Ann: Initial Director's Interest Notice, page-41

I would expect the spot price to continue its climb north from here, most of the sell down could be attributed to end of month selling by U traders. They get their forward deliveries based on the prior months closing price, pricing closes tonight our time, so they are incentivised to force the price down. This is a rinse and repeat each month end by the traders.

The supply and demand fundamentals have, if anything, increased in favour of the sellers with recent news, so to me this is the usual short term sell down in what is a long term bull market.

Of note a long term 21MLB RFP, 2026 - 2039, has just been released and all eyes will be on this to see how it plays out, Cameco, Kazatoprom and Orano are contracted out to 2028 - 30, who fills this in the interim? It is also evidence of utilities trying to shore up LT supply in an incredibly tight and undersupplied market.

I also think we will start to see tangible evidence of the LT contract price moving up in line with spot price shortly, this should be one of many positive catalysts.