AEE has lifted reserves by 49% and has outlined a growth study which has shown optionality to lift production from ~1.8mlbpa to ~3.0mlbpa and ~4.0mlbpa bringing forward production under two scenarios. Updates on contracting and funding are key near-term catalysts. We believe the timing of Tiris development and ramp-up coincides with tightness in the uranium market, driving economic upside from our near-term bullish price outlook. AEE also has upside leverage on the large Haggan polymetallic project should uranium mining laws change in Sweden.
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