The key problem - the one which has kept the lid on this stock -...

The key problem - the one which has kept the lid on this stock - is that there's no money for expensive drilling. The immediate catalyst here is the announcement of the first JV, which will partially solve that problem. If they really are sufficiently far along in those discussions that drilling is hoped for this northern winter, an announcement should be in the next few weeks.

I watched a video with Rick Rule in which he talked about not being interested in explorers unless their exploration is being paid for by someone else. It helps cap the downside and there's not so much fear of constant dilution. That would become the case here with the types of deals being looked at.

This all gets particularly juicy if, as flagged, it is a partnership with an O&G company. This harks back to previous interest in (and ownership of) uranium projects by oil companies during prior cycles, and if T92 is the first cab off the rank to announce that type of partner, particularly in the Athabasca basin, it will attract a lot of attention across the uranium space (imagine Quakes, UraniumInsider and other widely followed accounts spreading the word on Twitter).

Throw in a ~$7m MC (not including the options that are, for now, a long way out of the money) and a tightly held register, and I suspect we're likely back over 20c on that announcement alone.

Notice that aside from the heavy selling off the back of the first diamond drillhole result in September, there have been hardly any shares for sale below 12c. When you consider the uranium supply/demand fundamentals and state of the spot market, and I see a ton of upside here and very little downside.

Good luck to all holders (and non-holders) and Happy New Year!