Do I buy Atomic Eagle or Lotus? - Phil Hoskins CEO Atomic Eagle

追加: 2026-05-12

[00:00:00]as you said, it's not buildable at this price. Uh we don't know what's going to h happen to to the uranium price. This 30,000 meter drill program that you've released is a lot of that extensional.

[00:00:12]>> We're about growing the resource um as large as we can and to begin with the inferred resource. Um so we're at 58.8 million. Um we'd love to be at 100 million pounds by the end of the year.

[00:00:23]Um that's when we'll look at uh changing the scale of the project and and updating feasibility studies. This is general advice and my opinions only.

[00:00:30]This episode's company has paid me for this interview. I may be long, short, or hold an interest in stocks or CFDs mentioned. Past performance is reliable.

[00:00:35]The interview's views are their own, not necessarily mine. Leed operates as a corporate authorized representative 001318377 under ASL 548573. You can find our financial services guide via the Lev website link in the show notes.

[00:00:54]Right bagers and stops. I've been a bit of quiet, bit quiet on the yellow cake.

[00:01:00]And I tell you what, after doing me ass on Lotus, I'm I've had a look next door and thinking, do I go back into Lotus or I'm seeing in Sam Christiey's emails that Atomic Eagle's getting a mention.

[00:01:13]AU and I got the main man, CEO, Phil Hoskins on, mate. Welcome to Lever.

[00:01:20]>> Thanks for having us, Matt. Yeah, great to be here.

[00:01:22]>> Oh, mate, good to be uh uranium's been a bit quiet. It's it's just been hasn't really price hasn't moved much during the war thing. It's the one thing that just hasn't really done anything, would you say?

[00:01:37]>> Yeah, it's been going sideways. 86 bucks spot. I think it's 93 term at the moment. And um I think a lot of the equities have traded sideways sort of except for Lotus and Peninsula um through this year. So um but I do think it's one of the things that will come out pretty well out of the um out of the whole Middle East side.

[00:01:55]>> Yeah. Right out mate, you're in Zambia.

[00:01:57]So this is and we'll go through the actually probably better just to give the history of um Atomic Evil's come out of uh >> Go VX sort of backed into a iron ore shell you'd say in in Australia. Give us the overview mate.

[00:02:13]>> Yeah. So Tomodor Iron was the shell um late November last year 25 um was a reverse takeover of Goex uranium Inc.

[00:02:22]which is a TSXV listed company that had been around 20 odd years. Um mainly working on a uranium asset in Nger. Um and Zambia was their secondary asset.

[00:02:33]But the Zambian asset was always um a big attraction to to our team which included Grant Davyy and and Pete Bows who were founders behind Boss and and Lotus. So they always had their eyes on the Zambian asset. That's what we'd off the back of.

[00:02:47]>> Yeah. And we're we're not going to forget about the Niger Nigeria asset.

[00:02:51]We'll talk about that later. But obviously your business is uh built around at the moment your Zambian uh asset. Now >> talk to me about before we get into the project. Okay. Let's talk about Zambia.

[00:03:05]So prolific copper district. You'd say it has had um has had issues in the sovereign risk issues in the past around copper. What's it like as a jurisdiction as a uranium jurisdiction or is it a copper jurisdiction more favorably?

[00:03:22]>> Yeah.

[00:03:23]>> Yeah. Look, uh I've been there twice now in the five months I've been in the role. Just came back a few weeks ago.

[00:03:28]Spent spent a couple of weeks up there ahead of the drill season. As you said, um it's the seventh largest copper producer globally. So, uh I think mining makes up about 10 to 15% of GDP, but I think copper makes up about 75% of of mining. So clearly um uh copper is the main game in country. Um but uh the government want to differentiate or sorry diversify away from copper. They love the idea of a uranium mine. Um our companies uh well the subsidiaries have been at this for some time in countries.

[00:04:00]So um they're very keen to diversify away from uh from copper. Um think they'll be they are very favorable to uranium. They're also very favorable to a mine in the southern province where we are which is away from the copper belt.

[00:04:12]So geographic geographically there's some good diversification there and if you're going to do business in Africa and I've spent a lot of time in Tanzania. Zambia is in the top three on the Fraser Institute um it's ahead of Namibia for what it's worth. Um and um no government free carried interest. So um the take for investors is um and mining companies is as good as it gets.

[00:04:36]Do do you think but if um do you think there's a risk if like uranium prices sore and copper prices sore that government ownership might come into the mix eventually? Is that always something you got to consider?

[00:04:51]>> Yeah, look it's Africa but I think um uh the current I'm not under the current president's rule. So the president um used to be a partner at um Bryce Waterhouse Cooper's mineral economics background. The guy's going to get reelected later this year.

[00:05:06]um and he'll have another 5year term.

[00:05:07]Like they're trying to go from a million tons copper to three million tons copper. You don't do that without creating a stable platform for investment. And um and that's one of the things that they're really looking to do moving forward is attracting more people on the exploration and development side.

[00:05:20]And and they've just flown a countrywide geoysics um uh program through Excalibur that'll have aerom and I guess importantly for us that'll have radiometrics as well. So they're really favorable to attracting foreign investment and keeping it stable.

[00:05:36]>> Yeah. Yeah. So and like cuz the incidents I referred to about historical stuff in Zambia looks like 2018 first quantum had some issues there. 2019 Vidanta has has there been any other recent ones or are they sort of a bit um they get sort of put in that stable because of those ones about six seven years ago?

[00:05:58]>> Those are isolated. I don't think Zambia is known as a a company that's um big on expropriation. I think those those are pretty complicated um cases in in both fronts and I think co came in on the Glenor one as well and >> um yeah look I think there's complications around that and um but copper is really important to the country and so I guess any African country when you've got um decent projects that um if they feel that they're not being moved ahead um they're going to put whatever pressure they can on to to make sure that companies are doing the right thing. Unfortunately, having just come back from the country, um we've got full government support for everything we're doing and and they like the strategy seeking to grow the resource and update studies and build a mega uranium mine in Zambia.

[00:06:45]>> Yeah. Very good. Right. That's my uh sovereign risk investigation complete, mate. We'll get on to the get on to the yellow cake now, mate. So note that um all take take us through the project and we'll note that this is the old feasibility study from the GOIX days and you've just started a 30,000 meter drill program and I I assume you're going to be doing your own one soon. Take us through what you got at the moment and what still applies and what doesn't.

[00:07:13]>> Yeah, no worries. So I guess starting with the resource. Um so when we took this over was a 47 million pound resource. Uh within a few months it was a 58 million pound resource. So, we spent $700,000 uh on what we considered lowhanging fruit um into two two deposits, Chisabuka and Mntanganger East out of 11 million pounds with $700,000. So, 5 cents a pound. Um pretty good hit rate.

[00:07:37]>> Not forget you kept that up.

[00:07:39]>> Yeah, exactly. So, now we're at 58.

[00:07:42]We've been in the wet season. Um and I'll talk about the draw program later, but with with the 58 million pounds, that's just across a few different deposits. The two central deposits are Mantanga East and sorry Mantanga and Dwi East. Those those were the two deposits that GobX in March 2025 um did the feasibility study off the back of um overall there's a measured and indicated resource there of 40 million pounds at 350 plus ppm. Um but yeah, it was Montanganger and Dwi East they did the study off and just the measured and indicated resources of that.

[00:08:16]>> Yeah.

[00:08:16]>> Um now they came out with a 12 year mine life at 2.2 2 million pounds peranom2 million pounds peranom is akin to a a40,000 50,000 ounce gold project so it's quite small um and um and the economics then 282 million capex um 240 mil NPV it's not jumping off the page saying develop me at 90 bucks a pound um so then the question is well what do you do to fix that and it's all about scale so I'm sure we'll talk about heat ledge processing but the key to improving the economics here and I think banaman's The nearest analogy is to um to go from a 3 and a half million ton per random plant costing 280 mil. Banam is an 8 million ton peranom plant costing 350. And so um if you can increase the scale the um the economics are going to look drastically uh better and I can talk to to how we can achieve that scale. But the beauty of the feasibility study and I guess the takeaways of the feasibility study, it is an NI43101 FS which is like a definitive feasibility study here in Australia. Um the mining works been done to DFS standards. So we know it's low strip ratio open pit. Um we know that the recoveries from very simple heat bleach operations are plus 90% which is excellent. We know that the acid consumption which is a big driver of operating costs is low at 20 kg per ton.

[00:09:37]Um, so what we can take away is that we think the project is developable. It will make sense um at the right scale and that's what we're focused on. That's why we're drilling 30,000 mters and I think it'll probably be upwards of 50,000 mters by the end of the year. Um continuing some of the lowhanging fruit um at Chisabuka where we added a 10 million pound resource as I said with with only $700,000 and um but then into some really exciting targets at Namakande and Mentanga North as well.

[00:10:04]So, on the on the heat bleach, mate, before we get into the mechanics behind it, um, where is it being utilized around the world? It's it's interesting to hear heat bleach and pour an acid to leech uranium out, you're like, Jesus Christ, that sounds out there. But is it being used elsewhere compared to conventional uranium processing?

[00:10:22]>> Yeah, I think if you look at So, institute leech is essentially um, uh, pumping the stuff into the ground to recover it. And I guess that's the cheapest if you can get that right.

[00:10:32]That's the cheapest mode of uranium processing because you don't actually have a mining cost. Um a simple acid heat bleach is um is secondary behind that. So you've obviously got the mining cost, but all you're doing is creating heat bleach pads um and um having sprinkler systems with um with acid and the like uh essentially permeating their way through that and and creating the uranium recoveries. So I mentioned before from the development side, Banaman is the the nearest um sort of technical comparison there. Um, but if you want to go and and that's I think the the next cheapest um if you can get the right scale um going all the way further if you can't get decent recoveries from heat bleach um you're talking about milling uh the or so at the moment we're crushing to a 25 mm uh size chucking it on a heap and um and letting the acid do the work and getting 90% recoveries. If you couldn't get those sorts of recoveries, you'd be grinding to 0.1 mil. Um, and uh, obviously having a mill in place to do that, which is very energy intensive.

[00:11:36]There's a lot of maintenance. And so those costs of achieving those recoveries, if you need to go down to that part, um, yeah, are quite significant. So if you can get away with the recoveries we are with such a low acid consumption, um, you're going to go down that route every day.

[00:11:50]>> So this is what Banaman's proposing.

[00:11:52]Pretty identical flowheet.

[00:11:55]>> Yep. No, very simple heat bleach operation. They've also got good recoveries and um uh and also low acid consumption. I think one of the differences between us and Banaman is um our grade is um well plus 350 ppm on measured and indicated. I think Baman's in the low 200s.

[00:12:11]>> Yeah. They need scale and but at the same time we're we're looking for scale to to make the economics look as favorable as possible.

[00:12:18]>> As so is there any existing operations globally currently heap leeching?

[00:12:24]Um, I'm sure there is. Look, I'm I'm five months into the role. It's not what the Kazaks are doing. And I'm sure there are. Yeah, it's it's not a This is This is as simple as it gets when you talk about a three-stage crush. You you're doing that for road base. You're doing that everywhere in the mining industry.

[00:12:40]Um the risk really is um is making sure that you're going to get the recoveries in the heap. And so in your MET test work programs, um yeah, that's that's the work you do. and and we're very conf confident from the uh the variability work and the the composite work that we've done on those deposits that that we've tested today um that we've we're getting excellent recoveries.

[00:13:01]>> Is there is there what what differentiates a mine that's able to heat bleach and able to not? Is it something in the the geology of the of the rock that because it sounds like everyone would do it if they could?

[00:13:14]>> Yeah. Look, I think it's um if you've got simple sandstones, I'm not a geologist. My background is finance, but it is in the minology. It's um you've obviously got acid coming into contact with parts of the rock and being able to leech out the uranium. So the question is, can you do that from a coarse size or do you need to uh to to grind it all the way down to a fine size to achieve that? And um so I'm sure everybody goes through um the different uh amounts of test work to determine which um which path that they're suitable for.

[00:13:44]>> Yeah, copy that. Um, so is I guess can we expect this this year going forward cuz you you'd say it's not, as you said, it's not buildable at this price. Uh, we don't know what's going to h happen to to the uranium price. Uh, but this 30,000 meter drill program that you've released, is a lot of that extensional, is there much infill in that or is it all about growing the resources?

[00:14:12]>> Yeah. Yeah, we're not about infill this year. Um we're about growing the resource um as large as we can and to begin with the inferred resource. Um so we're at 58.8 million pounds. Um we'd love to be at 100 million pounds by the end of the year. Um the exploration target that we released in December was 40 to100 million pounds. So that would take you to that sort of 100 plus mark.

[00:14:35]Um now where's the drilling going to going to be? Chisuka where I said we added the 10 million pounds where uh we're drilling out the rest of that. That's a 4 km by 1 km mineralized zone. That 10 million pound area is 800 by 600 meters.

[00:14:51]So we still think there's plenty more at Chisabuka. Um but then the the two things that really excite me um and Tanga North and Namakande um there's 10 discrete targets across those anomalies across those areas. Got the same geochemical and geohysical signature that the other uranium deposits do on the property. Um and some of these anomalies stretch for 5 km. So, um the potential to find another DWI East 30 plus million pounds um I think is significant and and that's one of the real differentiators of our company is we've got a real uh growth phase ahead of us this year. We're funded to do it.

[00:15:25]Um if we can get it up to that sort of 100 million pounds. Um that's when we'll look at uh changing the scale of the project and and updating feasibility studies through 2027 and and then into 2028 looking at sort of financing all with a an aim of um bringing uranium on by maybe 2030 2031 which was when you're right in the crux of um uh the the shortfall that everyone knows we're walking into >> when when nextg isn't producing yet effective.

[00:15:52]>> Yeah. That would be favorable for us, right? But that's a big call to say they'll be producing all of that in year one.

[00:15:57]>> Yeah. Yeah. Who who knows? Who knows?

[00:16:00]Jury's out maybe. Um, so have you putting any attention at the moment towards funding or anything or just solely focusing on drilling for this year? And how much cash have you got in the bank to do it?

[00:16:16]>> Yeah, so last question first. So 16.3 end of March. Um our budget to drill upwards of 50,000 meters through the rest of the year still has us with 9 million in the bank at the end of the year. So we don't need cash. We're fine.

[00:16:30]>> Yeah.

[00:16:30]>> Um now I've forgotten the first question. Um >> just financing like is there is there much interest out there people u utilities or anyone coming to you to talk about future uranium supply? What's the vibe? I know you're early into the role but even with the since it started.

[00:16:49]So, we've got a consulting sales and marketing exec who used to work at Camo for 5 years, used to do the sales at Olympic Dam. Um, and he was GobX as a sales and marketing guy for a long time.

[00:17:00]And GOX were participating in some of those um RFPs where from utilities. We continue to receive the RFPs, but we're not participating in them at the moment.

[00:17:10]Um, our focus is is around resource growth and um and then updating the studies with a larger scale mind in terms of financing. Um, of course I think we'd probably go down a similar route to a banana. I think it's going to lend itself to a strategic process.

[00:17:25]>> Yeah.

[00:17:26]>> Um, I think and when I say strategics, I'm not just talking private equity funds like sovereign states are obviously playing a big role moving forward in these things. And um, I think the question will come when we when we are um, entertaining those same discussions. Do we go down a similar path of a a project level sellown like Banaman? Do you uh, do you do a list co- raise? what's in shareholders best interests and I'm sure they'll be suited around to try to buy the whole thing as well. So we we exist to extract the best value for shareholders however that looks but we we do have a team um in place that have done it before in uranium and and certainly we're not shy of um taking this project towards development if that's in shareholders best interest.

[00:18:06]>> What so who's uh Bannam like Namibia's got the big Chinese presence which um Banaman's done the deal with. If we're talking Zambia, who are some of the likely project partners there if you were going to sell a stake?

[00:18:21]>> Yeah, I think Banaman ran a process for two years and the corporate advisers that ran that process I'm I'm pretty close with and um yeah, I think that Chinese would be very interested. I think the US government are very interested. Um I think um the likes of because Adam Prom and and I think a lot of other incumbents would be interested um as they're looking for new new minds and things. So um I don't think there'll be any shortage when when we sort of find the time to or or are in a position to run that sort of process. I'm sure there'll be a lot of interest and a lot of these parties have done due diligence on on modest grade African heat bleach.

[00:18:59]So um anyone that missed out I'm sure is uh is wondering where's the next one going to come from. When you look at the uranium projects under development, there aren't really um a hell of a lot.

[00:19:09]This this whole pipeline has suffered from um yeah, from a a pretty poor lack of investment um since Fukushima and um I think everyone talks about incentive prices to uh provide the returns required for our equity holders and and debt providers and everybody else, but um uh all of that's going to be required to bring this new wave in. And I think this project is perfectly placed when you've got a a great stable jurisdiction like Zambia and pounds that can come on by 2030 2031. Um I think the utilities are going to um start squabbbling over what's left at that point.

[00:19:44]>> So and I suppose the big selling point's going to be um look at the old study average annual production at 2.2 million pounds. It's it's that that seems to be like the 1 to2 million pound is pretty common. It's getting up to sort of the fours and fives or even yeah even just 4 million pounds peranom to really separate yourself from the field. But because you're doing heat bleach I know you haven't like gone into the studies yet but to increase the output on a heat bleach is there like spatial constraints because you you know you got to stack everything up and pour acid on it like is there any limitations with this process? uh you don't keep going higher, you go you go further out outwards. Um so no, it's subject to to land. So no, there's no constraints. Um as I said before, it's it's not very capital intensive to increase the scale. So that that analogy I said before when you 3.5 million ton perom plant for us and 282 mil capex, Banaman's 8 million tons. So more than twice the size. Um 350 mil capex are only 20% higher capex. So um so it's a lot of capital intensity to make this thing bigger. Um uh yeah, I think the other the other thing to look at in in how to pitch these, how to value these sorts of things, if you look at an EV to resource pound at the moment, um of the likes of Banaman and Deep Yellow, I think we're trading probably two bucks 50 a pound. I think Banaman's around 550, six bucks a pound and Deep Yellow is about eight bucks a pound. So we're for for a development ready asset on mining licenses in a stable jurisdiction.

[00:21:19]Um and also with the growth profile we've got. If we can add to the resource then we'll look even cheaper on a even a to resource pound basis. Um yeah it's it's it's criminal how undervalued we are. We are just getting started but um uh yeah super undervalued relative to those peers and our grades are a higher grade and um that that's how I sort of look at the peer comps and and banaman at a uh that transaction that they did billing dollar post money value um implied by that transaction um that's sort of six seven times our EV so that's the sign of the prize for us in Zambia if we can um get the same scale and profile they have >> interesting You don't have to comment, but interesting peer comparison is your market cap's nearly the same as Lotus' and they're producing at the moment.

[00:22:07]>> Yeah, big big fall from grace. If they can get that right, then then it appears cheap, but um yeah, do they need more money? Yeah, it's um there were people involved in our company that were involved in in that at times and um definitely still think it's a good asset. Um just got to get everything right, I guess.

[00:22:25]>> Yeah. um in what what sort of permitting and government hurdles have you got ahead? Like let's fast forward to the point assuming you don't get bought and you've got to you know progress this towards a minable project or so it's minable by someone someone else if they buy it. What are the permitting hurdles and everything?

[00:22:45]>> Yes. Yeah. So, um there's a an image in our presentation that shows all of the tenementss. All of the dark tenementss that host the resources um are on mining licenses. So, um uh so we've got all the mining licenses in place. Um the environmental approvals were submitted in October 2025 by GOX. Um I'm expecting having met the the Zambia Environmental Management Authority a couple of weeks ago. Um I'm expecting by the middle of this year that we should have environmental approvals for the project um as it was contemplated in that previous feasibility study. Um the resettlement action plan was also submitted in October 2025 and again I think by around the middle of this year we should have that in place. So there are a lot of the key key permits. I think um you'll need export permits and these sorts of things as well, but um working with the radiation protection authority around that. Um yeah, I don't envisionage any of those things being issu issues. So yeah, in the next few months, I think we we could be largely permitted if we wanted to go and build a mine immediately. As I've said, that that wouldn't be the plan. Um but it's worth noting that if we didn't find another pound of uranium, the 58.8 8 million pounds that we already have. Um, yeah, keep in mind that only Diwy East and Mantanga were used in that previous feasibility study. So the 11 million pounds, we've just added the measured and indicated components of of Mantanga and DIY East as well as these other satellite deposits which were shown to be cash flow positive um in previous studies by GOX. If you incorporated all of those into the feed um you're at sort of 3.83.9 million pounds peranom for a 12 year mind. So you already do have a critical mass of um of resources in the ground there where I think you can achieve an increased scale. You've obviously got some infield drilling and some met test work to to verify some of those things on the new deposits particularly, but um um yeah, like I don't think we're we're too far away from having something. It's a it's a conscious decision by us to want to make this thing big and the fact it hasn't been drilled in 15 years. Um and the fact we've had such an impact with a modest budget already um that's what really excites us for the upcoming year.

[00:24:56]>> Yeah. Very good. Um recent board changes. So Grant Davyy has been promoted to or brought brought in now as the exec chair. Uh obviously came in via the deal. obviously note he's had some uh historical things in the media. Uh but I I guess I just want to ask why the decision to bring him on as an exec chair uh going forward. Uh what was what are you looking to change?

[00:25:26]>> Sure. So he's not exec chair just >> not exact. Sorry.

[00:25:30]>> Uh no no it's all right. Um yeah look I've known Grant 10 years. Um, Grant's had well more experience in uranium than than even the the higher profile ones.

[00:25:39]So, he was the founder of Boss. He was the founder of Lotus. Um, he was imminently involved in feasibility studies and the promotion of uh of all of those companies. And I'm sure investors made a hell of a lot of money at the right times um in those stocks. I think Boss became a two billion dollar company at one point um uh and Lotus at one point was a billion dollar market cap. has has obviously fallen significantly. Um so and we're we're only trading just above where we are to at so getting in at the same time as Grant um I think is is usually a pretty good playbook in the uranium space. Um so bringing him in um with that experience um and and one of the things from working with him for the last 10 years that that I think about Grant is um he's one of the best custodians of shareholders money that I've seen. um um he and I are very conscious of um making sure that we control how the shareholders money spent and um and obviously reporting on that and um uh yeah Grant and I work very well together and um yeah I think it's a great addition to the board. Uh we've also got Keith um Keith Bows on the board who was the manager director of Lotus for 5 years um technical by background and um so I think we've got some great uranium expertise and experience on the board and it's why I mentioned we're capable of taking this through to development if that's um in the best interest of shareholders.

[00:27:03]>> Yeah. Yeah. And look, look, I appreciate the um, you know, the historical, you know, share price rises um, with with his involvement, but is he bringing much in terms of, I guess, the international connections like if we're talking strategic partners and uh, and that side of things, foreign investment and everything like that. What where's all that going to start coming from him or >> uh, there's a lot of inside of road show in North America in March. Um there's a lot of institutions that um have have made money um back in Grants uranium stocks before. Um and so he has a great relationship with a number of those and um and that was extremely clear when when I was on the road show meeting those groups. Um I don't think Grant's going to be the one that's going to be calling up strategics and and utilities when we don't need him to to be honest.

[00:27:52]As I mentioned, we've got a sales and marketing guy with with a great rolodex in that space. Um um and there's corporate advisers that are uh talking um every day to to these big uh uranium companies. So when the time's right, we'll be able to open those doors, not a problem. Um but I think yeah, Grant's assistance on the financing side would be more on the um the institutional connections that have made money from him before in uranium.

[00:28:17]>> Roger that. Uh finally, mate, the forgotten the forgotten stepchild the asset in Niger. Everyone probably knows Nigeria because of the global atomic uh mine. Uh the that whole saga, but uh probably people not many people know that uh atomic eagle also has a mine in Niger that is uh in the hands of Nigeria effectively under arbitration. T take us through just just quickly what's what the deposit is uh and what's the status of it and if there's a hope in hell ever.

[00:28:53]>> Sure. uh GOX um probably worked on it for maybe 15 to 20 years. They spent 160 million US on the acquisition, exploration, and development of the asset. Um the resource is £116 million at 1,319 ppm. Um so it's a huge project. So that's four times the grade of our Zambian asset and more than twice the size. Um so a world-class asset on any stretch. mentioned how much they spent um in 2024. So I think there's a military coup in Nair in 2023. Um by mid 2024 the Nair government um expropriated the asset from GobX. GobX commenced international arbitration proceedings.

[00:29:39]Um and then in early 2025 uh the NGER government and and GOVX management um signed a pause on those arbitration proceedings to um negotiate um a resolution to it all which um which may or may not include giving the asset back to the company. Um in the five months since I've been involved and and together with Grant um we've continued those discussions um in Saudi Arabia and in country um uh and and those discussions are continuing as we speak.

[00:30:08]Um it's it's not fanciful to say that um that we could get the asset back and and what that would look like would be a mining con new mining convention and the new exploitation permit. Um but um failing failing that as a plan A and and that is our plan A. Um plan B is arbitration of course and and we have preserved our rights uh on that. If we were to um to unpause the arbitration, then you'd be back in that world. And I think if we were to go back to that world, we wouldn't want to waste shareholders dollars on it. We would want to um pursue litigation funding and um from from soundings out, I I believe that that would be forthcoming and um given the the quality of the claim and quality of the asset. But um I think plan A is um is what we're working on, trying to get the asset back. Uh we think it has a hell of a lot of value.

[00:30:57]Um I think a lot of those strategics I mentioned before um would also be really interested in the asset and um uh and I think there's still a lot of upside to the asset. Um there's a lot of exploration potential still there uh to grow the 116 million pounds and and we think reimagining the feasibility study uh with an open pit mine plan rather than underground uh that was uh imagined in the there was a 2022 SRK feasibility study that was done on the asset. So it's a very recent and development ready project. Um yeah, we think we could really reimagine it and um um extract value for shareholders. But I think the real point that I want to emphasize is we we listed off the back of Zambia. Um those eBay resource pound numbers are off the back of Zambia. I strongly feel we are we are very undervalued off the back of our Zambian asset. Nair is an option value only. Um, as you stated, we don't own anything technically at the moment other than um other than the historical rights and and an arbitration claim over the top of those rights. Um, so it is option value. Um, you don't buy Atomic Eagle purely because of Nair, but um, it is a bloody nice set of steak knives. Um, if we can achieve something there, >> locked in the cabin.

[00:32:12]>> 100%.

[00:32:13]>> Not too easy, mate. Well, um >> in the coming months, I think there'll be um there'll be a resolution one way or another um on on which way, plan A or plan B we go there.

[00:32:23]>> Yeah. Yeah. And at least you know that uh if there's a negative resolution, your share price is not going to go down because there's zero value anyway. So, >> yeah. Would have thought so.

[00:32:33]>> Let's we'd hope so.

[00:32:36]Mh. Phil, thanks very much for uh coming on, mate. Anything uh anything I've missed? it's your opportunity to full send it.

[00:32:46]>> Yeah, look, I don't think so. I think as a as a stock and relative to other uranium stocks, I think we are um unique and that we I call it having many many tickets in the raffle. I think there's um we're not just the sort of pregnant company at DFS with with no nowhere to grow the company. We've got really good exploration targets that we think we're going to grow the resource. Um we think when we can demonstrate what that does scale does to the economics of the project um I believe uh that will add value to the company and and obviously if you're getting a share back that'll add value to the company so we're not just a play on the uranium price albeit if uranium moves then then we'll move as well.

[00:33:23]>> Yeah. Yeah. Wonder if I can bloody I may I may I may just have a tickle. I can't confirm yet but you'll know when I do.

[00:33:32]I'm not I'm not sure. I'm still, as I said, I'm still weighing up if uh I put you guys against Lotus, which is countries next door to each other with Malawi and Zambia. Haven't made a decision yet. So, but you you coming on ahead of the Lotus uh MD's probably uh put yourself in favor.

[00:33:51]>> We don't we definitely don't need to raise money. Um so, that's that's what I would say. But, uh yeah, I look forward to you hopping in the market and and moving the needle for us. That'll be great. Too easy, mate. Right, mate.

[00:34:04]Thanks for coming on and uh buddy. Much appreciated. Best of luck over there in both jurisdictions.

[00:34:10]>> Yeah. Cheers, Matt.