THE SQUEEZE IS ON, page-565

Buying any uranium producer is buying a narrative. Except for Cameco and Kazatomprom, there are few scale producers who are cash flow positive at current U3O8 prices.

I happen to believe that the demand will continue to rise, inventories will continue to fall, SPUT will pick up more supply at spot as money flows in and thus total supply will be in deficit. It will take years to re-start mines so first mover advantage is real.

Both PDN and BOE will have first mover advantage and the market is likely to over-pay for that in the short term. I don't have a specific price target except that in 2024 or 2025, I expect PDN SP to be considerably higher than today.

Today at sub 60c, I am a buyer, accumulating more stock from a very low entry price. What happens in the next 6 months does not interest me, except if it goes lower I will buy larger quantities.

For me, this is what investing has always been about. Developing and confirming a view of a business, operating in the future. No one can be always right, but making money only needs one to be more right than wrong.

This is not advice.

GLTASH