termination of share placement , page-149

Most of the comments re Nucore have focussed just on the CR side of the relationship. But it was much more than that. If you don't believe me, just relisten to Gus' BRR interview on 28 June.

Comments about the uselessness of Nucore as a sales and marketing consultant - about tthem not being needed because the U will just sell itself are naive.

Even if demand is high, that does not guarantee sales to reliable buyers on the best possible terms. That is why you need skilled and experienced negotiators to do that.

The Ur-Energy peole are not fools. Just check the experience and quals of their board and management team. They have signed on Nucore for a reason. Because they want the best deals. They now have him and we do not.

Also, if it was so easy to sell U in USA why have we secured no more off-take agreements since the initial one for 7% of forecast production over the first ten years. Perhaps because it is difficult.

I want good news as much as anybody but I am not going to spend my life wearing rose-coloured glasses.

I just sense that the reasons behind Nucore's departure are not good.

In this context, the outcomes of the 'expanded economic study' are even more important. How close are they? Gus, in his last BRR interview (on 19 September) said the study would be completed 'reasonably shortly'.

Obviously, 'reasonably shortly' is more than 5 weeks and 4 days. But how much longer.

All it supposedly entailed was an extrapolation of the 'positive' outcomes of the initial limited area study (with its 6.2 m lbs of recoverable U) to the whole Lance area (with its 18-20m lbs of recoverable U).

This was required to develop the 'best supportable case to attract project funding' - something that the 6.2m lbs had clearly failed to do.

A lot of people are not expecting the expanded study outcomes until next year. That is not 'reasonably shortly' in my language!

(But perhaps 'reasonably shortly' is just another bottomless pit - like 'soon', 'shortly', 'imminently' and '10-15 days' before it)

Also, beg to differ with the comments re Nucore 'gagging' Gus. There is no way they had that sort of influence. They wer just suitors and potential partners. Cornell was not on the board, was not on the management team and had not put up any funds. It is far more likely that Gus' change of tactics was just coincidental with the Nucore deal and more to do with the DFS finalisation debacle.