PDN April 2003 Vs AEE May 2019

A little history, PDN went from 13c to 1c from March 2000 through to April 2003 (sounds like Aura 2015 through May 2019), then back to 13c within 11 months, onto A$1 within 24 months.....the rest is history!

The Uranium price was the driver and PDN had the cashflow operating leverage (so will Aura in the coming cycle).

What delivered for PDN more, the cycle or John B's skill set? If we look at the full bull and bear market we would have to say 85% it was the cycle. If we exited fully in the bull market we may say 30% John B.

Who loved PDN in April 2003, anyone? Was John B respected then? Was John B paid little?

The point being PDN had funding requirements, large dilution, upset shareholders, a falling stock price (worse than AEE, maybe AEE has more to come yet, 0.6c, don't know, this is cycle bottom investing not for the faint of heart).

Many parrells with Aura don’t you feel? Do cycles repeat themselves?

Looking out 24-48 months and assuming an average spot price of US$65 in 2022/23 and assuming Tiris is producing at 2-3mil pounds the cashflow has the potential to achieve US$50-100m @ 3-5x multiple equals a potential market cap of US$150-500m. Assuming a fully diluted market cap of US$20m post Tiris equity requirements, returns are potentially materially rewarding. No not 869x like PDN, as its cap was less than A$2m at the low, totally forgotten and totally unloved.