Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-9

I am still not sure I own enough Energy Metals shares here. I have spent a lot of time researching across the space over the last 5 years and I can't find any companies that have the leverage that Energy Metals has in a high uranium price environment.

The large cash position the company has massively reduces the risk of dilution while waiting for the supply demand fundamentals to be properly priced in by the market. And the company valuation is so small that when capital flows into this space the potential move here could be quite something.

I expect this company to trade at A$150m+ this uranium cycle, which might seem wild now but this company has been left for dead by investors and sentiment will eventually shift and we will see capital flow down from the larger cap companies like CCJ, NXE and UEC.

With the executive orders on Friday to jump start nuclear in the US, we had a massive trading day in the US, with most uranium stocks trading up at least 10%, on exceptional volume. Cameco finished the session only 6.5% from a new ATH and we saw over-performance for the first time in while of URNJ vs URNM.





With such a large up day, it feels like capital is at the early stage of flowing back into the uranium space and I am expecting this could result in the end of the 4 year bear market we have seen in the small cap uranium stocks and I think Energy Metals is perfectly placed with it's fantastic assets, large cash position and dirt cheap valuation.