1 - with modest MRE growth proceed to develop niche operation, SG said in webinar we would only need about 20m lbs or so to economically justify a 20 year etc mine plan. (this was in Q&A).
2 - we continue MRE growth to significant size, that we can monetize, eg. sell the asset to a major. / or develop ourselves / JV with major as a minority free carry.

in scenario 1, we are half way there already (non jorc foreign estimate), and come fatten the single drills to additional MRE + explore trend =>probability just in the initial block vended in!!

So interesting times really, on what we can discover in the fertile trend.
Maybe we could monetize 1 as well. I really dont know. But if you were a major, what scale operation would you want to buy out from a junior ?

But what matters now, is a fertile trend = probability to discovery news flow.
And we have a great starter with the historic drills, existing foreign estimate MRE and the location of the previous USSR Bota Burum mine, and its trend line.

Markets are about betting probability to successful news events, and the price you pay for that bet, come the reward case for exploration success, and a market that goes from asleep to awake of that opportunity.