365 M pounds U308, page-109

It is true that the infrastructure of the area is great and the uranium resources are comparable to BMN. However, it must be noted that Botswana will be under frequent lockdowns which may further delay progress.

I have gone through the 2019 annual report, and it says that "The amended date for the commencement of the preconstruction and construction period is 30th October 2021. ". Looking through the October announcements they have not announced their recommencement.

It seems that the Quarterly activities report from Sept 2021, states that the uranium project is stagnant until improvements in u spot price.
"Currently the Botswana operations have a small team managing the administration and providing technical continuity for the project whilst waiting for market conditions to improve. The remaining team will keep the mining licence conditions in compliance and complete low-level desktop studies to further the project."

The positive news is that the mining licence is valid for 22 years. So expiry in 2038.

However, a Cap raising is imminent, from their October cash flow statement, they have $1,565,0000 left, which is estimated to last 0.8 quarters. Their $4.5mil on the presentation was prior to their exploration activities.

Positives of ACB:
1. Low overheads, admin & staff costs = $268,000
2. Cash is directed towards exploration and investing activities = $1,752,000
3. Top 20 hold 85.39%

It seems that management is currently more focused on their Wilconi project until further good news in the uranium market. This will be a waiting game until the next uranium bull run.