" If Cameco was accumulating shares in Silex they haven't...

" If Cameco was accumulating shares in Silex they haven't appeared in the top 20 shares holders as of the August 2023 Annual Report"

I don't believe that is correct NC?

It would be done under a holding company!

As for a Silex buyout? it makes perfect sense!

GLE would be paying royalties and milestone payments + 25% of what GLE own!

With Silex gone it would mean Cameco would get 100% of everything and wouldn't need to consult a minor partner on anything.

Your analysis of caterpillar doesn't cut the mustard, No royalties are paid too caterpillar, the are to be paid to Silex.

It has been impossible to buy out Silex because of major shareholdings, but that may not always be the case. because some may want to cash in on their Shareholdings at some point?

As for Cameco ramping up being necessary and taking time?

I also happen to think GLE are in the box seat compared to the Uranium miners, they will already have the Uranium 235 sitting at Paducah and also it won't need conversion as well, two major point's in my opinion, and clearly differentiates them from Uranium miners per-se, and they may even have Uranium235 enriched to LEU as well if GEH gets recycling UNF right?