The Honeymoon operation continues ramp-up with building momentum. Production has and is expected to continue accelerating with three NIMCIX columns and two calciner kilns now operational. BOE is positioned well to benefit from improved uranium pricing anticipated during the next few years. Higher than expected capital requirements scheduled for the second half of FY25 impact our valuation and we moderate our Price Target to $3.45, down from $3.60 per share.
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