AEE continued to progress works toward FID for Tiris in early 2025, recently lifting reserves and providing a growth options study. AEE ended the quarter with a cash balance of A$21m, and a funding update remains a key near-term catalyst. 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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