The basis of any call on a Uranium stock is a call on the...

The basis of any call on a Uranium stock is a call on the Uranium cycle...

Being a holder or non-holder; the first key is ones view of where we are in the cycle, then on whether AEE can represent that view well enough Vs other options.

For holders or potential holders or potential shorters that have made the effort to research widely AEE's position we all have our view. Many of us are expressing that view with action - a lower sp allows an increasing level of exposure for the positive holder as the company looks better relative value compared to its peer group.

With certainty, at $38 plus Spot a project economics of this nature will get funded. At $65 spot this project produces a material level of annual cashflow relative to capex and market cap.