BMN continues early works on Etango which is currently running ahead of schedule, and it is continuing its advancement towards FID. We expect an FID to be taken in 2025 which together with updates on contracting and funding are key near-term catalysts. BMN ended the September quarter with A$95.7m in cash on hand and zero debt. We believe the timing of the forecast Etango development and ramp-up coincides with tightness in the uranium market, driving economic upside from our near-term bullish price outlook. The large resource base also provides potential upside to production and LOM
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