But the way I see it is that the U price and Nuclear outlook are...

But the way I see it is that the U price and Nuclear outlook are getting better and better, and I expect much higher U prices for a long time.

I do think we have enough info to suggest EL8 has at least several hunderds million more pounds on their claims. Grade is unknown at the moment but if similar to Koppies (200PPM) that is inline with BMN's grades who have a MC of nearly 3x EL8 based on about 200M lbs of that kind of resource and undoubtably will go higher with the U price....

But really Up-grade is the big, really big potential upside. But it is a big if unfortunately. I genuinely don't know why they haven't made more effort to proof its functionality over the last several years. If it works as well as they say or anything close to it, it is simply a huge game changer...If they can mine a 200PPM deposit cheaper then most other companies can mine say 500PPM (meaning much cheaper the BMN or DYL's Tumas) EL8 will simply be a much, much better company. They could either licence the technology and get the likes of BMN and/or DYL to pay them for it...Or they could simply keep it to themselves and use the competitive advantage to take out and outbid the competition.

Its hard to overstate the importance of halving opex costs. They would make very big profit margins on deposits others could barely mine and they could use those profits to drill their huge land package, agressively expand their resource and increase production.

The success or failure of Upgrade is possibly the difference between average returns and possibly one of the biggest returns across the U space in this bull market.