That's all fair enough, but doesn't it make the whole...

That's all fair enough, but doesn't it make the whole arrangement more complex? For me, I'd rather SLX have 76% of everything, rather than a royalty up to 12%. It also means SLX receives the benefit of any cost / efficiency improvements moving forward.

Gross margins if developed and with a business run correctly should be way in advance of the royalty they would have received. Sure, they're also taking on more responsibility and more risk, but I like the way in which company management have dealt with profitability, margins, efficiency and productivity improvements in the past with companies such as SHL.

In any way you look at it, the next few weeks / months could be interesting. Get the "best case" deal done now while U prices are depressed, and then wait for the hopeful quick turn and rapid ascent of U prices globally, then a desirable appetite towards nuclear energy to foster off that and we're talking multiples. Many multiples.

Enthusiastic optimism, yes yes. ;-)