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AGS would be "piggy-backing" onto existing supply contracts held by Heathgate, for sure. Very few transactions are actually carried out on the spot market - these are mainly hedge funds and other speculators trading to the odd desperate buyer or vice versa.

Mining entities and suppliers supply mostly on long-term contracts, and negotiate prices around the long-term price.

A couple of the bigger players, like PDN, have actually purchased U308 on the spot market to fulfil contractual obligations.

But in the main, mining companies supply on long-term prices, and with ongoing offtake agreements.