THE MONTHY MONITOR | 1

THE MONTHLY MONITOR MAY 2018

MONTH IN REVIEW THE GLOBAL X URANIUM ETF RESETS THEIR EXPECTATIONSAlthough we witnessed sporadic surges of activity in the spot market during April, the overall result was viewed as calm. The long-term market was even calmer with only two small deals reported over the course of the month. Both spot and long-term prices closed with next to no change.

Some utilities are expected to move back into the market in May, which we hope will bring this drought to an end. No contracts of a reportable size have been awarded yet during 2018.

Equities are another story, however, and finally seem to be moving in anticipation of better U prices. The SLU3O8 Equity index rose for the first time this year by over 10% to 546.24.

Topping supply news in April were the threatened Russian sanctions against the USA to stem uranium supply. In addition, Paladin announced its intention to close the Langer Heinrich mine in Namibia.

We look forward to any comments or questions you may have. Ask us on Twitter (@Sightlineu3o8) or email us at editor@sightlineu3o8.com.

EQUITY INDEX

January 31, 2018 521.11

February 28, 2018 500.61  

March 31, 2018 491.48  

April 30, 2018 546.24

Global Reactor Count # GWe

Operable 449 394

Under construction 58 63

Planned 154 158

Proposed 333 382

CONTINUED ON PG 2

EXCLUSIVE TO SIGHTLINE U3O8 – For the uranium investor that was long in February and March of this year, the sudden uranium equity price drops and general volatility may have been surprising. With price drops of almost 30% in some equities, uranium investors were undoubt-edly taken by surprise.

The February/March drop was largely caused by changes announced by the Global X Uranium ETF (NYSE:URA). URA is the only large ETF available directly targeting the uranium space with a mandate to offer diversified exposure to a broad range of uranium mining companies.

With a recent adjustment in philosophy resulting in a rebalancing of the ETF’s ~USD$375 mil-lion in net assets, there may be more volatility on the horizon.

What is an ETF?

Think of an ETF as a slice of a pool of securities or a more liquid mutual fund. While both finan-cial instruments are comprised of multiple underlying securities, a mutual fund settles at market close whereas an ETF is transactable at any point during market operation.

As such, the value of an ETF is derived from the individual values of its underlying securities.

URANIUM PRICES LONG TERM PRICEUS$/lb U3O8

SPOT PRICE US$/lb U3O8

UCx  PRICES

March 31, 2018 $30.00     $20.88   

April 30, 2018 $30.00    $20.93 

PRICE OUTLOOK

June 30, 2018 $32.50  $23.25 

September 30, 2018 $38.00  $30.00 

December 31, 2018 $44.50  $37.50 

December 31, 2019 $56.00  $45.00 

December 31, 2020 $59.00  $48.25 UXC: UX Consulting CompanyUpdated on May 1, 2018

THE MONTHLY MONITOR | MAY 2018

THE MONTHY MONITOR | 2

U3O8 PRICES - HISTORIC

PRICE OUTLOOK

THE GLOBAL X URANIUM ETF RESETS THEIR EXPECTATIONS (Cont’d)

CONTINUED ON PG 3

URANIUM PRICES LONG TERM PRICEUS$/lb U3O8

SPOT PRICE US$/lb U3O8

PRICES

April 30, 2018 $30.00 $20.93

PRICE OUTLOOK

June 30, 2018 $32.50 $23.25

UCxEvery ETF has a mandate, describing the cri-teria used to select its underlying securities and the fixed percentage of total net assets that each security is allocated. The simplest ETFs mirror a popular market index, like the S&P500 or the FTSE however, ETFs can also get quite complex employing leverage, futures trading, and derivates to achieve a very specific result.

Regardless of the tactics and complexities employed to structure an ETF, the benefit to the long investor is exposure to underlying assets in a specific sector, geography, com-modity, index, etc.

How is Liquidity and Fair Pricing Accom-plished?

Intraday liquidity is possible because of the role played by market makers (also called authorized participants or APs for short). These APs are large institutional investors that facilitate the creation and redemption mechanism essential to ETF liquidity and fair ETF pricing; fair meaning ETF prices reflec-tive of underlying exposure / assets.

Think of APs as intermediaries between the secondary market and in this case, the issuer, Global X. Only APs can transact with the fund due to the sheer size of these transactions. An AP can give the fund a bucket of securities in exchange for ETF units or, vice-versa, give the fund ETF units in exchange for securities.

When investors buy an ETF, demand increases moving the ETF price higher than its underlying assets and thus creating an arbitrage opportunity. To take advantage of the opportunity APs will:

1. buy more underlying assets from the secondary market

2. exchange the bought underlying assets with the fund for more expensive ETF units

3. sell more ETF units on the secondary market

4. pocket the difference between underly-ing assets bought and ETF units sold

$-

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

2012 2013 2014 2015 2016 2017 2018

U3O8 Spot U3O8 Long Term

$-

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

2015 2016 2017 2018 2019 2020

U3O8 Spot

U3O8 Long Term

SLU3O8 Spot Outlook

SLU3O8 Long Term Outlook

THE MONTHLY MONITOR | MAY 2018

THE MONTHY MONITOR | 3

THE GLOBAL X URANIUM ETF RESETS THEIR EXPECTATIONS (Cont’d)

Execution of this process has the following effects:

1. demand for underlying units is in-creased driving individual securities prices up

2. supply of ETF units is also increase driving ETF prices down

Full equilibrium is never reached but execu-tion of the arbitrage ensures ETF prices trade very close to the values of their under-lying assets.

When an ETF trades at a discount to its un-derlying assets due to investors selling ETF units, the process occurs in reverse. APs will buy ETFs from the secondary market to trade for underlying assets with the fund. These assets are subsequently sold on the secondary market.

More simply put, ETF purchases result in underlying asset purchases while increased ETF sales result in underlying asset sales.

Why is the URA Being Changed

The URA tracks the Solactive Global Ura-nium Total Return Index (SOLURA for short) which is comprised of companies active in the uranium mining and exploration in-dustry. As of July 2018, the SOLURA index will be replaced with the “Solactive Global Uranium & Nuclear Components Index.”

The new index broadens exposure to the nuclear industry as a whole as opposed to reliance on only uranium mining and explo-ration companies. As a result, companies with operations related to the production of nuclear components and technologies will be scoped in.

A summary of target weightings for both indices is included on table 1 and 2.

GLOBAL URANIUM & NUCLEAR COMPONENT

Equity Weight (%) Change

CAMECO CORP 21.3 -3.9

NEXGEN ENERGY LTD 7.65 -3.77

URANIUM PARTICIPATION 5.89 -2.25

DENISON MINES CORP 2.67 -2.22

FISSION URANIUM CORP. 2.11 -2.69

URANIUM ENERGY CORP 2.04 -1.9

BERKELEY ENERGIA LTD 1.3 -4.66

ENERGY FUELS INC 0.4 -4.35

ENERGY RESOURCES OF AUST 0.33 -2.66

UR-ENERGY INC 0.27 -3.7

CGN POWER CO LTD-H 0.25 -4.84

CNNC INTERNATIONAL LTD 0.25 -3.32

UEX CORP 0.24 -2.08

GREENLAND MINERLAS&ENE 0.23 -2.11

CGN MINING CO LTD 0.22 -3.94

PENINSULA ENERGY LTD 0.15 -1.58

RIO TINTO PLC 5.04 4.11

BHP BILLITON PLC 4.93 3.9

MITSUBISHI HEAVY INDUSTRI 4.87 3.5

HYUNDAI ENGINEERING &CON 4.8 3.41

ITOCHU CORP 4.73 4.73

SAMSUNG C&T CORP 4.63 4.63

SUMITOMO CORP 4.56 4.56

MACQUARIE GROUP LTD 4.55 4.55

BARRICK GOLD CORP 4.19 4.19

DAEWOO ENGINEERING& CONS 4.17 4.17

GS ENGINEERING & CONSTR 3.1 3.1

AECON GROUP INC 1.85 1.85

DOOSAN HEAVY INDUSTRIES 1.67 1.67

KEPCO ENGINEERING CONST 0.32 0.32

ALTURA MINING LTD 0.29 0.29

GRAHAM CORP 0.27 0.27

ECOBALT SOLUTIONS INC 0.26 0.26

SIBANYE GOLD LTD 0.24 0.24

POWER METALS CORP 0.23 0.23

TOTAL 100 0.01

GLOBAL URANIUM TOTAL RETURN

Equity Weight (%)

CAMECO CORP 25.2

NEXGEN ENERGY LTD 11.42

URANIUM PARTICIPATION 8.14

DENISON MINES CORP 4.89

FISSION URANIUM CORP. 4.8

URANIUM ENERGY CORP 3.94

BERKELEY ENERGIA LTD 5.96

ENERGY FUELS INC 4.75

ENERGY RESOURCES OF AUST 2.99

UR-ENERGY INC 3.97

CGN POWER CO LTD-H 5.09

CNNC INTERNATIONAL LTD 3.57

UEX CORP 2.32

GREENLAND MINERLAS&ENE 2.34

CGN MINING CO LTD 4.16

PENINSULA ENERGY LTD 1.73

LARAMIDE RESOUCES 0.93

CENTRUS ENERGY LTD 1.03

MEGA URANIUM 1.37

SILEX SUSTEMS LTD 1.39

TOTAL 100

Table 1 - GLOBAL URANIUM TOTAL RETURN

CONTINUED ON PG 5

EQUITY INDEX

0

200

400

600

800

1000

1200

1400

2012 2013 2014 2015 2016 2017 2018

SLU3O8 Equity Index

U3O8 Spot Price

Table 2 -GLOBAL URANIUM & NUCLEAR COMPONENT

THE MONTHLY MONITOR | MAY 2018

THE MONTHY MONITOR | 4

Producers/Developers

Explorers

UEQUITIES

UEQUITIES MONTHLY PERFORMANCE

PRODUCTION COMPANIES Country Focus Price (April 30/18)

52 Week Low

52 Week High

Mkt Cap ($MM)

tsx:cco Cameco Corp Canada $13 .52 $9.90 $14.36 5,225.9tsx:dml Denison Mines Corp Canada $0.59 $0.50 $0.880 328.9tsx:efr Energy Fuels Inc United States $2.28 $1.66 $2.69 171.3asx:era Energy Resources of Australia Limited Australia $0.51 $0.45 $0.98 266.6us:uec Uranium Energy Corp. United States $1.51 $0.96 $2.00 239.9DEVELOPMENT COMPANIEStsx:fsy Forsys Metals Corp Namibia $0.11 $0.09 $0.21 18.5tsxv:gxu Goviex Uranium Inc. Niger $0.19 $0.17 $0.33 64.8tsx:lam Laramide Resources Ltd. United States $0.34 $0.23 $0.55 40.0asx:toe Toro Energy Limited Australia $0.03 $0.03 $0.05 54.2EXPLORATION COMPANIESasx:aee Aura Energy Limited Sweden, Mauritania $0.03 $0.02 $0.04 21.5tsx:azz Azarga Uranium Corp United States $0.254 $0.18 $0.32 20.3asx:bmn Bannerman Resources Limited Namibia $0.04 $0.03 $0.06 35.9asx:bky Berkeley Energia Ltd Spain $0.85 $0.65 $1.14 216.4asx:dyl Deep Yellow Limited Namibia $0.25 $0.19 $0.40 49.2tsxv:fuu Fission 3.0 Corp Canada $0.17 $0.04 $0.18 8.8tsx:fcu Fission Uranium Corp Canada $0.65 $0.53 $0.89 315.7tsxv:kiv Kivalliq Energy Corp Canada $0.08 $0.06 $0.13 17.3tsx:nxe Nexgen Energy Ltd Canada $2.56 $2.12 $3.58 883.1tsxv:plu Plateau Uranium Inc Argentina $0.58 $0.56 $0.78 38.4tsxv:ptu Purepoint Uranium Group Inc. Canada $0.07 $0.05 $0.10 14.2tsxv:syh Skyharbour Resources Ltd Canada $0.38 $0.31 $0.57 20.2tsx:uex UEX Corporation Canada $0.28 $0.15 $0.41 97.4us:urg Ur-Energy Inc. (USA) United States $0.95 $0.62 $0.98 138.8asx:vmy Vimy Resources Ltd Australia $0.13 $0.10 $0.242 46.8OTHERtsx:u Uranium Participation Corp Canada $3.88 $3.47 $4.68 508.6

Note: Currencies for the price and market cap are respective to the country of trade.

17.2%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

Uranium Participation

Denison Mines

Energy Fuels

Energy Resources of Australia

Uranium Energy

Cameco

Average

Forsys Metals

Laramide Resources

Toro Energy

One-Month ReturnProduction and Development Companies

4.3%

-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Plateau Uranium

Vimy Resources

Goviex Uranium

Azarga Uranium

Skyharbour Resources

Berkeley Energia

Bannerman Resources

Aura Energy

Kivalliq Energy

Fission Uranium

Average

Mega Uranium

Deep Yellow

UEX

Nexgen Energy

Purepoint Uranium

Fission 3.0

Ur-Energy

One-Month ReturnExploration Companies

TOP CORPORATE NEWS

V.PLU proving up Falchani Potential April 30, 2018

T.CCO reports Q1 ResultsApril 27, 2018

T.DML reports expansion on Huskie ZoneApril 25, 2018

V.PTU completes Winter Program at Hook LakeApril 20, 2018

T.AZZ executes replacement earn-inApril 19, 2018

V.AEC acquires extensive database of Western US propertiesApril 19, 2018

T.DML reports high-grade uranium interceptsApril 18, 2018

T.NXE announces senior management departuresApril 13, 2018

T.URE provides 2018 Q1 ResultsApril 12, 2018

T.NXE: 15 Canadian stocks that are potential value trapsApril 10, 2018

T.FCU appoints award-winning analyst to the boardApril 9, 2018

T.U reports financial resultsApril 6, 2018

V.AEC reports NI 43-101 on Nine Mile LakeApril 5, 2018

V.GXU study highlights significant cost reduction potentialApril 5, 2018

T.U reports estimated NAV at March 31, 2018April 5, 2018

T.FCU appoints special advisor to boardApril 3, 2018

THE MONTHLY MONITOR | MAY 2018

THE MONTHY MONITOR | 5

GLOBAL URANIUM & NUCLEAR COMPONENT

Equity Weight (%) Change Remaining

CAMECO CORP 21.3 24.51 -3.21

NEXGEN ENERGY LTD 7.65 10.65 -3

URANIUM PARTICIPATION COR 5.89 7.74 -1.85

DENISON MINES CORP 2.67 4.5 -1.83

FISSION URANIUM CORP 2.11 4.32 -2.21

URANIUM ENERGY CORP 2.04 3.6 -1.56

BERKELEY ENERGIA LTD 1.3 5.13 -3.83

UR-ENERGY INC 0.27 3.31 -3.04

CGN POWER CO LTD-H 0.25 4.23 -3.98

CNNC INTERNATIONAL LTD 0.25 2.98 -2.73

UEX CORP 0.24 1.95 -1.71

GREENLAND MINERALS & ENER 0.23 1.97 -1.74

CGN MINING CO LTD 0.22 3.46 -3.24

PENINSULA ENERGY LTD 0.15 1.45 -1.3

CGN MINING CO LTD 0.22 -3.94 -3.24

PENINSULA ENERGY LTD 0.15 -1.58 -1.3

LARAMIDE RESOURCES 0 0.77 -0.77

CENTRUS ENERGY CORP-CLASS 0 0.85 -0.85

MEGA URANIUM LTD 0 1.13 -1.13

SILEX SYSTEMS LTD 0 1.14 -1.14

RIO TINTO PLC 5.04 0.89 4.15

BHP BILLITON PLC 4.93 0.88 4.05

MITSUBISHI HEAVY INDUSTRI 4.87 0.86 4.01

HYUNDAI ENGINEERING &CON 4.8 0.85 3.95

ITOCHU CORP 4.73 0.84 3.89

SAMSUNG C&T CORP 4.63 0.82 3.81

SUMITOMO CORP 4.56 0.81 3.75

MACQUARIE GROUP LTD 4.55 0.81 3.74

BARRICK GOLD CORP 4.19 0.74 3.45

DAEWOO ENGINEERING& CONS 4.17 0.74 3.43

GS ENGINEERING & CONSTR 3.1 0.55 2.55

AECON GROUP INC 1.85 0.33 1.52

DOOSAN HEAVY INDUSTRIES 1.67 0.3 1.37

KEPCO ENGINEERING CONST 0.32 0.06 0.26

ALTURA MINING LTD 0.29 0.05 0.24

GRAHAM CORP 0.27 0.05 0.22

ECOBALT SOLUTIONS INC 0.26 0.05 0.21

SIBANYE GOLD LTD 0.24 0.04 0.2

POWER METALS CORP 0.23 0.04 0.19

TOTAL 100 99.9 0.1

With supply cuts in place, some EPS volatility in miners’ results are to be expected. To smooth this out, the new In-dex increases diversification, emphasizing large-cap Asian manufacturing companies to take advantage of the growing nuclear fleets in those regions.

What do URA Changes mean for Under-lying Security Prices and Volatility

There are two ways an ETF can affect the prices of individual securities:

1. Demand and Supply of ETF – mean-ing purchases and sales in the ETF ultimately result in purchases and sales in its underlying securities. This creates an additional layer of buy-ing and selling alongside the direct transactions between investor and individual securities on the second-ary market. Thus, securities that are part of an ETF generally enjoy greater liquidity and transaction vol-umes due to the role played by APs.

2. Rebalancing – when an ETF invest-ment mandate/ asset allocation changes, so does its underlying asset allocations. This results in additional buying and selling on the secondary market to facilitate the rebalancing.

Rebalancing usually takes place in phases to ensure lower volatility in the ETF’s price. Unfortunately, it always has the ef-fect of artificially displacing the prices of the underlying securities being changed. Phase 1 of the URA rebalancing resulted in the equity price volatility during Febru-ary/ March.

There are more phases required to transition the old SOLURA Index to the new one. Asset allocations as of Phase 1 completion are summarized on Table 3.

As can be seen, the stake in Uranium mining companies has dropped and will continue to do so. Further rebalancing is needed and will result in additional volatility for the mining companies whose fund percentage allocation is being changed.

Table 3 - ASSET ALLOCATIONS AS OF PHASE 1 COMPLETION

What Does this all Mean for Uranium Investors

Over the past 4 months, there have been a number of significant events that should directly affect the price of uranium, rang-ing from mine shutdowns to soviet sanc-tions and Japanese reactor re-starts. For investors looking to take advantage of a pending rise in uranium prices, they must take into account the impact of the URA:

1. The Phase 1, URA rebalancing sig-nificantly contributed to the uranium equity volatility observed in February and March as it announced and then executed the sell-off of certain of its uranium equities.

2. Since the URA’s future intended as-set allocation is yet to be achieved, there will be additional phases of rebalancing causing further volatility in the equities being transitioned. For the volatility adverse investor, it may be prudent to stay away from the companies being transitioned, at least in the short term.

3. For those using the URA as a meth-od of investing in uranium, there is some downside to the proposed as-set allocations in the Solactive Global Uranium & Nuclear Components Index caused by potential over-di-versification cutting into the returns of a uranium price resurgence. Some of the new companies being added have highly diversified operations that are not solely concentrated on uranium thus, they would capture a lower percentage of a uranium rally.

4. The miners and explorers that stand to benefit the most from increas-ing long-term prices are potentially under-represented under the new Solactive index due to the focus on lower volatility and the entire nuclear industry.

Investors should continue to maintain a broad balance within their uranium portfolios if they expect to maximize their exposure to the metal while keeping a re-sponsible handle on their investment risk.

THE MONTHLY MONITOR | MAY 2018

THE MONTHY MONITOR | 6

TOP SUPPLY NEWS

Cameco swings into the blackApril 29, 2018

USA and France sign Statement of IntentApril 27, 2018

Paladin moves to mothball Namibia U mineApril 26, 2018

Husab U mine tops job creation list in NamibiaApril 26, 2018

Uranium Carry Trade Retains Competitive EdgeApril 24, 2018

Strike cuts Nuclear power output in FranceApril 20, 2018

Top US UProducer Files Section 232 PetitionApril 10, 2018

Is it Over for Uranium? April 8, 2018

Cameco cautiously optimistic about futureApril 7, 2018

Insight into Cameco’s strategy and developmentsApril 5, 2018

TOP DEMAND NEWS

First concrete poured at Russia’s Kursk IIApril 30, 2018

Cautious optimism for uranium outlook April 30, 2018

Jordan in advanced talks with ChinaApril 27, 2018

FirstEnergy Plans to Deactivate 3 Nuclear Generating PlantsApril 25, 2018

Fuel loading underway at Chinese AP1000April 25, 2018

Westinghouse CEO on collapse of 2000’s nuclear renaissanceApril 25, 2018

Another Japanese reactor to restart late MayApril 23, 2018

German power plant sees tighter NP supply by 2023April 23, 2018

Finnish Utility to load fuel into OL3 late 2018April 20, 2018

Resignation of key governor weakens Japan anti-nuclear movementApril 19, 2018

UAE nears handover of first Arab Nuclear PlantApril 19, 2018

Westinghouse capable of delivering India NRApril 17, 2018

No timetable for restarting No2 Reactor in TaiwanApril 16, 2018

Russia discusses building NPP with Saudi Arabia, UzbekistanApril 13, 2018

MacQuarie names the commodities to soar in the next 2 yearsApril 12, 2018

Reactor Dome fitted to Abu Dhabi’s NPApril 10, 2018

Loading of fuel begins into Oi’s Reactor 4April 9, 2018

Modi government cuts India’s NP capacityApril 9, 2018

Turkey starts construction of its first NPPApril 9, 2018

Local consent for Japanese NP restartsApril 5, 2018

Turkey grants Rosatom construction license to AkkuyuApril 4, 2018

Reactor vessels installed at US & Chinese unitsApril 4, 2018

TOP DEMAND NEWS (cont’d)

Keeping Pickering NP open us good for economyApril 4, 2018

306-ton Unit4 Reactor Vessel placed at VogtleApril 2, 2018

Brussels confirms plan to close all NPP by 2025April 2, 2018

TOP DEMAND NEWS (cont’d)

TOP POLITICS NEWS

$60M US Industry Awards for advanced nuclear technology developmentApril 27, 2018

Tariffs on U would make more senseApril 27, 2018

Europe must prioritize emission reductionsApril 25, 2018

Russia puts planned retaliation for US sanctions on slow trackApril 23, 2018

Czech Republic weighs nuclear optionsApril 18, 2018

US-Russia tensions could revive Canada’s struggling U-minesApril 18, 2018

Sanctions on U export to US only hurt RussiaApril 17, 2018

No new nuclear units to be built in the US due to high costApril 13, 2018

Hong Kong in the running to host Kazatomprom IPOApril 12, 2018

UAE: A role model for nuclear energyApril 11, 2018

Japan sees role for nuclear in 2050 emissions targetsApril 10, 2018

THE MONTHLY MONITOR | MAY 2018

THE MONTHY MONITOR | 7

ABOUT THE SLU3O8 OUTLOOK

The SLU3O8 Outlook; is an in-depth forecast model, optimized to anticipate the timing and extent of pending changes in uranium prices. Projections are maintained quarterly and based on the analysis of uranium price movement relative to detailed supply and demand changes over the past 15 years.

ABOUT THE SLU3O8 EQUITY INDEX

The SLU3O8 Equity Index tracks the relative share price of a select basket of uranium-based equities, checking the market’s reaction to industry activities. The Index is based on share price movement since January 1, 2012 (1,000.00) of the following companies*:

• AREVA SA• Cameco Corporation• Denison Mines Limited• Energy Fuels Inc.• UEX Corporation• UR-Energy Inc.• Uranium Energy Corp.• Uranium Participation Corp

* As the significant stock price movement of Fission Uranium Corp and NexGen Energy Ltd. is a function of major uranium discoveries, we have not included their stock performance in the Index to better reflect the uranium equities market in general.

ABOUT SIGHTLINE SLU3O8

Sightline U3O8 is a monthly newsletter and supporting website created and maintained to provide uranium investors and industry stakeholders with a single source of insight into the ongoing factors that directly affect uranium prices.

We welcome your comments, questions and ideas. Please contact us at editor@sightlineu3o8.com

www. sightlineu3o8.com

WATCH OUT FOR THE SIGHTLINE U3O8 UCOMPARABLES

Sightline U3O8 will soon launch a new section of research focused on public companies oper-ating in the uranium supply space.

UComparables will provide metrics and data that measure the performance of management, the value of their projects and the financial health of the companies, gathered across the entire spectrum of uranium exploration companies and uranium development companies.

We will look at metrics and data points, common across the companies that investors can use as input to their decision making process.

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