Ann: Presentation - Energy Fuels and Base Resources Combination, page-127

@contraindicator I've taken some off the table, but like the tie-up synergies, like the uranium story. Like Toliara the deposit, don't like Madagascar, although there are worse places in Africa to be. If you look closely into UUUU you'll see they are cum-raise on new U mines to expand production, cum-raise ~US$350M debt+equity from memory on the RE cracking plant, and cum-raise for Toliara pre-FID and then post-FID actual mine development (another ~US$1B debt+equit, who knows and depends on how much US subsidies they can get hold of?). Hopefully Toliara and the RE/Uranium story is well received in the US inside a $1B US company that makes raising large licks of equity much less dilutive than for a minnow on the ASX...

I'm sure Sustainable also likes the story, but after 5 years of F-around are happy to rebalance their exposure into liquidity UUUU brings an a much better price than has been available for 18 months or so. Keep in mind Toliara has been a god-send for management rights and renumeration since 2017 and into the future, but a terrible one for shareholders who are only getting the same value in UUUU script as they tipped into Toliara since 2017. I think UUUU bought it cheap and many holders will stick with at least part of their BSE holdings for the jounrey...