William - whilst I agree that GLE is not your run of the mill...

William - whilst I agree that GLE is not your run of the mill uranium stock; at least at Paducah one of the main opportunities presented is a 5Mlbs/yr - UF6 operation and does (at least to some extent) put GLE as (partly) a "producer" rather than a "miner". This is significant since whilst GLE has "technical" risk in terms of the TRL/6 working it does not have the environmental and geology risk of a miner. Both of these "mining" risks are significant but GLE can be pretty certain of what it has in the Paducah tailing yard. In addition GLE also has the LEU/LEU+ and potentially (along the line) a HALEU opportunity with the potential support of the DoE (and USG approved debt). These attributes are definite selling points over what a "miner" would present. In addition to this SLX is not only 51% of GLE but also has zero spin Si operations (with a plant coming into production in FY/26 and also a medical isotopes opportunity which are both in markets currently dominated by Russian supply where we can provide purity levels which our centrifuge competition (including ASP Isotopes) are likely to find impossible (in the ZSSi market "purity" (i.e the 99.995% quoted by SLX) is vital).

As you say a successful (credibly audited & independent tested) TRL/6 prototype is vital