Given the recent retraction in uranium spot prices (despite term pricing holding up) and the negative sentiment current for uranium, we believe there is risk to the FID and development timelines of the uranium developers (we currently expect FID for DYL, BMN and AEE in mid CY25). We have adjusted our near-term uranium price forecasts lower however we maintain a constructive medium and long-term view. Our key development picks remain BMN and AEE.
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