Valid point, ultimately Uranium developments are customarily...

Valid point, ultimately Uranium developments are customarily required JV with the state Kazatomprom, but we also have a significant first mover advantage in picking up blocks in the trend. Scale and fertile trend, can over come any shortfall in ultimate project JV structure. Hopefully, significant news flow of MRE growth, could also make us a takeover target, or sell the project level to a major. But also, with development JV with state, also increases likelihood of permitting. Kazatomprom will need to replace its existing mines as they run out - and why exploration of the next tier are so important. Perhaps that is where the state dropped the ball, too busy mining, and not enough exploration. Hence opening the door to foreign investments is key to generating those next tier mines.

And permitting is the achilles heel of pretty much every Uranium stock on the ASX.
Australia blanket ban is the worst, Canada is slow, etc. Many other countries terrible. If i recall even BKY over there is spain had their project blocked at the last minute.

So if you want to grow in MC as perception that you can actually mine, you need market confidence that permitting will follow. Hence Kaz, even with JV with Kazatomprom, is the pie that will come out of the oven.