Ann: Terra Uranium Limited Placement Raises $800,000, page-18

I mean the risk and reward profile at this price is objectively pretty good.

Difference between now and the rock chip announcement (and if uranium gets silly, there will absolutely be a place for rock chip announcements) is that there is (relative) certainty that Pasfield will be drilled in the next 12 months, and ATHA's participation in Pasfield is a vote of confidence in the company's other core projects. The real upside is the potential for drilling success at these deep targets, which they can hopefully continue to farm out as they're just nowhere near big enough to do them properly at this stage. Is there another JV in the works? Company said in a recent ann that they're working on it. Given that ATHA doesn't have to drill Pasfield this year (I assume that has to be early next year once everything's frozen after a couple of months of winter) that would be a dream announcement by Xmas - Parker next cab off the rank.

I'm not confident about the land that we picked up, Spire and Horizon. ATHA had farmed out a bunch of other projects before these, so has a feel of "the best of what's left". Might make for some promising rock chips, but I doubt we drill this year. They'll get to the spend commitment with lighter touch stuff that is necessary but doesn't get punters going.

Amer Lake for me is a bit of a weird one. Pounds in the ground, sure, but not very many (it's priced in as a zero, really), and the cost of further drilling will be high due to its location. I suppose the JORC upgrade is largely a desk exercise, but hard to see a way forward for this project at present, at least anything that excites the market.

That all said, you're buying in at a teeny tiny market cap, this is the Athabasca, ATHA's paying for a deep drill hole on a genuinely prospective tenement, and it doesn't take much for the stock to 5x from here. If uranium runs hard to and past $100 spot and $90 term over the next six months, and we've got a hole that hits anything remotely decent in Pasfield, this company could have a $30m MC for sure.

Management did the right thing and threw in oppies for retail on the same terms as sophs (though, given the SP performance and their spending commitments, maybe they had to). The SPP is a genuinely compelling offer.

I just mute the vapid pumping and downramping. There is a case for T92, and yes, it's all felt a bit 'stuck' the last 12 months, but I can see a path forward now and the risk:reward is there at 6.5c.

GLTAH