Ann: Investor Presentation - RIU Sydney Resources Round-Up, page-14

There is a lot to unpack here so ill try and be general to make it easier to describe. Let's just say there is the RESOURCE which is what you think is in the ground and the RESERVE which you know with certainty is in the ground.

We have 56mlb resource and 8mlb reserve.

You questioned whether the 48mlb difference was "useless" and the answer is definitely NO, the resource just needs more closer spaced drilling to prove it up from resource to reserves. Most of it will be upgraded.

These reserves are put in the DFS which then gives us a fast track project that can support 800,000mlb production as a base case. The NPV is low but this is just to get us started so that we can proceed. Compare this to other ASX listed companies that are YEARS away from having a mere scoping study let alone a DFS level project (therefore they have NO npv). These other companies have MC's that are multiples of AEE because they have more pounds (but NO reserves) but we have NO idea of their economics like opex/capex/aisc/npv.

AEE drilling is hoping to move the 56mlb resource to say 70mlb resource and also increase resources to reserves but that isnt important right now as we have enough to start production - with time they will increase the reserves, add that in to the DFS and then we can support 2-4mlb per year production (Will states this production rate in the recent Stock Head interview - this will be a gamechanger when announced).

You have to remember that 12 months ago Uranium was $30lb so the project was borderline economical so you arent going to spend a heap of cash drilling - now that we are in a Uranium bull market, it makes sense to do a heap of drilling but at the same time AEE has the advantage of progressing a project to production and take advantage of this cycle.

Lastly, those tweets I posted are from a large shareholder of AEE who IMO is a very very good investor with a lot of knowledge of markets. He has done his research and knows where this is heading. My guess is he has done the modelling and that those numbers a very real.

The market will eventually catch on.