Ann: Quarterly Activities Report for Period Ending 31 Dec 2015, page-10

sleeping over the ann, I have realised that there are absolutely no operational issues - of course they can always spring up without any notice and acts of god are always unpredictable, but operationally we are running a very very tight ship here...

the new man in the saddle has brought C1 cost down to a level we have never seen... so much so that we are actually in a position to breakeven at these $36/lb rates too... the rest of the commodity sector is bleeding on a daily rate but U3O8 prices have been stuck in a very tight range of $36/lb which could mean that this is the bottom (famous last words??? hope not) for U3O8 here... the longer it remains in this very tight range, the more classical basing pattern will be formed and once it recovers from this horizontal range, it can shoot up spectacularly - tried and tested formula seen literally almost every day...

so, in conclusion, we now have to wait for the recovery in U3O8 prices as that will provide the next leg up... this quarterly and the buyback of debt are the encouraging signs that we needed...

with the expected improvement in numbers of japanese restarts + a whole lot of new power generators coming up worldwide and with no other mine to be operational in the very immediate future, we can hope for a good 2016...