Ann: Presentation - Energy Fuels and Base Resources Combination, page-3

Well, did not see that coming either obviously, or I would have stuffed myself fuller of BSE stock. Hats off for a very well-kept secret, volumes didn;t jump, price probably pushed down by major shareholders to make deal look more attractive but very unusual not to have insiders pile in for easy money.

Hard to argue with the rationale, especially if one had concerns about funding Toliara to FID and raising funds to develop. Hand in glove acquisition for Energy FuelsEnergy Fuels with ~22kt of free monazite con feed for their US cracking/refining facility from world class revenue:cash margin min sand deposit.


BSE holders get immediate value re-rate while retaining exposure to the project if they want, dDiversified into Uranium company if they like, and US markets and USD, if they like.
Was it driven by the board or the two major holders (often M&A starts with controlling shareholder discussions not the board (talk to the organ grinder not the monkey so to speak) looking for better market recognition of value and longer-term exit strategy?
Very good outcome from 11c AUD having been beaten on the ASX like a redhead stepchild.

My idea was to auction a Toliara JV between China and the West, knowing that China would pay handsomely to put their foot on a multi-generation best in class min sand deposit with valuable RE bi-prod credits... but I'll never know how this might have worked out now.

Well done board and congrats shareholders on eventual value recognition... I'm a happy camper with this deal.

Cheers