Ann: DFS Refresh Significantly Improves Mulga Rock Economics, page-51

Hey B22, hi gcs,

I guess when we view VMY in the context of a U bull market it seems counter intuitive to try and understand the selling, until the thesis and an apparent supply deficit is backed by the cause and effect of a rising spot price the market will continue with it's impartiality. I guess some of these institutional holders hold millions of shares and have to derisk their positions.

I keep telling myself the opaqueness of the uranium market is the very aspect that allows us to get in front of the curve, so I'm not going to get impatient if it takes longer than I first anticipated, we punters don't get many opportunities like this in the market.Always good to try and put the bull theory under some scrutiny too, read the bear cases when you can.

A little too early to say it's significant but seems to be less selling volume since the day of the DFS announcement marked A.

Cheers