We attended the BMN Etango site tour in Namibia where early works are progressing rapidly. The transformation of the site highlights that the project is construction ready with an FID expected in 1HCY25. Contracting and funding are key near-term catalysts, and we expect BMN to pull the trigger at prices above US$80/lb. BMN ended the December quarter with A$81.1m in cash on hand and zero debt and is well funded for early works. 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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