Ann: Presentation - Energy Fuels and Base Resources Combination, page-29

Thanks, discounts galore vs longterm upside (and end Aug'24 when scheme is implemented is too long for many) and of course the project still has it's own risks and discounts. A good deal needs to leave money on the table for the other side, some will think BSE sold Toliara too cheaply but likewise EF needs to think they get value to go with the risk. Like it or not, Madagascar delays have reduced Toliara's value imo, and BSE were still caught in the Lassonde Curve junior funding hurdle with unknown solutions despite the usual confidence of the baord that it's all good to go...

I think there will always be a big discount, sans competing offer for this type of deal, reflecting the clearing price between those who want to take an easy profit and play elsewhere, vs those who are happy to wait and see the discount close with upside (on balance of probabilities).

GLTAH