Ann: Option to acquire 100% of the Piedmont Nickel Cobalt Project, page-44

Greg, could buy a potato chip factory with the AGE funds and the URA ETF would not care.

Basically Global X - URA are a subsidiary of Mirae Asset Management which uses the Index services of Solactive.
Solactive Index relies heavily on the UxC Consulting, they issue an annual Uranium "bible" called the Uranium Supplier Annual.
https://www.uxc.com/p/products/covers/cover_usa.gif

It's next to impossible to fall off the portfolio, unless you have political risk (like Greenland) ASX: Greenland Minerals Limited, where they are unable to proceed due to 100ppm uranium limit. Their REE project is/was monstrous in size, with Uranium by-product equivalent to 1% annual production; but makes Bannerman E-tango 8 look tiny in terms of JORC. The project, looks like it will go to the courts; tonight their new MD is meeting with the Greenland Government & lawyers in Copenhagen.

So like some pre-Christmas fairy tale, the Uranium Supplier Annual is released on about ~21st Dec each year. You have to be on the list, and they have to write something meaningful about you; but it doesn't need to be wonderful. Solactive then use the list of "viable-future" companies to build their index universe (what companies are in with a change), and choose them using the free float market cap (on Selection Day, 10 days before re-balance day), plus also 65 day average daily volume. These can change year on year this year was >$50M MC USD (free float), >$100K USD daily trading volume.

In GGG's case they survived being on Global X - URA for over 3 years on and off, as a non-pure play holding.

So because the Uranium Supplier Annual is only an annual publication - you literally just need to have a uranium tenement to remain on the publication. Something that has ability to be developed etc. (no use holding in WA, nor Sweden, nor South Korean). However with Sweden and South Korean they Energy Taxonomy views might reverse their uranium mining bans.....sometime in the future.

So AGE can pivot into a strategic basket of assets, and still can be counted as a pure play Uranium play, as long at they are >50% in the Uranium activities (for either URA or URNM).

If Greg sees upside in owning the Nickel-Cobalt tenement there are no problems with that, just don't cross the >50% perceived activity threshold.

Have a read of this bloomberg article from Goldman Sachs (the cookies give you limited number of article reads a month).
https://www.bloomberg.com/news/articles/2022-02-07/goldman-commodity-veteran-says-he-s-never-seen-a-market-like-it?utm_content=business&utm_source=twitter&utm_campaign=socialflow-organic&utm_medium=social&cmpid=socialflow-twitter-business

Big flipping activity will happen soon, with the demand.