Uranium

Research evidence excerpt

Uranium

g FID. The CNNC partnership substantially reduced the LOT Risked BaseDYLCase BMN SpotPDNU3O8 BOE

funding need (we see benefits from working with CNNC on construction Long Term (Tradetech)

equipment & acid procurement). Chair Brandon Munro presented to Source: TradeTech, Macquarie Research, May 2026

the Macquarie Asia conference, articulating a view that uranium term

Figure 3 - BMN and DYL approaching prices could push higher to ~US$120/lb to incentivise further greenfield production

(vs Tradetech US$93/lb now; MRE base case US$95/lb for now, but we

acknowledge share price volatility is a critical issue for developers). 1600Klbs Total U3O8 Production

DYL – Outperform, preserving flexibility at Tumas 1200

• Tumas project has completed earthworks and is entering the civil works 1000800

phase (could be 10-12 months). Given its strong cash balance, DYL 600

has at this stage preserved full flexibility on FID timing. It is selecting a 400200

construction contractor, and is engaging with potential strategic partners 0

on the project (including from the US). 1Q-FY25a 2Q-FY25a 3Q-FY25a 4Q-FY25a 1Q-FY26a 2Q-FY26a 3Q-FY26a 4Q-FY26 1Q-FY27 2Q-FY27 3Q-FY27 4Q-FY27 1Q-FY28 2Q-FY28 3Q-FY28 4Q-FY28 1Q-FY29 2Q-FY29 3Q-FY289 4Q-FY29 1Q-FY30 2Q-FY30 3Q-FY30 4Q-FY30

LOT – Balance sheet concerns look overdone; OP, TP to $1.30 from $1.90 PDN DYL BOE LOT BMN

• We raise our equity dilution discount factor to A$0.80/sh (was A$0.21/

Source: Company data, Macquarie Research, May 2026

sh), reflecting the possibility that it may need to raise further capital

(now at a much deeper discount & lower price level to begin with). This

could be required if it faces delays in (i) export approvals from the

Namibian and transit governments along route and/or (ii) prepayment/

inventory finance.