My guess is that with the way SLX has been shooting for the sky,...

My guess is that with the way SLX has been shooting for the sky, and with Cameco's bullishness around the outlook for Uranium, they are going to want to either exercise the option reasonably quickly or at least try to nail down an agreed market value with our directors.

The possibility of us shooting up to $10+ with the option still un-exercised is all too real and it represents a real risk for Cameco because any valuer is going to at least be influenced by the implicit valuation on GLE embedded in our SP. If they move soon, they at least get certainty.

It's also worth mentioning that the absence of a fixed and predetermined exercise price means that what we are talking about isn't really an "option" in the normal sense of the word, it's more like a right of first refusal. Therefore the normal optimal option strategy of waiting until just before expiry to make the decision of whether or not to exercise is out the window.