Some very good back of the envelope calcs, Navy.IMO, I am...

Some very good back of the envelope calcs, Navy.

IMO, I am expecting that a fair amount of positive earnings / cash flows will be dedicated to exploration/development/procurement of additional resources.

Over the course of history, nearly every miner with positive flows and confidence in commodity prices tends to gravitate to "being bigger", having more scale, more pricing power etc etc. It is why booms form over time and end, over time (plus a lit bit extra). With greater scale net earnings will be projected to grow to much higher levels than@NavyDiver or me, or anyone else can presently extrapolate.

Adding to the animal instincts that are likely to unfold in 2024 and 2025, most Boards and managment see growth as proof of their successful stewardship, and of course remuneration. This will add another re-rating to existing and near term potential producers and on it goes.

This rythmical pattern happened to U3O8 in the naughties and every other commodity based play I have been actively engaged in for over 40 years. They are really exciting when they gain traction and truly do create a lot of wealth.

Sadly, M&A is always a sign of a market getting frothy. The current upward cycle is still at an early stage and there is a lot of blue sky left in the sector, especially on OZ where we are finally seeing more media time and space offered to at least consider SMR as part of our future energy mix.

After say 2-5 years it may be prudent to ease back portfolio weightings (which will be counter intuitive at that time), because that is when risk will be at its highest. At that point my observations is that shareholders and stock proces paly a game of "chicken". Which side folds first in the boom. I totally expect to be reducing way too soon, but I know I will not suffer from regret or FOMO, that's not me. I hope to leave the next generations some learnings, @NavyDiver
appears to be successfully doing. That is a return that cannot be measured on dollars and cents.

Good luck all. Without suggesting anything is pre-ordained to guaranteed to happen, absent any unforseeable event, I think the penny has dropped around the world that clean, green, nuclear energy is a technology that already exists to provide base load energy for centuries to come, and it will get better and safer with each generation.

The stars appear to me to be aligning for the sector.

But I expect NO dividends here.

GLTASH