Ann: Investor Presentation, page-8

I understand the hope that the share price will react favorably to positive assay results. And the results will certainly be positive, due to the fact that any reasonably competent geologist with a hammer and XRF gun can find uranium and vanadium in outcroppings and adit walls on the Colorado Plateau. But finding rocks with average or above-average U-V grades is only the start. Obtaining a Colorado reclamation/mining permit or an approved BLM Plan of Operations is extremely challenging and would likely involve years of litigation with mining opponents. Milling options are currently non-existent. Uranium and vanadium prices are well below the cost of production. Moreover, Democrats in the U.S. House of Representatives have recently dashed the hopes of junior miners for near-term government funding of a strategic uranium reserve.