Uninvestable, page-69

Discussion point - in my view there is almost no similarity of any sort between lithium and uranium demand/supply conditions.

Merely suggesting it, though now notably backing away, does not make it so.

Price spike similarities are based on entirely different criteria.

I enjoyed the spectacular 10 bag plus rise of Galaxy/Orecobre. Without picking the top, getting out of that trade was easy because supply side was saturated.

Uranium producers are still years away from meeting a decade long future wall of demand. Even Cameco and Kazatomprom are unable to ramp up with Japan excess supply reverting to unfilled demand.

Many have been in this space for a very long time and understand the difference between narrative, fundamentals and secular cycles.

As a PDN holder in 2004 through 2011, l totally expect the narrative to drive share prices in the years ahead and reality to be be lost. I expect myself and many other experienced holders to reduce exposure to the sector at that time.

We are not there yet.

GLTASH