Ann: Appendix 5B March 2023 Quarterly Cashflow, page-63

Thanks for clarifying Jogo - I agree there is a lot of risk in the planning and construction of a reactor that has drawn out timeframes in many cases, but an average of 7 years 'ain't so bad and is likely to decrease as both the policy environment and technology improves. We will no doubt see more government financing also to further de-risk investments.

Also according to the IAEA - bringing a uranium mine from early exploration to production takes an average of 12 years, so at this stage in the cycle the equation favours the miners and the patient!