Ann: Presentation - Energy Fuels and Base Resources Combination, page-129

Always possible. Chinese would love it and the same 'free monazite' credits from a world class 3:1 rev:cost even before mon credits, probably 100 year LOM in Africa where they are proven operators... problem is, would FIRB wave through Chinese buying an Oz owned 'critical minerals' project on account of the RE monazite? Suggest no they wouldn.t. With UUUU being a US company trying to secure an ex-China RE supply chain, the US government might consider us treacherous partners by allowing Chinese to snatch it out of the US grasp... and Oz is balls deep with the US for better or worse.

Western companies with the sort of horsepower to TO BSE at a higher premium and then invest another US$1B in Africa are few and far between, rightly wary of Africa's abysmal record of risk in recent decades. The merger deal is cheap, but not so cheap that it demands a better offer imo unfortunately. I'm not expecting a competing offer, certainly not before the mine permit deal etc is all legally locked down.