Ann: Presentation - Energy Fuels and Base Resources Combination, page-27

I think this is the right view. I think it’s an excellent deal for BSE holders. Retain some exposure to the upside of existing assets, remove the dead weight of Kwale closing and gain exposure to new and generating assets.

what I should have said is that Toliara should gain value as a result of this deal - new player dealing with the local govt and bringing US based interests into the play. May change the balance of interests that currently disfavours BSE.