365 M pounds U308, page-117

No need to fear any accusation of downramping, the more constructive discussion the better. To address some of your points, all IMO:

1. I do feel that A-Cap's management are more focused on their Nickel-Cobalt project as of now, like you mentioned, but as with their latest update, they are already preparing optimization studies on the U project. This may not be a bad thing as their Nickel-Cobalt project does seem to show promise from what I've read.

2. They cannot specifically come out and say they want volume or MC to hit X amount to get that ETF flow money, they could be aiming towards that, but we won't know. A new CR is not out of the question, but like I said in my previous post, they have specifically stated beyond 2 quarters, so I will choose to believe them for now. If they use CR money for a good cause, I am happy to put my money in. Previous participants in the last CR have already made a lot of money.

3. Investing in a U company does not necessarily imply you believe it will take the U mine to production. Many explorers are nowhere near production/permits etc and are merely drilling and calculating reserves still, but their prices have also increased along with the U run. ACB could be the same, it is the underlying value of the U and Wilconi asset that could push the MC up as U and Nickel-Cobalt prices run. The fact remains that ACB's U asset, on a per pound basis, is possibly the most undervalued of all the U related companies with proven U reserves, this, at least for me, is the main selling point here, regardless of whether it gets into production. DNN in the US also have possibly the biggest U mine in the world, not producing, but it's price has skyrocketed since a year ago due to the U run.

4. I am not concerned about Botswana not being a traditional U producer or lacking in personnel etc. Most of the engineers/geologists in a mine like this are foreign anyway, workers could be local. The important thing is it is close to infrastructure and the mine itself is shallow and low cost recoverable.

5. Agreed, they seem to be progressing relatively slowly on DFS and bringing it into production compared to peers.

IMO, management is relatively weaker than peers, but the resource itself is its core strength. Takeover target likely. I do not believe the board being majority Chinese is a pure negative in that sense. It is a double edged sword, it could lead to a takeover by a Chinese buyer, CGN Mining for example, or another Chinese firm as they are looking to secure reserves. I put myself in the Chinese board's shoes, and that's what I would be doing. DYL also tried to take VMY but got rejected I think, ACB could be a off shoot for another target. Never say never.

Again, more discussion on this would be welcome.