BMN released its quarterly report highlighting early works at Etango, and a continued 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 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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