Recording date: 11th November 2024The global energy landscape is on the cusp of a profound transformation as the world grapples with the urgent need to decarbonize while meeting rising electricity demand. Nuclear power, with its reliable, carbon-free baseload generation, is poised to play a central role in this transition. For investors seeking to capitalize on the immense growth potential of clean energy, uranium – the essential fuel that powers nuclear reactors – presents a compelling opportunity.The outlook for nuclear energy has strengthened significantly in recent years, with demand forecasts now pointing to a 2-3x expansion from current levels. The potential return of a pro-nuclear Trump administration in the U.S., coupled with supportive policies worldwide, further bolsters the sector's prospects. Governments recognize the critical role nuclear must play in achieving climate goals and ensuring energy security.However, it's not just policymakers driving this nuclear renaissance. A powerful new source of demand has emerged in the form of hyperscale data center operators. Tech giants like Microsoft, Alphabet, and Meta are pursuing aggressive decarbonization targets for their electricity-intensive operations. Nuclear energy, with its 24/7 reliability and zero-carbon attributes, is uniquely positioned to meet their needs. These companies are going beyond merely signing power purchase agreements – they are directly investing in advanced reactor technologies and exploring vertically integrating fuel cycle capabilities to secure supply.As demand surges, attention is turning to the availability of uranium. Years of low prices have disincentivized new mine development, and the market has largely subsisted on secondary supplies and excess inventories. That period appears to be ending. Major producers like Kazatomprom and Cameco are sounding the alarm about looming supply shortfalls and the need for higher prices to bring on new production. This tightening market is already reflected in rising long-term contract prices, which form the backbone of the industry.For investors, the compelling supply/demand fundamentals, accelerating nuclear energy growth, and the emerging influence of tech giants present a potentially lucrative opportunity in uranium. Investors can gain exposure through uranium mining equities, direct commodity investments via holding companies or physically-backed funds, nuclear technology providers, and fuel cycle service firms. As with any commodity, thorough due diligence is essential given the uranium market's history of volatility and complex geopolitical and regulatory factors.The world is on the brink of a transformative shift toward clean energy, and nuclear power is set to play a pivotal role. Uranium, as the essential fuel underpinning this carbon-free energy source, presents a timely opportunity for investors to position for a potentially powerful bull market. With demand expanding and supplies tightening, the outlook for uranium is brightening, illuminating a compelling investment thesis in an indispensable element of the clean energy transition.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Recording date: 15th November 2024Energy Show with Troy Boisjoli, CEO of ATHA Energy.Recent geopolitical developments have highlighted the growing supply-side scarcity in the uranium market, with Russia's announcement of temporary restrictions on enriched uranium exports to the US emphasizing the industry's bifurcated nature. The market structure reveals a significant imbalance, with OECD nations representing approximately 75% of demand but only about 25% of supply, creating an urgent need for Western nations to develop domestic fuel cycle capabilities.The North American uranium sector is experiencing a fundamental shift, moving from a period of demand destruction to unprecedented growth prospects. The US market, currently the world's largest uranium consumer at around 50 million pounds annually, is planning to double its nuclear energy capacity by 2040 and triple it by 2050. This expansion comes at a time when domestic US production satisfies only about 10% of current demand, creating significant opportunities for North American uranium development, particularly in Canada's high-grade deposits.However, the industry faces several critical challenges. The sector has experienced an exodus of skilled professionals during the prolonged market downturn, creating a talent shortage that could impact project development and execution. This is particularly concerning for technical expertise needed in exploration, development, and production. While some companies, especially those centered in uranium hubs like Saskatoon, Saskatchewan, have maintained their technical capabilities, the industry-wide skill gap remains a significant concern.The market is witnessing a fundamental shift in dynamics, transitioning from a buyer's to a seller's market. Unlike previous cycles, there isn't substantial secondary supply available, nor is there a major producer like Kazakhstan capable of rapidly scaling up production from 8 million to 70 million pounds. This supply constraint, combined with declining secondary sources and the success of market-stabilizing initiatives like Cameco's production discipline and Sprott's physical fund removing 65 million pounds from the market, suggests strong upward pressure on uranium prices.A notable emerging trend is the entrance of major technology companies into the nuclear energy space, particularly regarding Small Modular Reactors (SMRs) and power purchase agreements. This represents a significant shift as tech companies typically operate on much shorter timelines than traditional utilities and government entities. This could potentially lead to vertical integration in the sector, with tech companies moving upstream to secure their energy supply chains.The fundamentals of the uranium market remain robust, even without considering the emerging tech sector demand. The industry is experiencing what appears to be a generational shift rather than a typical cycle, with established demand growth from Asia combining with renewed interest from Western nations. While the spot price hasn't yet reflected these fundamentals, the term contract market is showing strength, and the industry appears to be in a "pregnant pause" before a potential significant market move. The limited number of uranium companies, particularly those with quality assets in stable jurisdictions, suggests that when market sentiment shifts, the response in equity valuations could be particularly dramatic.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

The uranium mining industry and the prospects for nuclear energy in Australia are at a pivotal moment, shaped by a complex interplay of political, economic, and societal factors. In a recent interview with Crux Investor's Energy Show, Jonathan Fisher, CEO of Cauldron Energy, shed light on the current state of the sector and the potential catalysts that could drive its future growth.The impact of the recent US election results on the uranium industry cannot be overstated. With Trump's vocal support for nuclear power and the potential for streamlining the approval process for new projects, the sector is poised for a significant boost. This renewed focus on nuclear energy as a clean and reliable source of baseload power could have far-reaching implications for uranium demand and prices, which have remained subdued in recent years.In Australia, the political landscape is also undergoing a significant shift, with changes in state governments and the upcoming federal election in 2024 set to shape the future of uranium mining and nuclear energy in the country. The growing support for liberal and conservative parties, as evidenced by recent betting market trends, could pave the way for policy changes that are more favorable to the industry. This includes the potential for lifting state-level bans on uranium mining and the development of a regulatory framework for nuclear power generation.The recent Global Uranium Conference in Adelaide provided a clear indication of the growing momentum behind the uranium sector in Australia. With increased attendance and strong support from the South Australian government, the conference showcased the industry's resilience and potential for growth. The recognition of the critical role that nuclear energy can play in meeting the country's growing energy needs, particularly in the context of the expanding data center industry, was a key theme that emerged from the discussions.However, the path to a thriving uranium mining and nuclear energy sector in Australia is not without its challenges. The development of a skilled domestic workforce and the attraction of international talent remain crucial to the industry's success. Grassroots support for nuclear power in communities near proposed nuclear sites is also essential to overcoming public opposition and ensuring the long-term viability of projects.Fisher's insights into Cauldron Energy's recent uranium discovery and the broader market dynamics provide a glimpse into the opportunities that lie ahead for the industry. Despite the current low spot prices, the long-term fundamentals of the uranium market remain strong, driven by the growing global demand for clean and reliable energy. As the world continues to grapple with the challenges of climate change and the need for sustainable economic growth, the role of nuclear power in the energy mix is set to become increasingly important.In conclusion, the uranium mining industry and the prospects for nuclear energy in Australia are at a critical juncture. The convergence of supportive political and economic factors, coupled with the growing recognition of the sector's potential to drive sustainable growth and energy security, presents a unique opportunity for the industry to thrive. Learn more: https://www.cruxinvestor.com/categories/themes/the-energy-showSign up for Crux Investor: https://cruxinvestor.com

Recording date: 7th October 2024The uranium market is experiencing a significant transformation, presenting both opportunities and challenges for investors. Unlike the speculative boom of the early 2000s, today's market is characterized by fewer, more established companies with viable projects. This maturation has led to a more rational market where risks are better understood and valued.Several key players are emerging as potential leaders in the sector. Uranium Energy Corp (UEC) has built a substantial portfolio in the United States and Canada, focusing on near-term production assets. NexGen Energy is developing its high-grade Arrow project in Saskatchewan, though some analysts question the timeline for production. Denison Mines has consolidated assets in the Athabasca Basin and innovatively purchased physical uranium during market dips. IsoEnergy has been aggressive in its acquisitions, recently purchasing the Anfield Uranium Mill in Utah, which could significantly reduce its production costs.Despite the positive long-term outlook for uranium, many companies face challenges in financing new projects or acquisitions. The industry has a history of production delays and overpromising, leading to some investor skepticism. This dynamic is creating pressure on companies to either deliver on their promises or consider strategic alternatives such as mergers or acquisitions.A bright spot for the industry is increasing support from the US government for domestic uranium production, driven by energy security concerns and the push for clean energy. This could benefit US-based producers like Energy Fuels, Ur-Energy, and UEC. However, US production is unlikely to compete with the high-grade deposits of Canada's Athabasca Basin in terms of cost.Further consolidation through mergers and acquisitions is likely and necessary for the industry. Recent M&A activity, such as ISO Energy's acquisition of Anfield, has been highlighted as potentially transformative. Chinese companies may also play a role in future M&A, particularly in Africa, though such acquisitions could face regulatory scrutiny in Western countries.For investors considering the uranium sector, several key points emerge:Focus on companies with clear paths to production and strong balance sheets.Consider jurisdictional risks and the potential advantages of US-based production.Understand the role of physical uranium holdings as a strategic asset.Be cautious of overly optimistic production timelines.Watch for consolidation opportunities as the industry matures.The uranium market presents a compelling long-term investment thesis, driven by growing demand for clean energy and concerns over energy security. However, the industry faces near-term challenges in financing new projects and delivering on production promises. Investors should focus on companies with strong management teams, clear paths to production, and the financial resources to weather potential delays.While the fundamentals appear strong, the sector's history means investors should maintain realistic expectations about timelines for new production. Government support, particularly in the US, could provide tailwinds for domestic producers. Overall, uranium investments require patience and careful due diligence, but may offer significant upside potential for those who can navigate the sector's complexities.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

With Colin Healey, CEO of Premier American Uranium Inc.Recording date: 11th October 2024The uranium market is showing strong signs of recovery and potential growth, driven by increasing global support for nuclear energy as a clean, reliable power source. This shift presents a compelling opportunity for investors to consider adding uranium exposure to their portfolios.Recent developments highlight a growing political and public acceptance of nuclear energy. In the United States, bipartisan support is evident through initiatives like the Department of Energy's $1.5 billion loan guarantee for restarting the Palisades nuclear plant in Michigan. Internationally, 21 countries have committed to tripling nuclear energy generation by 2050, as mandated at COP28. Even traditionally anti-nuclear countries like Australia are reconsidering their stance, with the current government potentially launching an inquiry into nuclear energy.The supply-demand dynamics in the uranium market are particularly favorable for investors. Currently, there's a supply deficit that's expected to persist and potentially grow. The average time from discovery to production for new uranium mines has increased to 18.6 years, up from 13 years in the past. This long lead time, coupled with complex regulatory processes, constrains new supply.Meanwhile, demand is projected to double by 2040, according to the World Nuclear Association.These factors are expected to drive uranium prices higher in the coming years. Bank of America has set price targets of $115/lb for 2025 and $135/lb for 2026, up significantly from current levels around $83/lb. Despite this positive outlook, many uranium stocks are trading below their recent highs, potentially offering attractive entry points for investors.The sector is also gaining support from financial institutions and major corporations. A group of 14 global banks recently announced their support for nuclear energy growth, while tech giant Microsoft has partnered with Constellation Energy to restart a nuclear plant. These developments signal broader acceptance of nuclear energy and could lead to increased capital availability for the sector.However, investors should be aware of the risks. The nuclear industry still faces regulatory challenges, public perception issues in some areas, and potential technical difficulties in bringing new mines online. The uranium market has historically been volatile, and geopolitical factors can impact prices.For those considering investing in uranium, it's crucial to conduct thorough due diligence. Look for companies with quality assets, experienced management teams, and access to capital. Consider a diversified approach by investing in multiple uranium companies to spread risk. Both pure-play uranium miners and diversified mining companies with uranium exposure could be considered.The long-term outlook for uranium appears strong, supported by growing energy demand, the need for low-carbon power sources, and technological advancements in nuclear reactor design. Government support in many countries is likely to create a more favorable environment for the industry.In conclusion, while challenges remain, the fundamentals of the uranium market appear robust. The combination of growing demand, constrained supply, and increasing government and corporate support creates a potentially lucrative opportunity for investors willing to navigate the sector's complexities. As always, investors should consider their own risk tolerance and potentially consult with a financial advisor before making investment decisions.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

With Andreas Bork, VP ESG Investor Relations of ShellRecording date: 18th October 2024Shell's recent strategic shifts and market positioning offer valuable insights into the investment potential of the oil and gas sector in an evolving energy landscape. As outlined by Andreas Bork, Shell's General Manager in Investor Relations, the company has transformed from a traditional oil and gas entity into an integrated energy company, balancing current energy demands with future low-carbon solutions.This dual focus presents a compelling investment case. Shell maintains strong positions in three key areas: LNG (Liquefied Natural Gas), oil products for transportation, and power generation. These sectors continue to drive substantial cash flows, supporting attractive shareholder returns. Simultaneously, the company is actively investing in future-oriented technologies and services, including biofuels, EV charging, and renewable power generation.Shell's financial performance has been robust, with the stock price recovering strongly since the COVID-19 crash in March 2020. This recovery is attributed to both macro factors and company-specific improvements. Notably, the new CEO has implemented a strategy focused on "performance, discipline, and simplification," emphasizing capital discipline and shareholder returns.The company is also addressing environmental concerns, aiming to reduce its scope 1 and 2 emissions by 50% between 2016 and 2030. It has already achieved significant reductions in methane emissions and routine flaring. This proactive approach to environmental, social, and governance (ESG) issues may help mitigate related risks for investors.Shell sees significant growth opportunities in LNG, which it views as a crucial transition fuel. The company is also well-positioned in the biofuels market and is strategically investing in EV charging infrastructure. Its trading capabilities allow for optimization across various energy products, a valuable asset in an increasingly diverse energy mix.However, investors should be aware of the risks facing the sector, including price volatility, regulatory challenges, and potential long-term demand reduction for fossil fuels. Shell's diversified portfolio and strategic investments in low-carbon technologies are designed to help manage these risks. The company's approach to the energy transition is grounded in commercial realities. As Bork emphasizes, Shell participates in the energy transition where it makes commercial sense and offers opportunities for growth with decent returns on invested capital. This pragmatic strategy balances environmental concerns with financial performance.For investors, Shell's example highlights the potential of well-managed oil and gas companies to deliver value in a changing energy landscape. These companies offer a unique combination of strong current cash flows, attractive shareholder returns, and exposure to future growth opportunities in emerging energy markets.However, selectivity is crucial. Investors should focus on companies demonstrating strong financial discipline, clear transition strategies, diversified portfolios, and robust ESG performance. Companies excelling in these areas are likely better positioned to navigate the challenges and opportunities of the evolving energy sector.In conclusion, while the energy transition presents challenges, the investment case for select oil and gas companies remains compelling. Their critical role in managing the energy trilemma of security, affordability, and sustainability, coupled with their adaptation to emerging trends, suggests that well-positioned companies in this space can continue to offer attractive opportunities for discerning investors.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Recording date: 2nd November 2024The global uranium market is experiencing significant structural changes that create compelling investment considerations. Recent developments point to tightening supply dynamics and growing demand, though investors should approach the sector with careful attention to fundamentals.Kazakhstan's Kazatomprom, the world's largest uranium producer, has recently strengthened its eastern alignment by receiving BRICS partnership status. Notably, over 50% of their production is now committed to China, requiring shareholder approval. This marks a significant shift in global uranium supply chains, potentially limiting Western access to a major source of uranium.Supply constraints are further evidenced in Africa, where Orano is closing their final Niger mine due to financial challenges and government payment issues. While Global Atomic appears to be making progress in the region, broader challenges in extracting and selling uranium from Niger highlight the complexities of uranium production in challenging jurisdictions.On the demand side, nuclear power adoption continues to expand globally. Even non-traditional markets like Jamaica are exploring nuclear options, including small modular reactors (SMRs) and micro-reactors. Japan maintains a generally pro-nuclear stance despite recent government changes, reflecting the broader trend toward nuclear power acceptance.Production economics remain a critical consideration, as demonstrated by Paladin Energy's recent market impact following higher cost guidance. This situation underscores that restarting mothballed mines is more complex and costly than often anticipated. However, established operators like Energy Fuels are showing progress, processing uranium at White Mesa with plans to increase production from 700-800,000 pounds this year to 2 million pounds next year.The market appears to be entering a consolidation phase, with companies reassessing strategies and seeking intelligent approaches to asset development. This suggests a maturation beyond purely speculative plays, with increasing differentiation between legitimate projects and marketing-driven ventures.For investors, key considerations include:Supply security concerns may drive premium pricing for Western-aligned producersOperational track record and clear path to production are becoming more criticalGovernment relationships and jurisdictional stability play crucial rolesBalance sheet strength and financing capabilities matter more than everThe ability to execute on production targets is increasingly importantThe uranium sector is attracting increased attention toward companies that demonstrate several key characteristics. These companies typically maintain established operations within politically stable jurisdictions while fostering strong relationships with local governments and securing necessary operational permits. Investors are particularly focused on operators that present clear, realistic production timelines alongside credible cost estimates. Additional appeal comes from companies that have diversified their revenue streams, such as those incorporating rare earth element production alongside uranium operations. Furthermore, companies with robust balance sheets and reliable access to financing options are garnering stronger interest, as these financial foundations become increasingly critical in the current market environment. This shift in investor focus reflects a broader market maturation, moving away from purely speculative plays toward companies with demonstrable operational and financial strength.While near-term price movements have been measured, structural changes in global supply chains, increasing nuclear power adoption, and growing focus on supply security suggest potential long-term market tightening. However, investors should maintain focus on companies with fundamental value propositions rather than speculative opportunities.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Recording date: 23rd September 2024The uranium market is experiencing a gradual recovery, presenting both opportunities and challenges for investors. Industry experts, including Chris Frostad, emphasize that while progress is slower than some might hope, the overall trajectory remains positive. This measured optimism stems from improving fundamentals in the nuclear energy sector and broader global energy trends.A key development investors should monitor is the potential bifurcation of the uranium market between East and West. Geopolitical factors, including sanctions on Russia and Kazakhstan's increasing alignment with China, are driving this split. This could lead to a two-price system, potentially benefiting Western-focused uranium companies as utilities seek to diversify their supply chains away from Russian and Kazakh sources.The supply-demand balance for uranium is tightening. Years of low prices have led to underinvestment in new production, while global demand continues to grow, particularly in countries like China and India. This imbalance suggests potential for higher uranium prices in the medium to long term.Merger and acquisition activity is increasing in the sector, with larger players making strategic moves to acquire assets and strengthen their market positions. This consolidation trend could create stronger, more efficient companies better positioned to capitalize on market improvements.However, junior exploration companies face significant challenges, including limited access to capital and difficulties in assembling promising land packages. Investors considering this segment should be selective, focusing on companies with strong management teams and well-located assets.Government initiatives recognizing uranium as a critical mineral could provide support for the industry. However, investors should be cautious about placing too much emphasis on these programs until they translate into concrete action and funding. The role of nuclear power in meeting future energy demand, including from AI and data centers, is discussed as a potential driver of long-term growth. While the immediate impact on uranium prices may be limited, it underscores the growing need for reliable baseload power.Environmental, Social, and Governance (ESG) factors are becoming increasingly important in the uranium sector. Nuclear power's low carbon emissions profile aligns well with climate change mitigation efforts, potentially improving its perception among ESG-focused investors.For investors considering exposure to uranium, a diversified approach is recommended. This could include a mix of established producers, near-term developers, and select junior explorers. Focus on companies with strong balance sheets, experienced management teams, and assets in stable jurisdictions. It's crucial to maintain a long-term investment horizon, as the uranium market's recovery may be gradual. Stay informed about geopolitical developments, nuclear energy policies in key markets, and technological advancements in the industry.While challenges remain, the overall outlook for uranium appears positive. The growing recognition of nuclear energy's role in the clean energy transition, coupled with tightening supply-demand fundamentals, supports the long-term investment thesis for uranium. However, patience and careful stock selection will be key for investors looking to capitalize on the potential growth in this critical fuel for the nuclear industry.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Recording date: 4th September 2024The global nuclear energy sector is experiencing a significant resurgence, creating potentially lucrative opportunities in the uranium market. Industry experts and recent developments point to a growing imbalance between uranium supply and demand, which could drive prices higher in the coming years.At the recent 2024 World Nuclear Association Symposium in London, attendance reached capacity with 700 participants, indicating surging interest from investors, suppliers, and stakeholders beyond the traditional nuclear industry. This enthusiasm stems from several key factors reshaping the nuclear landscape.Government support for nuclear energy is increasing worldwide. The UK Labour government, traditionally skeptical of nuclear power, has committed £5.5 billion to the Sizewell C project. Russia has announced plans for 34 new reactors, while China is reportedly planning 11 new reactors in addition to nearly 50 already in development. This global expansion of nuclear capacity is driving long-term uranium demand projections upward.Current uranium production levels are insufficient to meet projected future demand, especially post-2030. Industry analysts suggest production may need to increase four to five times current levels to satisfy future requirements. This supply gap is exacerbated by reduced global uranium exploration and development activities since 2011, creating a potential shortage in the medium to long term.Geopolitical factors are also influencing the market. Russia's significant role in the global nuclear fuel cycle is being reassessed due to recent tensions, prompting countries and utilities to diversify their uranium and nuclear fuel supply chains. This shift may benefit uranium projects in stable, Western-aligned jurisdictions.Nuclear energy is increasingly viewed as crucial for energy security and climate change mitigation. Its ability to provide reliable baseload power complements the intermittent nature of renewable energy sources, while its low carbon emissions profile aligns with global efforts to reduce greenhouse gas emissions.The uranium market is currently experiencing a standoff between buyers (primarily utilities) and sellers (producers and developers). Utilities are holding off on large-scale contracting, believing they have sufficient short-term inventory, while producers are reluctant to sell remaining inventory at current prices. However, experts anticipate that uranium prices will need to rise significantly to incentivize new production and meet future demand.For investors, the uranium sector presents both opportunities and challenges. Despite strong industry fundamentals, uranium equities have experienced recent volatility, potentially creating value opportunities. Companies with experienced management teams and projects in favorable jurisdictions are attracting particular interest. Investors should keep the sector's risks in mind, including long development timelines for new projects, regulatory complexities, and potential market volatility due to the relatively small size of the uranium market.In conclusion, the uranium market appears poised for growth, driven by a global nuclear renaissance, supply constraints, and increasing recognition of nuclear energy's role in achieving energy security and climate goals. While short-term volatility may persist, the long-term outlook for uranium demand remains strong. Investors considering the sector should focus on companies with strong management, favorable project locations, and robust economics, while maintaining a long-term perspective aligned with nuclear industry development timelines.Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Recording date: 3rd September 2024The uranium market presents a complex yet potentially rewarding landscape for investors, characterized by long-term growth prospects tempered by near-term uncertainties. Recent developments and expert insights provide a nuanced picture of the sector's current state and future potential.Kazakhstan, the world's largest uranium producer, recently announced a 17% reduction in its production forecast. This significant cut from a supplier responsible for 40% of global uranium production could have far-reaching implications. However, industry experts caution against expecting immediate dramatic market reactions. The uranium market operates on longer time horizons, with supply contracts often spanning several years, meaning the full impact of such announcements may take time to materialize.Small Modular Reactors (SMRs) have garnered attention as a potential driver of uranium demand. However, a closer examination reveals their impact may be more limited than some enthusiasts suggest, at least in the near to medium term. Calculations indicate that 40 SMRs roughly equate to the uranium consumption of one traditional reactor. Over the next decade, SMRs might increase uranium demand by only 1.5% over current levels, suggesting a gradual rather than revolutionary impact on the market.A striking revelation is the vast difference in uranium inventory accumulation strategies among major nuclear energy producers. Over the past two years, while the United States and European Union each added about 2 million pounds to their stockpiles, China increased its inventory by a staggering 85 million pounds. This disparity could indicate divergent expectations about future nuclear energy deployment and uranium availability.The uranium market's opacity remains a significant challenge for investors. Unlike many commodities, uranium does not trade on public exchanges, and much of the contracting occurs privately. This lack of transparency makes it difficult to gauge true supply and demand dynamics, creating both challenges and opportunities for investors. The sector is also experiencing consolidation attempts, as evidenced by the proposed merger between Fission Uranium and Paladin Energy. However, such deals face challenges in securing shareholder approval, highlighting the complexities of M&A activities in the uranium sector.Despite these challenges, the long-term investment case for uranium remains compelling. Factors supporting this include the potential long-term supply-demand imbalance, geopolitical considerations driving supply diversification, and uranium's role in the clean energy transition. Current uranium prices remain below the incentive level needed to bring new production online, suggesting potential for price appreciation as market fundamentals tighten.For investors considering the uranium sector, a patient, well-informed approach is crucial. Investors are to be mindful of risks, including regulatory and public perception issues surrounding nuclear energy, long development timelines for new projects, and the potential for alternative technologies to impact long-term demand. Success likely requires thorough research, risk management, and a long-term perspective. While the market may not deliver quick returns, it offers the potential for significant value creation for those willing to navigate its complexities and maintain a long-term outlook.Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Conversation with Chris Frostad of Purepoint Uranium about market conditions.Recording date: 5th August 2024Uranium Market Outlook: Key Considerations for InvestorsThe uranium market in 2024 continues to present a compelling investment case, albeit with important nuances that investors should carefully consider. Despite recent production increase announcements from major producers like Kazatomprom, the overall supply-demand balance remains tight, supporting uranium prices above $80/lb.Several factors contribute to the bullish outlook:Persistent Supply Constraints: Years of underinvestment during the prolonged bear market have left the industry ill-equipped to rapidly boost production. Most new projects require sustained higher prices to be economically viable.Growing Global Nuclear Ambitions: Countries like China, India, and emerging markets are expanding their nuclear power programs, driving long-term demand growth.Geopolitical Reshaping: Uranium trade flows are shifting, with more material heading to Asia, potentially creating shortfalls for Western utilities.Small Modular Reactor (SMR) Development: The advancement of SMR technology could boost uranium demand beyond current projections, opening new markets for nuclear power.India's Market Opening: Recent policy changes allowing private sector participation in India's nuclear industry could accelerate the country's nuclear buildout, driving additional demand.However, investors must approach the sector with careful analysis:Look Beyond NPV: While net present value (NPV) calculations are helpful, they don't capture the full risk profile of early-stage uranium projects. Factors like permitting, financing requirements, and jurisdiction risks must be considered.Diverse Company Profiles: The sector offers a range of opportunities from major producers to exploration-stage companies. Companies like IsoEnergy and AthenaUranium illustrate different approaches and risk profiles within the exploration space.Development Timelines: Bringing new uranium projects online takes significant time and capital. Investors should be prepared for long lead times from discovery to production.Market Volatility: The relatively small size of the uranium market can lead to price volatility. Short-term fluctuations should be expected.Fuel Cycle Opportunities: Consider companies involved in various stages of the nuclear fuel cycle, not just miners. Enrichment and fuel fabrication services may offer additional investment angles.Key indicators to monitor:Long-term contracting activity by utilitiesProgress on SMR deployments and regulatory approvalsNuclear energy policy developments in key marketsExploration success and resource growth among junior companiesProduction costs and expansion plans from major producersThe uranium market in 2024 presents a mix of opportunity and risk. Supply constraints and growing demand provide a favorable backdrop, but careful company selection and risk management are crucial. Investors may consider a diversified approach, balancing exposure to established producers, development-stage projects, and earlier-stage exploration companies.While the sector has seen significant gains in recent years, the long-term supply-demand imbalance suggests potential for further upside. However, investors should be prepared for volatility and maintain a long-term perspective when approaching uranium investments.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Recording date: 22nd July 2024Investing in Uranium: Opportunities and ConsiderationsThe uranium market presents a unique investment opportunity as the world increasingly turns to nuclear power as a clean energy solution. However, navigating this sector requires understanding its complexities and the different types of companies involved.Market StructureThe uranium market comprises three main types of companies:Producers: These companies extract and sell uranium. Their stock prices tend to closely follow uranium price movements, offering the most direct exposure to the commodity.Developers: These companies are working towards bringing identified deposits into production. Their stock prices generally follow uranium prices, but not as closely as producers.Explorers: At the earliest and riskiest stage, these companies search for new deposits. Their value is largely driven by discovery potential rather than current uranium prices.Exploration PotentialThe Athabasca Basin in Canada remains a highly prospective area for uranium exploration. Over the past six decades, 38 deposits have been discovered here, averaging one new find every 18 months. This consistent rate of discovery underscores the ongoing potential in the region.Successful exploration involves multiple stages:Data analysis of historical and geological information- Geophysical surveys to identify potential uranium-bearing structures- Surface sampling to detect uranium indicators- Strategic drilling to confirm and define depositsAdvances in technology and geological understanding have enabled discoveries in previously overlooked areas, highlighting the importance of innovative approaches in exploration.Investment ConsiderationsWhen evaluating uranium companies, particularly explorers and developers, investors should consider:Project Portfolio: Companies with multiple projects spread risk and increase success chances.Management Expertise: Look for teams with a proven track record in uranium exploration and development.Project Location: Both geological and political characteristics impact potential value.Financial Position: Ensure the company has sufficient funds for its plans.Technical Approach: Innovative exploration techniques may provide an advantage.Global LandscapeWhile the Athabasca Basin is a key region, the global uranium landscape is diverse:- United States: Smaller deposits but strong government support for domestic production.- Africa: Significant resources but higher political risk in some countries.- Australia: Substantial resources but varying policies by state.Geopolitical factors heavily influence the uranium market. Issues such as nuclear non-proliferation treaties, sanctions, and national energy policies can significantly impact supply and demand.Investment ThesisThe investment case for uranium rests on several factors:- Growing global demand for clean, baseload power- Potential supply constraints due to historical underinvestment- Possibility of higher uranium prices driven by supply-demand imbalanceDifferent company types offer varying risk-reward profiles:- Producers provide the most direct exposure to uranium price movements- Developers offer potential appreciation as projects advance- Explorers present high-risk, high-reward opportunities through new discoveriesA diversified approach, balancing these different company types based on individual risk tolerance, may be prudent for many investors.The uranium sector offers significant potential rewards but comes with unique challenges and risks. Success in this market requires a nuanced understanding of geological, technical, and geopolitical factors. As global demand for clean energy grows, uranium is likely to play an increasingly important role, potentially creating valuable opportunities for well-positioned companies and informed investors. However, investors should be prepared for volatility and maintain a long-term investment horizon when approaching this sector.—Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

With Chris Frostad, President & CEO of Purepoint UraniumRecording date: 15th July 2024The uranium market is experiencing a significant shift, presenting potentially lucrative opportunities for investors. Industry experts point to a growing supply-demand imbalance that could drive uranium prices higher in the coming years.Chris Frostad, an experienced uranium industry executive, highlights that demand for nuclear energy is increasing globally. Countries are expanding their nuclear power programs to meet climate goals and ensure energy security. However, this rising demand is not being met with a corresponding increase in supply. Years of low uranium prices have led to underinvestment in new mines and exploration, creating a potential supply crunch.Uranium exploration is a capital-intensive and time-consuming process. Frostad notes that over the past two decades, billions of dollars have been spent on exploration, resulting in about 700 million pounds of newly identified uranium. This high cost of entry creates significant barriers, potentially leading to a scarcity premium for companies with proven reserves or promising exploration projects.Geopolitical factors are reshaping the global uranium market. The Russia-Ukraine conflict and issues in major producing countries like Kazakhstan and Niger have highlighted the vulnerability of the global uranium supply chain. This situation could benefit uranium producers in stable jurisdictions, particularly in North America and Australia, as countries seek to secure domestic or friendly sources of uranium.The industry is witnessing increased consolidation and M&A activity. Companies are merging to achieve scale, access capital, and position themselves for an anticipated uranium bull market. Recent examples include Paladin Energy's acquisition of Michelin and the merger of Boss Resources with Encore Energy. This trend towards larger, more diversified companies could create opportunities for investors.While the outlook for uranium appears bullish, investors should be aware of the challenges and risks. These include regulatory hurdles, public perception issues, long project lead times, and market volatility. The uranium market has historically been subject to significant price swings, which can impact project economics and company valuations.Government policy will play a crucial role in shaping the future of the uranium industry. In the United States, there have been initiatives to support domestic uranium production and nuclear fuel cycle capabilities. However, there's a noted disconnect between downstream support and upstream investment, suggesting potential future opportunities for more comprehensive government support across the nuclear fuel cycle.Technological advancements in areas such as in-situ leaching and ablation technology offer potential solutions to reduce extraction costs and make previously uneconomic deposits viable. However, these technologies are not a panacea and their implementation comes with challenges.For investors considering the uranium sector, a balanced approach is recommended. This could include a mix of established producers and promising junior explorers to balance risk and potential reward. Focus on companies operating in stable jurisdictions with supportive regulatory environments and strong balance sheets. Pay attention to M&A activity, as consolidation could create value. Given the cyclical nature of the uranium market, investors should be prepared for potential volatility and maintain a long-term investment horizon. As always, thorough due diligence is crucial when considering investments in this complex but potentially rewarding sector.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Recording date: 26th June 2024Uranium Investment Outlook: Navigating the Nuclear RenaissanceThe global uranium market is experiencing a resurgence of interest, driven by the growing recognition of nuclear energy's role in achieving decarbonization goals. For investors, this presents opportunities and challenges in a sector poised for potential growth but fraught with complexities.The increasing global demand for clean, baseload power is at the heart of the uranium investment thesis. As countries worldwide grapple with the urgent need to reduce carbon emissions while maintaining energy security, nuclear power is re-emerging as a crucial component of the energy mix. This shift is evident in policy changes across various countries, from Australia's consideration of lifting its long-standing ban on nuclear energy to China's ambitious reactor construction plans.Supply constraints are another key factor supporting the uranium market outlook. Years of low prices following the Fukushima incident in 2011 led to underinvestment in new uranium projects. As existing mines deplete and demand grows, a supply gap is emerging. This situation is further complicated by geopolitical factors, particularly concerns over Russian and Kazakh supply in light of recent global events.The market is also witnessing increased merger and acquisition activity as companies seek to achieve scale and improve project economics. The recent acquisition of Fission Uranium by Paladin Energy exemplifies this trend, combining near-term production potential with long-term development assets. This consolidation could create more robust entities better positioned to navigate market challenges and attract financing.Technological advancements, particularly in Small Modular Reactors (SMRs), represent another potential game-changer for the industry. SMRs promise lower costs, faster construction times, and improved safety features. While still in the early stages, widespread adoption of SMRs could significantly expand the market for nuclear energy and, by extension, uranium demand.However, investors must navigate several challenges when considering uranium investments. Financing remains a significant hurdle for many uranium projects due to the industry's specialized nature and the long lead times involved. Public perception and regulatory hurdles continue to impact the sector, despite signs of improving sentiment towards nuclear energy in some markets.Environmental, Social, and Governance (ESG) considerations are increasingly important in the uranium sector. While nuclear energy's low carbon footprint aligns well with climate goals, waste management and safety concerns continue to influence public and policy discussions. Companies that effectively address these issues may be better positioned to attract investment and navigate regulatory landscapes.A diversified approach is advisable for investors looking to gain exposure to the uranium sector. This could include investments in established producers with operating mines, advanced developers nearing production, and earlier-stage companies with promising exploration projects. When evaluating individual companies, it's crucial to carefully assess factors such as project economics, jurisdictional risks, and management expertise.The uranium market has historically been subject to significant price volatility, and investors should be prepared for potential fluctuations. A long-term investment horizon is often necessary, given the cyclical nature of commodity markets and the extended timelines associated with nuclear energy projects.Monitoring policy developments in key markets is essential, as government support can significantly impact the viability of nuclear energy and uranium mining projects. Equally important is staying informed about technological advancements and geopolitical events that could affect uranium supply and demand dynamics.In conclusion, the uranium sector presents a unique investment opportunity at the intersection of energy security, climate change mitigation, and technological innovation. While challenges remain, the growing recognition of nuclear energy's role in a low-carbon future could drive significant growth in the uranium market. For investors willing to navigate the complexities of this sector, uranium investments could offer substantial long-term potential as the global nuclear renaissance unfolds.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with John Ciampaglia, CEO of Sprott Asset ManagementOur previous interview: https://www.cruxinvestor.com/posts/uraniums-bull-run-pauses-but-why-bigger-gains-lie-ahead-5083 Recording date: 12th June 2024John Ciampaglia, CEO of Sprott Asset Management, provided an update on the outlook for uranium, copper, gold, and silver. He noted that lithium has struggled this year as new supply comes online and EV sales slow in some markets. Many countries are implementing tariffs on low-cost Chinese EVs to protect their domestic industries.For silver, Ciampaglia sees strong fundamentals despite the metal still trading well below its 2010 highs near $50/oz. Solar demand is a key driver as solar panels incorporate increasing amounts of silver. Indian investors are also buying silver as a cheaper alternative to gold. However, silver lacks the central bank buying that provides price support for gold. Pure-play silver companies are becoming scarce.Turning to gold, Ciampaglia expressed relief to finally see gold break to new all-time highs in US dollar terms, though it had already done so in most other currencies. While Western ETF outflows have been confounding, strong buying continues from central banks, especially in China and other Eastern countries looking to diversify reserves away from US Treasuries. China has been much more transparent about its monthly gold purchases recently. Retail demand in China has also picked up as real estate and equities struggle and cryptos are restricted.On uranium, Ciampaglia believes the market is consolidating its large gains from 2022 when prices ran from the $50s to over $100/lb. The recent $83-93 trading range is seen as a healthy breather. He expects a continued stair-step higher price path, not a spike and collapse. The market is awaiting an update from Kazatomprom on their 2025 production plans, with the Kazakhs appearing to shift to a "value over volume" strategy of no longer flooding the market. This could support higher prices for longer, as needed for the industry to boost production.The US has ambitions to triple nuclear capacity, but this would require a massive amount of new uranium supply. While idled capacity is restarting, the market remains in structural deficit with demand of 180M lbs well outpacing the 150M lbs of annual supply. Greenfield development is key.Governments are funding downstream infrastructure like enrichment to lessen dependance on Russia, but upstream miners need more help with permitting and financing. Companies seem more focused on M&A than building new mines, suggesting incentive prices are still not quite high enough yet - which Ciampaglia sees as bullish. He feels we are in a summer lull with the market awaiting new catalysts.Overall, investors are showing renewed interest in the commodity space, especially energy transition metals like uranium and copper, after a long period of being underweight the sector. However, precious metals are lagging that institutional flow as gold is not yet seen as an urgent portfolio holding for Western investors. Ciampaglia remains very constructive on commodities and sees the potential for much more upside once broader investor participation returns.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Recording date: 20th May 2024The uranium market is experiencing a transformative shift that presents a timely opportunity for investors. A confluence of factors, including rising global demand for clean energy, geopolitical developments, and supply constraints, are creating a bullish outlook for uranium prices and mining companies.One of the most significant recent developments is the US legislation banning Russian uranium imports from 2028 to 2040. This move is forcing US utilities to reevaluate their fuel procurement strategies and secure alternative sources of supply. While the ban frees up $2.7 billion in government funding to support domestic enrichment, it will take years for meaningful new capacity to come online, potentially putting upward pressure on prices in the interim.On the demand side, the global push for carbon-free energy is driving renewed interest in nuclear power. Countries worldwide are turning to nuclear as a reliable baseload energy source to meet climate goals and enhance energy security. New reactor builds, including small modular reactors (SMRs), are gaining traction, with the UAE planning four new reactors by 2032 and even Italy looking to re-enter the nuclear industry. The emergence of nuclear-powered data centers also presents a new source of demand, with energy-intensive facilities increasingly being co-located near nuclear plants for access to clean, reliable power.However, the uranium market faces supply-side constraints that could limit producers' ability to quickly ramp up output. A shortage of skilled labor is a key challenge, particularly in the US, where many mines are located in regions with limited access to experienced workers. Additionally, restarting idled mines will require significant capital investment and time, further constraining near-term supply growth.Despite these challenges, the overall outlook for uranium remains positive. Inventories are declining as the market shifts from surplus to deficit, setting the stage for higher prices. As utilities scramble to secure long-term supply contracts, uranium miners with quality assets and experienced management teams are well-positioned to benefit.Investors seeking exposure to the uranium market have several options to consider. Investing directly in uranium mining companies offers the potential for significant upside as prices rise. Uranium royalty and streaming companies provide an alternative approach, offering financing to miners in exchange for a percentage of future production. Physically-backed uranium funds, which hold uranium as an underlying asset, offer a more liquid way to gain exposure to price movements. Lastly, investors can gain indirect exposure through nuclear utility or technology companies set to benefit from the growing demand for nuclear energy.While the long-term fundamentals for uranium are compelling, investors should carefully consider their risk tolerance and conduct thorough due diligence before making investment decisions. Geopolitical risks and market volatility can impact uranium prices in the short term, underlining the importance of a well-informed, long-term investment strategy.In conclusion, the uranium market is at a critical juncture, presenting a compelling opportunity for investors. Rising demand for clean energy, coupled with supply constraints and geopolitical factors, is creating a favorable environment for uranium prices and mining companies. As the world increasingly turns to nuclear power to meet its energy needs, the uranium industry is poised for significant growth in the coming years. Investors who position themselves accordingly stand to benefit from this transformative shift in the global energy landscape.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Recording date: 16th May 2024The uranium market is on the cusp of a major inflection point, presenting a compelling opportunity for investors. Various factors, including supply constraints, geopolitical shifts, and growing demand, are aligning to create a potentially powerful tailwind for uranium prices and the companies positioned to benefit from them.On the supply side, the world's largest producer, Kazakhstan, faces challenges in maintaining its production levels. If Kazakh output flatlined at just 80% of its subsoil use contract levels in 2024 and 2025, it would represent a reduction of approximately 7 million pounds or over 10% of global mine supply. This potential disruption is compounded by recent U.S. sanctions on Russian uranium, which are set to further strain an already tight market.Geopolitical factors are also reshaping the uranium landscape, with African producers emerging as potential beneficiaries. As tensions rise between Russia and the West, and as concerns grow over long-term access to Kazakh supply, the flexibility and neutrality of African uranium could command a premium. Companies with African projects with the scale and strategic positioning to serve key growth markets, particularly in China, may offer investors an attractive way to gain exposure to this trend.Despite recent volatility, the uranium spot price shows signs of resilience, with utilities stepping in to support dips. This behavior suggests that utilities are becoming more comfortable with the idea of paying higher prices for their uranium over the long term, and that the overall trend will likely be higher, punctuated by periods of consolidation as the market digests each new level.The impact of U.S. sanctions on Russian uranium is set to add further pressure to the market. Utilities have a limited window to apply for waivers to continue receiving Russian material under existing contracts, but the eligibility criteria are stringent. This timeline is likely insufficient for most utilities to secure alternative long-term supplies, forcing them to accelerate procurement plans and compete fiercely for available pounds.As the market heats up, investors should prioritize companies with demonstrated production capability and clear paths to growth. Firms with proven management teams, strong balance sheets, and strategic partnerships will likely have an advantage in accelerating development and minimizing execution risk. In contrast, companies long on ambition but short on tangible progress may struggle to attract investment and secure offtake agreements.The uranium investment thesis is compelling: supply constraints, geopolitical shifts favoring African producers, growing utility demand, and the catalytic potential of sanctions are converging to create a favorable environment for price appreciation. Investors who position themselves with producers that have the right assets, partnerships, and execution capabilities stand to benefit from this powerful combination of trends.However, the uranium market is not without risks. Investors must remain vigilant and actively manage their positions, staying attuned to shifts in the geopolitical landscape, regulatory environment, and technological developments that could impact demand. A disciplined approach to risk management and a long-term perspective will be essential for successfully navigating this exciting but complex market.In summary, the uranium market is presenting investors with a rare opportunity to align with a critical commodity that is poised for significant growth. By focusing on companies with strong fundamentals, strategic positioning, and demonstrable execution capabilities, investors can potentially realize attractive returns while supporting the development of a vital energy source for the future.—Learn more:  https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Recording date: 24th April 2024The uranium market is experiencing a fascinating period of transition, presenting both challenges and opportunities for investors. In a recent discussion, industry experts Dustin Garrow and Matt delved into the key takeaways from the World Nuclear Fuel Cycle conference in Almaty, Kazakhstan, and explored the current state of the uranium market.One of the primary themes that emerged from the conference was the need for increased collaboration among industry stakeholders, including utilities, producers, price reporters, and traders. As the nuclear industry faces potential supply challenges and market bifurcation, a united front is necessary to ensure the continued growth and success of the sector.The uranium spot price has shown volatility in recent months, with a significant rise in late 2022 followed by a pullback and subsequent recovery to around $90 per pound. The term price, which is more indicative of long-term contracts, has also risen, with floors in the $75-$80 range and ceilings between $120-$130. These price movements highlight the increasing pressure on utilities to secure long-term supply contracts.However, despite the growing need for new uranium projects, there has been a relative lack of new greenfield developments. Utilities, particularly in the United States, have been cautious about committing to long-term contracts, with only 20-25 million pounds contracted in 2022. This hesitancy may stem from a combination of factors, including the psychological impact of past market downturns, geopolitical uncertainties, and the challenges associated with bringing new mines online.The situation in Kazakhstan, the world's largest uranium producer, is also a point of concern. Recent events suggest that much of the country's increased production is being directed towards Russia and China, potentially limiting the available supply for Western utilities. Additionally, geopolitical tensions in Niger have created uncertainties for companies operating in the region, such as Global Atomic and GoviEx Uranium.Despite these challenges, there are reasons for optimism in the uranium market. The long-term fundamentals of nuclear power remain strong, with increasing global demand for clean, reliable energy. The emergence of small modular reactors (SMRs) and advanced reactor designs could further bolster demand for uranium. Moreover, the growing investor interest in the sector, as evidenced by the numerous one-on-one meetings at upcoming conferences, suggests a recognition of the potential for significant returns.For investors looking to capitalize on the uranium market's growth potential, a strategic approach is crucial. This may involve focusing on companies with proven track records, strong management teams, and projects in politically stable jurisdictions. Additionally, investors should closely monitor the progress of term contract negotiations, as these will provide valuable insights into the market's direction and the potential for individual companies to secure long-term revenue streams.In conclusion, while the uranium market faces challenges, the long-term outlook remains promising for well-positioned investors. By staying informed about market dynamics, geopolitical developments, and the progress of key players, investors can navigate this complex landscape and potentially reap significant rewards as the nuclear industry continues to evolve.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

With Brandon Munro, Executive Chairman & MD of Bannerman Energy Ltd, and Todd Ross, MD & CEO of Nordic Nickel Ltd.Recording date: 11th April 2024Resource Sector M&A: Navigating Challenges and OpportunitiesMergers and acquisitions (M&A) play a crucial role in the resource sector, enabling companies to achieve synergies, access capital, and advance projects. However, M&A also presents challenges around realizing promised benefits, aligning incentives, and securing appropriate financing.At its core, M&A is driven by the potential to create value by combining two entities. In the resource sector, this often involves consolidating nearby projects to share infrastructure, realize operational synergies, and reduce costs. M&A can also be motivated by a desire to access capital markets, as combining companies can create larger, more liquid entities that are included in ETFs and accessible to institutional investors.While M&A is often justified based on potential synergies, cost savings, and access to capital, realizing those benefits is far from certain. Studies suggest only a small minority of deals ultimately achieve the synergies promised to shareholders. Post-deal integration is often more complex than anticipated, requiring detailed organizational planning to capture synergies while maintaining key talent and capabilities.Management incentives also play a role in M&A. Carefully structured incentives are needed to motivate value-creating M&A while avoiding misaligned enrichment of executives. Overly generous change of control provisions could motivate executives to pursue deals primarily for personal gain, while having no protection could make them oppose even sensible deals out of fear of losing their livelihoods.Debt financing for single-asset resource projects is becoming increasingly scarce, with many banks withdrawing from the sector in recent years. Those that remain have tightened lending requirements, shortened tenors, and imposed more restrictive covenants. As a result, resource companies are turning to alternative financing options to enable M&A, such as credit funds, bonds, convertible notes, streaming, and royalty deals. While these options provide capital that may not otherwise be accessible, they typically come at a significantly higher cost.Ultimately, the capital needed to drive resource sector M&A and project development exceeds what companies can access on their own, especially for critical minerals and the energy transition. Greater support is needed from both government and industry. Initiatives like the Inflation Reduction Act and the European Critical Minerals Act are spurring huge investments in downstream processing, but more focus is needed on securing the raw materials to feed those facilities.Collaboration with larger industry players can also help de-risk and finance projects, such as BHP's Xplor program that provides mentoring and expertise to attractive junior companies. However, if government doesn't play a role in making the journey more viable for smaller players, it could lead to a concentration of power amongst the very large companies, which is not ideal for a resource sector that needs to increase production significantly between now and 2050.In conclusion, M&A remains a crucial tool for resource companies to unlock synergies, access capital, and advance projects. But realizing those benefits is not always straightforward. Careful deal structuring, scarce traditional financing, and the need for greater government and industry support are all factors that companies must navigate. By pursuing smart M&A and collaborating to solve key funding and permitting challenges, the resource sector can position itself to supply the materials the world needs.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Recording date: 28th March 2024Interview with Brandon Munro, CEO of Bannerman EnergyThe Compelling Investment Case for UraniumUranium is at an intriguing inflection point for investors. Despite recent quietness in uranium equities, the nuclear fuel's underlying fundamentals are strengthening and pointing towards a potentially sustained bull market on the horizon.On the demand side, uranium benefits from relatively inelastic demand due to its role as an essential, unsubstitutable input for nuclear energy. The world's existing fleet of reactors requires a steady supply of uranium to operate economically, providing a dependable baseline of demand. On top of this, 62 new reactors are currently under construction globally, with many expected to come online in the next five years, driving incremental demand growth.Longer-term, uranium demand could experience a "huge uptick" in the 5+ year timeframe according to Brandon Munro, CEO of uranium company Bannerman Energy. He cites factors such as China's plans to approve around 10 new reactors per year and the potential for small modular reactors (SMRs) to gain commercial traction. While still speculative, these demand drivers provide additional upside exposure for uranium investors.In the face of this robust demand profile, uranium supply has become increasingly precarious. The world's largest producer, Kazakhstan, recently signalled that widely anticipated production increases in 2024-2025 are unlikely to materialise as expected. More broadly, Munro emphasizes that current global uranium production "isn't enough…to even meet existing demand," let alone future growth.The muted supply response is compounded by long lead times for new mines. Major greenfield uranium projects have not been approved, while even promising discoveries today in productive regions like Canada's Athabasca Basin would take at least a decade to enter production. This leaves a fairly long runway for the supply deficit to potentially worsen before eventually rebalancing.As the supply gap becomes more pressing, uranium prices could experience a significant upside. While spot prices briefly spiked last year demonstrating the market's upward potential, Munro argues this didn't truly reflect utilities being forced to compete for scarce pounds to keep reactors running. He sees scope for "sustained pricing pressure" as the shortfall comes into fuller focus, supporting "a bull market cycle that at least reflects the longevity of the very desperate bear market cycle…from 2011 until only a year or two ago."The constructive fundamental backdrop is drawing increased investor attention. Munro reports "tens of hours" of recent conversations with institutional investors expressing "very strong views" on the uranium sector. As generalist interest returns to commodities, uranium equities are benefitting from expanded investment vehicles like ETFs and physical trusts that are acting as "a funnel" for new capital entering the space.For investors looking to capitalize on uranium's attractive supply/demand dynamics, multiple options are available. These include investing in uranium miners, either directly or through sector ETFs, as well as gaining exposure to physical uranium through listed trusts. While the bull market is still in its early innings, establishing positions sooner rather than later may be rewarded as the full extent of the market tightness becomes clearer.In conclusion, uranium's compelling fundamentals characterized by steady baseload demand, structural supply constraints, and rising investor awareness make a convincing case that the nuclear fuel is poised for a powerful bull cycle. As the market continues to shift from surplus to shortage, uranium prices and equities could have substantial upside in the years ahead. Investors still on the sidelines may be well-served by taking a closer look at this overlooked opportunity before it moves into the mainstream.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Tribeca Nuclear Energy Opportunities Portfolio Manager, Guy KellerRecording date: 18th March 2024Previous Interview: https://youtu.be/r554LeROuAYThe global uranium market has been on a rollercoaster ride lately, with spot prices swinging from the depths of $50 per pound to the heights of over $100 and back to the $80s again. But savvy investors shouldn't be deterred by this near-term turbulence. The bigger picture for nuclear fuel is as bright as a shining reactor core, with a powerful chain reaction of demand growth set to propel the sector to new heights.The key catalyst is the increasingly undeniable role of nuclear power in the clean energy transition. Countries and utilities worldwide are waking up to the fact that to achieve ambitious decarbonization goals while maintaining reliable baseload power, nuclear must be part of the mix. The EU's green labelling of nuclear, the U.S.'s $6 billion nuclear plant support program, and China's plans for 150 new reactors paint a glowing picture of atomic energy's future.This renewed appreciation for nuclear is translating into surging investor interest in uranium. The smart money can see the writing on the reactor wall. Fidelity, one of the world's savviest investment firms, recently snapped up an 8% stake in uranium producer Paladin Energy for a cool $300 million. That's a ringing endorsement of the sector's potential from an institutional player who doesn't make bets lightly."It's great for the sector," beamed Guy Keller, a seasoned uranium market expert. "It shows the big safe money is in there. If the thematic is right, if the momentum's right again, they'll come back in."Keller makes an excellent point. The uranium investment thesis is not a short-term trade, but a long-term, fundamentally-driven opportunity. The world needs more clean, reliable energy to power homes, businesses and electric vehicles. Nuclear is the only always-on, zero-emission option that can scale to meet this ballooning demand. And uranium is the critical fuel that feeds the nuclear beast.As more major economies and institutional investors wake up to this reality, I believe capital will flood into the uranium sector like coolant into a reactor core. The industry's market cap is a mere fraction of other clean energy commodities like lithium and rare earths - the upside potential is enormous.To be fair, the uranium market has some quirks that can trip up generalist investors. Pricing is opaque since most transactions occur via long-term contracts. And the U.S. uranium industry is highly fragmented, which is inefficient. I'd like to see developers disclose more contract details to boost investor confidence. Additionally, some consolidation of U.S. assets would help improve scale and investability.But these are solvable issues that don't diminish uranium's overall bullish outlook. The key for investors is to focus on quality. Look for low-cost projects in tier-one jurisdictions, backed by proven management teams with skin in the game. Consider building a basket of developers and producers for diversified exposure. And don't overlook uranium ETFs, which offer broad, one-click access to the sector.In conclusion, the world is in the early stages of a nuclear renaissance that will require far more uranium than is currently being mined. Prices will need to go significantly higher to incentivize new supply to meet rising demand. The uranium story is as compelling as it is carbon-free. For long-term investors who can see the forest for the trees and stomach some volatility, the glowing potential of nuclear fuel is simply too bright to ignore.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

An interview with Brandon Munro, Chairman of Bannerman Energy (OTCQX:BNNLF) (ASX:BMN)Recording date: 14th March 2024Brandon Munro, Chairman of Bannerman Energy, discussed the recent volatility in the uranium spot price, which has dropped from nearly $110 to the mid $80s over the last 6 weeks. He attributed this to very thin trading volumes done by a small number of market intermediaries looking to take profits. Neither utilities nor major producers like Cameco, Kazatomprom and Orano are motivated to push the spot price higher currently.However, Munro emphasized that the long-term contract price has actually increased to $75/lb during this same period, and that the demand outlook has only strengthened. He sees the spot price move as short-term noise that doesn't reflect the strong supply-demand fundamentals. Utilities are more focused on securing long-term supply than the spot price gyrations.While the small size of the uranium sector makes the spot price susceptible to trader-driven volatility in thin markets, Munro believes there have been structural improvements in recent years that have reduced the ability to manipulate prices compared to the past. He argues the risks are skewed to the upside for investors taking a medium-term view, as buyers are more likely to be compelled to enter the market and bid prices back up than sellers are to be forced to dump material.Comparisons to the lithium market boom and bust are not apt for uranium according to Munro. Lithium demand is dependent on hard-to-predict EV sales, while uranium demand is "baked in" and non-substitutable from the fleet of nuclear reactors globally. Even if all idled uranium mines are restarted and advanced development projects are brought online, it will still fall short of projected demand growth. Permitting, technical, and geopolitical constraints make it highly unlikely that uranium mine supply can respond quickly enough.This should be supportive for uranium prices and equities. Investors can gain exposure via larger producers, ETFs, and developers with high-quality assets that are likely to fill the supply gap. Munro believes his company Bannerman is well-positioned with a large, scalable, permitted project in Namibia with $35M in cash. He is being patient to sign contracts at the right time as the market shifts from a buyer's to a seller's market.In terms of other uranium companies making acquisitions and deals to build scale and stay relevant, Munro sees some strategic rationale, especially for single-asset developers looking to build a project pipeline. Consolidation can also improve liquidity and access to institutional investors. However, he cautions there is also an element of "white noise" so investors need to carefully assess the merits of deals.Overall, despite the spot price pullback, Munro remains very bullish on the outlook for the uranium sector. For investors willing to look through short-term volatility, the risk/reward looks attractive with equities retracing 25-30% while the long-term fundamentals are only improving. There is potential for 50%+ upside in uranium stocks as the market re-rates to reflect the looming supply deficit. While early investors have realized big gains already, Munro believes the sector is far from overheated and offers compelling opportunity for new investors taking a medium-term view.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with John Ciampaglia, CEO of Sprott Asset ManagementOur previous interview: https://www.cruxinvestor.com/posts/uraniums-breakout-year-50-surge-attracts-big-institutions-as-demand-remains-ramping-up-4298Recording date: 12th March 2024*Uranium's Star Keeps Rising*The uranium market has been on a tear lately, with spot prices catapulting from $30 per pound in 2018 to over $90 in late 2022. And while the rally has paused to catch its breath in recent months, the future looks blindingly bright for this critical clean energy fuel.Just ask John Ciampaglia, CEO of Sprott Asset Management, who's been pounding the table on uranium's prospects. "We are experiencing a corrective pause, and that's it," he recently told investors, comparing the market's current consolidation to a momentary rest stop on a long hike. The destination? A new era of nuclear energy growth that could propel uranium prices to electrifying heights.Ciampaglia knows the terrain well. Sprott's Physical Uranium Trust has amassed over 63 million pounds of the commodity - a glowing endorsement if there ever was one. And while the trust has hit a temporary roadblock in issuing new shares, the macro story remains radiant.*New Mines Spring to Life*Take the supply side, where a slew of shuttered mines are roaring back to life. "It's fair to say that just about every previously producing uranium mine has a chance to come back online," Ciampaglia enthused. These restarts, from Canada to Kazakhstan, are the clearest sign yet that uranium's good times are here to stay.But what about new mines? Ciampaglia admits that greenfield projects face a rockier road, citing the double whammy of labor shortages and regulatory red tape. Yet he remains sanguine, pointing to the "trickle down effect" of rising prices on junior miners. Like a rising tide lifting all boats, uranium's surge is giving these up-and-comers a new lease on life.*Utilities Can't Kick the Can Forever*Of course, mines don't matter much without robust demand. And that's where the nuclear power industry comes in. Utilities are facing a staggering 1.5 to 2.3 billion pounds of "uncovered requirements" through 2040, Ciampaglia notes. To put that in perspective, the world produces only around 150 million pounds of uranium annually.Sooner or later, these utilities will have to bite the bullet and lock in long-term supplies. "At the end of the day, you're only kicking the can down the road," Ciampaglia quipped. "You still have uncovered requirements, whether the price is $90 a pound or $200 a pound."*Policy Winds Blowing in Uranium's Direction*As if all that weren't enough, there's the added kicker of geopolitics. In the U.S., lawmakers are weighing a ban on Russian uranium imports in the aftermath of the Ukraine invasion. While Ciampaglia sees the move as more psychological than fundamental, it underscores the growing strategic importance of secure uranium supplies.More broadly, the nuclear renaissance is gaining momentum around the world. Governments from China to France to the U.K. are doubling down on atomic power as a low-carbon solution to the climate crisis. The U.S. is joining the fray too, with the Biden administration throwing its weight behind the industry via billions in subsidies and tax breaks.*The Smart Money's All-In*Add it all up, and it's no wonder that Ciampaglia exudes optimism. "The uranium market appears to be in the early stages of a sustained upturn," he declared, citing the one-two punch of "rising demand from utilities and constrained supply."For investors, the implications are profound. While the recent pullback might spook some, the smart money sees it as a golden opportunity. With prices consolidating at levels that enable restarts and new mines, the stage is set for a powerful move higher.And the best part? There are ample ways to play the trend, from physical trusts to mining stocks to futures. So whether you're a grizzled commodities veteran or a nuclear newbie, uranium offers a glowing opportunity to power up your portfolio. The only question is: will you seize the moment?—Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

The weekly Energy Show on Crux Investor.A global supply crunch is brewing in oil markets, setting the stage for strong price appreciation and whirlwind profit growth at big producers over the coming years. Rapidly rising demand against stagnating discoveries of new resources threatens to tilt markets into structural deficit. Investors positioned to capitalize on the supply shortfall stand to reap exceptional returns.Global oil consumption has continued its relentless climb, with India and Africa set to drive further growth as massive populations and expanding economies utilize more energy. Managing director of Australian E&P firm Elixir Energy, Neil Young, sees robust demand stretches out for decades thanks to oil and gas being critical enablers of modern lifestyles and economic progress. On current trajectory, an emerging economy like India could add a consumption base rivalling that of China in short order.Yet supply has failed to keep pace. Conventional oil discoveries have lagged as most prospective regions face intensive prior exploration. At the same time, vaunted US shale output growth relies on consistent $70+ oil prices to incentivize expensive drilling. Most plays suffer sharp 8-10% annual decline rates absent massive new capital infusions. Rising global consumption together with shrinking conventional reserves makes a much-heralded shale “supply panacea” improbable.In essence, the world faces steadily ballooning demand for oil products set against shrinking pools of profitable resources to tap. With oil threatened to turn from surplus to shortage, commodity investors are gifted the ideal conditions. Scarcity equals pricing power and the potential for prodigious margins. As supply-demand dynamics deteriorate, analysts project oil could double or even triple in price. For shareholders of producers, profit windfalls may land almost overnight.Astute investors have begun acquiring positions in leading oil and gas independents like Exxon, Chevron and Conoco. Shifting from unreliable shale pure-plays, smart capital is now focused on global titans with diversified conventional production, low costs, disciplined management and fortress balance sheets. As markets descend into structural deficits, these stalwarts offer unmatched exposure to multiplying profit streams during oil’s coming bull market. Ever-rising dividends should reward shareholders handsomely over medium investment horizons.For venture capital, smaller exploration outfits offer tantalizing potential provided risks are judiciously managed. Juniors able to achieve big conventional finds before deficits fully manifest could earn jackpot valuations. However, poor geology or reckless management could just as easily wipe out entire capital outlays. Investors must exercise extreme caution and diversification across multiple prospect generators to mitigate downside dangers.Ultimately the opportunity remains clear - with continually growing oil demand running into potentially peaking supply, conditions are ripe for the savvy to realise once-in-a-generation profits. As the widening supply gap sparks commodity price increases, cash will flood into the oil patch benefitting most majors and successful explorers substantially. Investors seeking commodities exposure are wise to make stakes today ahead of the deluge by acquiring shares in producers best leveraged to what seems inevitable oil market tightness.—Learn more: https://www.cruxinvestor.com/categories/commodities/oil-gasSign up for Crux Investor: https://cruxinvestor.com

Interview with Brandon Munro, Bannerman Energy (OTC:BNNLF) about the Kazatomprom 2024 Acid ShortagesOur previous interview: https://youtu.be/4c-taNJf_TkRecording date: 1st February 2024Kazakhstan’s state-owned uranium titan Kazatomprom rattled markets Thursday, disclosing that sulfuric acid shortages will impede the planned production build-out in 2024 and potentially 2025. With acid availability impacted by robust fertilizer demand and constrained regional supply, Kazatomprom lowered its 2024 guidance. The company also cast doubt on achieving prior 2025 targets without meaningful acid relief.The revised guidance comes despite Kazatomprom confirming it met 2023 output expectations, down only 1% year-over-year. But with the newly-announced acid challenges set to persist for years rather than months, Kazatomprom commented that “existing and future production levels” face downside risks. That serves as a reality check for investors banking on smooth sailing toward higher uranium prices.In the eyes of Bannerman Resources CEO Brandon Munro, an experienced Kazakhstan watcher, the risks around acid supply are firmly “to the downside” from here. Absent a domestic source expansion from more metals mining, which current copper and nickel economics do not support, acid availability remains in question. That leaves Kazakhstan heavily reliant on one long-dated solution - an $300 million acid plant starting up in 2026.With Kazakhstan home to over 40% of global uranium output, an acid-induced supply slowdown of unknown magnitude will complexify uranium’s structural deficit. As Munro summarized, if the world’s largest producer struggles “to get into production,” it sounds “warning bells” for “others looking to get into production or restarts.” That cycle now appears more prone to hiccups.Munro believes that at least through 2025, Kazatomprom’s challenges provide “further support for the uranium market.” With meaningful new Kazakh supply unlikely before late 2026, the wide mine-reactor deficit that catalyzed uranium’s dazzling 2021 bull run looks set to linger. That paints a sunny backdrop for prices amidst a scramble for long-term utility contracts that fuel both reactors and development capital. But it also serves notice that murmurs of a supply deluge may prove overblown.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Recording date: 25th January 2024After years struggling below incentive pricing insufficient to spur meaningful new supply, the uranium market has awakened in dramatic fashion since mid-2022. Spot prices rapidly vaulted past the long-anticipated $100/lb barrier in January 2024 on their way to potential six-year highs around $150/lb by analysts’ estimates. This swift move resulted from financial entities piling into the spot market en masse to take advantage of severe supply deficits relative to steadfast demand. Major producers struggle to adapt nimbly while lead times inhibit developers.Industry executive Wayne Heili confirms strong present buying and bullish future trends, particularly as utilities’ seek to sign long-term contracts after working inventories decline. With tailwinds evident, why should investors care? The obvious answer comes as miners stand ready to capitalize on the uranium market’s newfound momentum. The strong triple-digit pricing resets project economics and better supports restarts. In the US specifically, past producers gear up to resume output as higher prices render viable once-idle capacity.While macro conditions appear encouraging, risks remain ever-present in this notoriously volatile sector. As such, investors evaluating the litany of uranium mining opportunities must focus intensely on company fundamentals to separate substantive potential from speculative hype. Critical factors include validated resources, economic studies, visible production plans, and operational experience. Essentially, miners able to demonstrate clearly de-risked, technique ability inspiring confidence deserve investor attention.Of course beyond just producers, opportunities exist across the mining lifecycle. But the principles hold constant – seek justification for excitement beyond just stories or projections. Ultimately, miners underpinned by solid foundations and a clear path to production warrant portfolio inclusion to ride the uranium market’s resurgence.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Bannerman Energy OTC:BNNLFRecording date: 25th January 2024After languishing for over a decade mired in a brutal bear market, uranium fundamentals have pivoted sharply. Prices and developer valuations are once again on the rise, restoring hopes of a sustained bull run unfolding. Several dynamics now converging have set the stage for this pending uranium resurgence - from renewed political willpower supporting nuclear energy to deep supply deficits forecasted on the back of prolonged industry austerity.For investors, this turning point brings a once-in-a-generation opportunity. Structural shortages of uranium appear imminent just as demand regains its footing and begins expanding anew. The market balance is the tightest witnessed in years, with the spot price having tripled off its recent lows. Many experts predict this marks only the early innings, with an additional sharp upside in store. Developer equities trade at substantial discounts to potential valuations if momentum accelerates through this nascent bull run as prior cycles have shown.However, not all uranium exposure offers the same return prospects or risk profiles. Investors should focus on advanced assets with construction timelines soon measured in months rather than years. Projects in safe, stable jurisdictions with proven mining heritage also better guarantee operational continuity when ramping up output. Significant scale allowing for production expansion flexibility provides ideal leverage to strengthening markets. And experienced management who have steered through headwinds before adding further de-risking.In this context, Australian developer Bannerman Resources presents a compelling investment vehicle to capitalize on the unfolding bull run. The company has meticulously advanced its Etango mine in mining-friendly Namibia throughout the market doldrums to emerge construction-ready. Etango offers massive size - a top 10 global resource exceeding 200 million pounds that allows for ramping up production against forecast shortfalls. Tempered through the bear market, Bannerman now looks fully poised to transition from developer to emerging producer just as fundamentals peak - a pivotal trajectory promising sizable rewards for early investor stakeholders.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with John Ciampaglia, Sprott Physical Uranium TrustOur previous interview: https://youtu.be/u1E49AFixRYRecording date: 24th January 2024Uranium’s Rising Tide Floats Investors’ BoatsAfter years of neglect, the uranium market lies poised for an extended rally. Key tailwinds supporting higher uranium prices have converged at an opportune moment for investors to profit from a sustained bull run. Key factors behind uranium’s bright prospects include:Electricity and Emissions Goals Unattainable Without Nuclear PowerGlobal electricity demand will increase 50% by 2050 and over triple in developing economies. Simultaneously, aggressive decarbonization targets necessitate massive nuclear energy growth. Tripling or quadrupling nuclear generation best aligns a low-carbon grid with growing populations and economies. This means uranium demand for reactors will need to expand from 77,000 tonnes currently to upwards of 300,000 tonnes annually.Massive Supply Ramp Ups RequiredAgainst burgeoning demand, existing mines only supply around 50,000 tonnes of uranium per year right now. Boosting global output 6-fold requires exploring for and developing deposits not economical below $60 per pound historically. With the spot uranium price recently topping $100, project economics improve dramatically. However, the long permitting times means substantial production increases remain years away still despite incentivizing pricing now.Sustained Higher Prices The CureFor new exploration spending and capital investment into mine builds to occurred at the scale required, uranium prices likely need to stay elevated for an extended period. Contracting between miners and utilities will help anchor pricing. Market equilibrium levels could emerge around $100 per pound or higher. This prolonged period of favorable pricing will finally cure chronic underinvestment in new supply the nuclear industry critically needs.Top Leveraged Investment OptionsUranium miners, especially junior developers and explorers, offer explosive upside as their resources become economical at higher prices. Streaming/royalty companies gain upside exposure while avoiding operational risks inherent across the mining lifecycle from exploration through to production. Physical uranium ETFs directly participate as spot prices rise. All offer investors differentiated ways to play the next uranium bull cycle unfolding as demand races ahead of stagnant supply, necessitating much higher prices in turn to rectify the imbalance over the long-term.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Recording date: 23rd January, 2024Uranium spot prices have crossed $100/lb, yet uranium equities have not seen commensurate gains. Keller explains that more sustained spot price appreciation is needed to signal upcoming contract negotiations before investors respond more enthusiastically. Mine supply remains unable to satisfy reactor demand, with top producers Kazatomprom and Cameco struggling to meet their own guidance targets. Meanwhile, several new reactor construction projects continue globally. This divergence suggests higher uranium prices are required to incentivize new production investment.In the US, idle in-situ leach (ISL) capacity is coming back online in sites across Utah, Wyoming and Nebraska. For example, Energy Fuels has reopened the White Mesa Mill. However, Keller believes US supply increases are incremental and insufficient to plug the growing demand gap. Consolidation of US ISL production under major banner like Cameco could drive efficiency gains. But new conventional mines face high capex requirements. The US lacks major projects that can meaningfully impact global shortfalls. Still, higher prices improve economics across US uranium production.In Canada’s prolific Athabasca Basin, firms like NexGen Energy are advancing the Arrow deposit, but first production is likely 4+ years away given technical obstacles like ground freezing and permitting delays, especially on new extraction methods. Africa offers better prospects to address short-term supply needs, given past production success and political stability in countries like Namibia. Projects like Global Atomic’s DASA mine development could be funded by export agencies to fill Western utility needs. However, project finance complexity persists. Overall while quality deposits exist globally, major new supply will take time to come online.Developers like Denison Mines, Forsys, and Boss Energy have seen strong stock gains on the back of uranium’s price resurgence. Their prospects rise if deficit forecasts hold, spurring further growth by mid-decade. However, developers must make tangible progress through final investment decisions to break ground on new facilities. Those securing financing and getting steel in the ground will be key winners. Markets are watching closely for those advancing projects like Valencia in Namibia or Honeymoon in Australia to key production milestones. Care is still required given permitting and cost overrun risks.With uranium’s popularity growing again, hundreds of new explorers may soon enter the market. However, during the last bull run, over 600 listed uranium juniors flamed out after 2011. Investors should focus on experienced operators like Cameco, NexGen and Encore Energy progressing assets rather than chasing hype-driven stories. Asset quality and execution ability are vital filters before investing in any uranium proposition. While retail excitement is building, investors must watch that this does not spawn another bubble and divert attention from high potential companies primed to deliver new supply when needed most.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Dustin Garrow, Uranium market expert and consultantRecording date: 19th January, 2024Deep Yellow has meticulously executed a growth strategy to establish itself as an emerging leader well-positioned to capitalize on the coming uranium supply crunch. While utilities and regulators worldwide increasingly recognize nuclear power’s essential role in stable clean energy grids, mines struggle to expand capacity after years of low prices. This sets the stage for outsized returns for nimble uranium producers as demand surges.Deep Yellow’s seasoned leadership team offers the vital experience needed to navigate mine development amid tightening markets. As proven mine builders and operators, they provide investors a strong hand on the wheel. Their construction decision for the massive Tumas deposit in Namibia approaches in 2024, where state-of-the-art in-situ recovery techniques can unlock value. Alongside, the Australian Mulga Rock project advances through feasibility studies.These core assets anchor Deep Yellow’s launch toward targeted production topping 10 million pounds per year. With its timeline aligned to forecast supply deficits, the company can ink early contracts with desperate utilities as competitors delay. This promises strong cash flows to underpin expansion and reward shareholders. Deep Yellow’s foundations rest on two pillars – world-scale resources and elite operational expertise.But the growth story does not stop there. Deep Yellow has amassed extensive exploration ground at two prime locations in Namibia and Australia through astute acquisitions. The proximity of these sites to flagship projects enhances infrastructure leverage across its portfolio. Their prospectivity offers outstanding potential for satellite mining centers to extend production beyond anchor assets.As uranium prices breach multi-year highs, Deep Yellow remains disciplined, avoiding dilutionary financings that plague juniors during boom times. Thanks to shrewd stewardship, the company controls treasury reserves exceeding A$50 million, exceeding all junior peers. This treasury might alone cover initial capex, securing Deep Yellow’s production timeline against delays.Rising electric vehicle adoption and energy security concerns drive uranium’s resurgence, with spot prices likely constituting the thin edge of the wedge. Deep Yellow promises leverage to the full uranium value chain - from exploration upsides to production cash flows and takeover potential. Its strategy aligns with the realities of the nuclear renaissance dawning.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

With Brandon Munro, CEO/MD of Bannerman EnergyRecording date: 12th January 2024Kazatomprom, the globe’s largest uranium miner supplying 40% of output, stunned markets this week by announcing it will undershoot 2023 production guidance by 10% due to persistent acid supply shortages hampering its operations. The Kazakh state-owned company said it will maintain a reduced capacity utilization of 80%, rather than increasing output to 90% of planned levels as previously targeted. This news of significant additional supply constraints from the industry’s dominant player ignited fierce buying that propelled uranium prices above $100 a pound for the first time in over a decade.For investors, the latest shock underscores mining complexity risks even for seasoned incumbents but also showcases the worsening supply-demand imbalance as new reactor demand growth increasingly outpaces what existing mines can provide. With primary production already under pressure, any further losses from leading suppliers like Kazatomprom will only tighten the alarming supply deficit opening in front of the market—fanning the flames for continued price increases according to textbook fundamentals.In fact, rather than distressed at its shortfalls, some analysts speculate Kazatomprom may need to become a net buyer of uranium if issues extend. And with its overt struggles to source adequate pounds, utilities reliant on its contracts are already likely paying maximum contract escalation rates to secure available volumes. So despite its downgrade, its sales remain solid for now. But shortages loom on whether alternative mines can backfill any significant production losses.And beyond just the Kazatomprom cut impacting available supply in front of rising utility procurers, several other imminent catalysts lend further upside potential. These include the Russian sanctions bill working through US Congress that may soon restrict western access to Russian-origin uranium when signed into law. Though diluted from initially proposed outright bans, its public company waiver process still presents a formidable deterrent effect likely shrinking accessible supply by chilling buyer willingness.Adding fuel, the sanctions risks sparking financial entities to begin building strategic inventory positions in the metal to aid SMR fuel needs. And with primary production mostly stagnant despite demand forecasts showing massive growth from expanding global reactor fleets, the investment case looks increasingly robust for developers able to help plug the upcoming supply shortfall from constrained incumbents like Kazatomprom struggling to play catchup. So while sector hype builds, investors should carefully vet projects on execution ability and production likelihood rather than promoters’ flashy claims alone.—Learn more: https://cruxinvestor.com/categories/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Recording date: 12th December 2023Neil Young, CEO and Managing Director of Elixir Energy joins Merlin Marr-Johnson to talk about the oil and gas sector. COP28 is the topic du jour, with Neil pointing out that trying to curb energy supply does not curtail demand. Oil and Gas is not Tobacco. Human instinct is for bettering life, which involves access to energy. Industry consolidation continues as Neil predicted, and he expects new mid-tier spin-outs to emerge from the super-majors to help populate the private sector ecosystem. Neil mentions the dynamism of the US oil sector and the technical innovation led by the super-majors. All of which is needed to battle decline rates from existing production, and to help meet future demand.—Learn more: https://www.cruxinvestor.com/categories/commodities/oil-gasSign up for Crux Investor: https://cruxinvestor.com

COP 28The Net Zero Nuclear Industry Pledge, which commits to a goal of at least tripling nuclear capacity by 2050, was unveiled at an event at the UN's COP28 climate change summit taking place in Dubai, United Arab Emirates.Twenty-two countries have signed up to the goal of tripling global nuclear energy capacity by 2050, at the UN's COP28 climate change conference. Countries include: Bulgaria, Canada, the Czech Republic, Finland, France, Ghana,  Hungary, Japan, South Korea, Moldova, Mongolia, Morocco, the Netherlands, Poland, Romania, Slovakia, Slovenia, Sweden, Ukraine, the United Arab Emirates, the UK and the USA.USA made two announcements at COP28. The first was the release of a suite of EXIM financial tools to support SMR deployments and help U.S. exporters compete in this global market.The second announcement was made alongside Canada, Japan, France and the UK, known as the "Sapporo 5". They announced their collective intent to support the increased deployment of zero-carbon, peaceful nuclear energy by expanding nuclear fuel production capacity across trusted, high-quality suppliers free from manipulation and influence. A total of US$4.2B will go towards increasing uranium enrichment & conversion over the next 3 years to secure the global supply chain.The UAE's Emirates Nuclear Energy Corporation (ENEC) has signed a number of agreements with small modular reactor and micro-reactor vendors to explore opportunities for the commercialisation and global deployment of their designs.Boss Energy & enCore EnergyM&A activity has hit Aussie shores. Boss Energy has completed a A$205M placement and announced that they will acquire 30% of enCore Energy’s Alta Mesa ISR Project in South Texas for US$60M cash transaction.A$205M Placement.30% acquisition of enCore’s Alta Mesa. SPUT has purchased 456,000 lbs since last week bringing total inventory to 63.1 MMlbs. SPUT’s net asset value has now reached US$5.16B.Winner of the WeekBHP is considering nuclear energy to power what will be the world’s biggest potash mine in Saskatchewan, Canada, in a move that would help the Australian mining giant achieve its net-zero emissions target by 2050.Bungle of the weekAwarded, rather tongue in cheek, to the collective uranium bears that all thought that uranium was going nowhere. When we recorded the energy show on 19 October the spot price was US$69/lb. Today we are sitting at US$81/lb – up 17% in 7 weeks - and the outlook remains strong.  Whilst it is important to always test the weaknesses in a thesis – and negativity is an important fuel for this reflection – the Bungle recipients have recently talked down the market potential based on ill-founded or heavily exaggerated risks.

Recording date: 16th November 2023A recent uranium conference provided an upbeat outlook on market fundamentals and future growth potential in the sector. Industry executives conveyed confidence that the transition to a supply deficit will continue lifting uranium prices higher in the years ahead. However, they cautioned that bringing new mines online to meet rising demand will prove challenging.After years of oversupply pushed prices to unsustainably low levels, the tide is now turning. Top producer Kazakhstan plans to cut 20% of production through 2023. Meanwhile, demand keeps expanding as Japan restarts reactors and new units are built worldwide. This mounting supply-demand imbalance will require prices over $60 per pound to incentivize new mine projects.Spot prices around $75 today still appear muted compared to where they need to head to ensure adequate investment in new capacity. Prices could spike far higher in the coming years if supply tightens too quickly before new projects are developed. Mine restarts will help stabilize production, with Boss Energy's Honeymoon project in Australia targeting 2023 and Lotus Resources' Kayelekera mine in Malawi aiming for 2025. But greenfield projects require more time and capital.Presenters emphasized that today's spot price understates strengthening uranium fundamentals. It serves as a lagging indicator of where the market is heading. Many analysts see prices marching higher into the $80s and $90s in the next 12-18 months. This will better reflect the cost of replacing reserves and developing new mines. Market experts expects uranium could hit $100 per pound when today's thin inventories leave less cushion against potential supply shocks.For investors, the current opportunity lies in securing shares of companies with assets that can deliver uranium into a high-priced market within the next several years. Near-term producers will capture the most upside. CEOs at the conference expressed confidence that capital markets will fund new projects once prices reach adequate levels. But developers need to avoid prematurely overpaying for assets today based on unfounded hype about a potential uranium bull market ahead.In summary, the uranium market has clearly flipped into deficit conditions that will worsen until prices rise enough to bring new supply online. Investors should target companies with advanced, de-risked assets in reliable mining jurisdictions that can achieve production within a few years when uranium demand is forecast to substantially exceed primary mine supplies. The sector offers leverage to an inevitable recovery, but projects take time to permit and finance. With curtailed exploration, discoveries peak production just as existing mines enter depletion. This sets the stage for greater volatility ahead, increasing the value of deposits that can be built to prevent projected shortfalls from becoming reality.Bannerman EnergyBannerman Energy is an Australian uranium development company focused on advancing its flagship 3.5Mlb pa open pit uranium project in Namibia, a major global uranium producer. Bannerman is currently working on Front End Engineering and Design (FEED) and financing for the Namibia project. The company also holds a significant 41.8% stake in Namibia Critical Metals, developer of the large-scale Lofdal heavy rare earths project in Namibia, one of only a few heavy rare earth deposits outside China.—Learn more: https://cruxinvestor.com/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Interview with Olga Skorlyakova, Vice President, Market Strategy, Bannerman EnergyRecording date: 2nd November 2023The uranium industry has seen 2 significant events happen in the past 2 weeks.NEI hosted their annual International Uranium Fuel Seminar in Charlotte, North Carolina, from October 22-24. This esteemed event brought together over 200 leaders from nuclear energy utilities, the uranium industry, and the broader nuclear fuel cycle industry from around the world. The seminar serves as a forum to discuss and explore key issues related to the nuclear fuel cycle, as well as current trends and future prospects.The seminar's main takeaway is the prevalent optimism about future demand for nuclear-generated electricity. However, there is significant concern about how the fuel cycle industry will meet long-term uranium, conversion, and enrichment needs.Geopolitical issues, especially potential sanctions on Russian-origin fuel, were major topics, prompting discussions about reducing reliance on Russian supplies. There was also concern about the impact of Russia and China on Kazakhstan, a significant uranium supplier, and challenges with the new Trans-Caspian route for uranium shipments.News from International Forum on Natural Uranium Industry –Cameco Marks Uranium Supply Agreement with China Nuclear International Corporation - https://www.cameco.com/media/news/cameco-marks-uranium-supply-agreement-with-china-nuclear-international-corpLast weekend (October 28-29) the 1st International Forum on Natural Uranium Industry took place in Beijing, China. The forum was a huge success, bringing together international organisations, governments, academics, industry experts & major uranium enterprises, to promote global exchange, discussions & collaboration in the industry. On the second day, CNNC organized a technical tour to visit the China In-situ Leaching Smart Mine in Tongliao, Inner Mongolia.Over the past 70 years, the China National Nuclear Corporation (CNNC) has capitalized on opportunities to become a leading force in domestic natural uranium exploration and development. CNNC has established a core competency system for the complete natural uranium industry chain, which includes scientific research, exploration, development, design, and engineering applications. Furthermore, CNNC has constructed a "four-sphere Integrated" supply assurance system that covers domestic and overseas development, international trade, and strategic reserves.China powers uranium exploration, development to new level - https://www.chinadaily.com.cn/a/202310/29/WS653db3dfa31090682a5eb45e.htmlIn October, the enrichment sector received a highly anticipated and impressive set of news.As the west looks to move away from Russian enriched uranium we have seen more attention on increasing capacity of enriched uranium around the world.Orano announced that its board of directors approved an investment of €1.7 billion. This funding aims to increase the production capacity of the Georges Besse II (GB-II) uranium enrichment plant at the Tricastin site by over 30%, equivalent to 2.5 million SWUs.https://www.orano.group/en/news/news-group/2023/october/board-of-directors-of-orano-approves-project-to-extend-the-enrichment-capacity-of-the-georges-besse-2-plantEarlier this year, in July, Urenco announced plans to increase capacity at its US plant in New Mexico - the only operating commercial uranium enrichment facility in North America - by 15%.https://www.world-nuclear-news.org/Articles/Urenco-to-expand-US-enrichment-plantEnrichment operations have started at US nuclear fuel and services company Centrus Energy Corp’s American Centrifuge Plant in Ohio.https://www.world-nuclear-news.org/Articles/Enrichment-operations-start-at-US-HALEU-plant—Learn more: https://cruxinvestor.com/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Recording date: 1st November 2023The first of an Oil & Gas focussed Energy Show, with Merlin Marr-Johnson & Neil Young, MD of Elixir Energy (ASX: EXR)The recent wave of major oil and gas mergers in the US, such as Exxon acquiring Pioneer Natural Resources for $60 billion and Chevron acquiring Anadarko for nearly the same amount, signals the start of a new era of consolidation in the sector. According to Neil Young, CEO of junior E&P company Elixir Energy, this is reminiscent of the 1990s when the Seven Sisters merged into today's super majors.These deals demonstrate that oil and gas majors have a long-term bullish view on fossil fuel demand, despite the energy transition. If they believed oil demand would soon decline, they would be divesting assets rather than acquiring. Young believes global oil demand is highly unlikely to decline in absolute terms any time soon. Factors like increasing plastic usage and internet data demand will continue to drive growth.Carbon capture and storage (CCS) will play a major role in enabling continued oil and gas demand while reducing emissions. Exxon, Occidental and others have recently made multi-billion dollar investments in CCS technology and companies, showing this is now being embraced by the industry. CCS costs are coming down and government incentives like the US Inflation Reduction Act provide further support. The NOCs are also getting involved in CCS.The junior E&P sector has struggled to attract capital in recent years. But these latest mergers suggest there will be a capital cascade as the majors divest non-core assets and private equity moves into the space. Assets in safe jurisdictions like Australia will be particularly sought after following events like BP's exit from Russia. Ultimately, the junior sector is essential for new exploration, while the majors are better placed to develop large discovered resources.The future is bright for nimble juniors like Elixir Energy to find and prove up new resources. Renewables will play an increasing role in the energy mix, but cannot fully substitute for oil and gas yet. With CCS reducing emissions from continued fossil fuel use, oil and gas will remain vital to support development and living standards for decades to come. These mergers confirm the majors' faith in this outcome, underpinning the junior sector's opportunity.Learn more: https://www.cruxinvestor.com/categories/commodities/oil-gasSign up for Crux Investor: https://cruxinvestor.com

Recording date: 27th October 2023We are grateful to have Dustin Garrow, Managing Principal of Nuclear Fuel Associates, to provide an overview as uranium is bucking broader equity market trends and attracting generalist funds. Conversations indicate utilities are focused on securing future uranium supply as restarts come online and more long-term contracting is expected, particularly from US utilities to support diversification. Due diligence is increasing on potential new projects in Africa and North America as established producers commit production to Russia and China. Utilities are changing procurement strategies with over-purchasing and over-committing to contracts to ensure the security of supply. The market is transitioning to favor sellers as mobile inventory declines globally as both demand and supply side fundamentals have changed with SMRs, nuclear growth forecasts, and new national nuclear programs influencing procurement strategies. Overall the market is entering a new phase where utilities must learn how to contract from a diverse supplier base amidst rising prices. The next 6 months could see exciting developments.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Recording date: 26th October 2023Interview with John Jentz, CEO of Latitude Uranium (TSX-V: LUR)The global uranium market is experiencing renewed interest from generalist investors and funds who recognize that nuclear power provides a critical source of clean, reliable baseload energy. With much of the world's uranium supply coming from Russia and Kazakhstan, there are concerns around security of supply. The US is allocating billions of dollars to establish domestic enrichment capabilities and energy security and China is securing uranium supply to meet its growing nuclear reactor fleet.With many countries setting net zero emissions targets in the 2050-2060 timeframe, it is becoming clear that a transition away from fossil fuels will require a substantial increase in nuclear power. However, bringing new uranium mines online takes significant lead time, so supply is expected to lag demand growth in the coming years.The upward trend in uranium prices, with spot over $75 per pound, reflects catch-up from years of low prices as well as looming supply deficits. Further price appreciation is expected as utilities rush to secure long-term contracts. John Jentz, CEO of Latitude Uranium Inc. believes they are well positioned to take advantage of rising uranium demand and prices given their Canadian assets and focus on expedited production timelines. Overall, it is an exciting time in the uranium market and it is time to be optimistic about the opportunity.Learn more: https://cruxinvestor.com/commodites/uraniumSign up for Crux Investor: https://cruxinvestor.com

Recording date: 25th October 2023Uranium’s Fundamentals Signal a Major Bull MarketAfter languishing for over a decade, uranium prices are on the cusp of a new bull market that stands to reward investors positioned in advance. A confluence of factors suggests the uranium market is transitioning to a period of sustained higher prices needed to incentivize new mine supply.The key demand driver is global nuclear power utilities contracting to lock in long-term uranium supply. This appetite for signed long-term deals cratered after the 2011 Fukushima disaster, as utilities instead ran down excess inventories. But contracting volumes are now accelerating again as outlooks improve for nuclear power’s growth trajectory.Industry estimates project over 1.5 billion pounds of new uranium supply will be required by 2040 under base case scenarios. Many reactors face life extensions rather than early retirement. Dozens of new units are under construction. Smaller modular reactors are also poised for wider deployment.This collective expansion of nuclear energy is necessitating new long-term uranium supply contracts to fuel reactor requirements. Major miners have reported contract prices in the $50-80 per pound range, up sharply from under $30/lb in 2020. Further inflation in contract prices is likely as more utilities compete for limited uncommitted supply.While rising prices normally call forth increased mine supply, uranium markets rarely behave linearly. Existing mines have faced unexpected setbacks recently despite higher prices. New mines take well over a decade to develop. And projects in speculative jurisdictions carry exceptional risks.All this makes smooth supply growth impossible. The industry requires contract prices above $70/lb to incentivize capacity replacement and expansion. With uranium demand swelling, the widening supply deficit points to recurring price spikes until substantial new production comes online.Developers targeting North American and Australian deposits are best positioned to attract capital. Their uranium production will be coveted by utilities seeking security and diversity of supply. Geopolitics has returned as a major priority given Russia’s outsized role in global uranium output.After wrong-footing investors for years, uranium fundamentals are decisively turning positive. Powerful catalysts are converging to support a long-term bull market:- Accelerating utility contracting tightly couples demand with prices- Lead times prohibit supply from responding quickly to price signals- Supply deficits are projected to periodically spike prices higher- Geopolitics incentivize production from stable jurisdictions- Given vast upside potential during past bull cycles, uranium equities offer an extremely asymmetric risk-reward proposition. As institutions recognize the compelling fundamentals, significant capital inflows could ignite the next major uranium bull run.Learn more: https://cruxinvestor.com/commodities/uraniumSign up for Crux Investor: https://cruxinvestor.com

Recording date: 19th October 2023*What’s been happening*Spot uranium is back through US$70/lb after dipping into the $60s. The market has digested Kazatomprom’s plan to increase production in 2025 and realized supply is still going to be hard to come by.The world has been very distracted by the Middle East and Gaza the last 10 days. Even though there are no direct effects on the uranium sector that are immediately apparent, it has added to investor uncertainty. This uncertainty affects sentiment more broadly and has put a pause on uranium stocks.*Winner of the week*Bangladesh this week celebrated becoming the 33rd nuclear power producing country in the world as they received their first batch of uranium fuel for their first ever nuclear power plant.Plans for a nuclear power plant in Bangladesh were proposed back in 1961. In 2007 the proposal of 2 units at Rooppur Nuclear Power Plant was put forward. By 2009 the government approved a Russian proposal and 2 years later in 2011 an agreement with Rosatom was signed to build at Rooppur.Construction of the first unit commenced in 2017, with commissioning in 2023 and the second unit in 2018, with commissioning in 2024. Russia has financed 90% of the project costs.https://www.dhakatribune.com/bangladesh/327151/bangladesh-receives-russian-uranium-to-joinhttps://world-nuclear.org/information-library/country-profiles/countries-a-f/bangladesh.aspx*Bungle of the week*Despite EU member states’ (including Germany) finally agreeing on the reform for the bloc’s electricity market, the German Greens party are still trying to derail the whole deal for the sake of preserving their sense of relevance maintained through irrational, unscientific opposition to nuclear power.https://www.cleanenergywire.org/news/france-and-germany-claim-eu-deal-electricity-market-success-despite-unresolved-nuclear-questions00:37 - Distraction in the Middle East01:45  - Spot Uranium is Back through US$70/lb05:10 - Winner of the Week: Bangladesh Becoming the 33rd Nuclear Power Producing Country in the World11:08 -  Bungle of the Week: Greens Party of Germany as They Continue to Oppose to Nuclear Power17:16 - Question of the Week:  Washed Away Talks on Yellow Cake PLC Exercising their 2023 Uranium Purchase Option22:20 - Tweet of the Week: What Petroleum Companies were Thinking Back in the 50s26:27 - Moonshots or Fizzers the Week: Making Hydrogen from Nuclear EnergyLearn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Interview with Siobhan Lancaster, CEO/MD of 92 Energy Ltd.Our previous interview: https://www.cruxinvestor.com/posts/92-energy-asx92e-parallel-zone-discovery-hints-at-further-significant-uranium-resource-4065Recording date: 11th October 2023We're glad to have Siobhan Lancaster again this time to discuss the global demand for uranium. Siobhan provides an overview of where current nuclear power production comes from, with the US as the largest producer followed by China and France, and notes that most major nuclear power producers are not significant uranium suppliers themselves.Factors driving increased demand for nuclear power are discussed, including energy security, affordability compared to alternatives like gas, small footprint, and new small modular reactor (SMR) technologies. They examine nuclear growth forecasts, arguing the World Nuclear Association's projections are conservative given the potential for rapid SMR adoption. Key countries covered include the US, which has bipartisan support for extending the lifespan of reactors and developing SMRs; China, which plans to greatly expand its reactor fleet; Japan, restarting reactors post-Fukushima; and new entrants like Saudi Arabia.Siobhan concludes that nuclear demand is likely to exceed forecasts and highlights the crucial significance of uranium within the context of nuclear energy.View 92 Energy Company Profile: https://www.cruxinvestor.com/companies/92-energySign up for Crux Investor: https://cruxinvestor.com

Recording date: 6th October 2023Previous Energy Show with Brandon Munro: https://www.cruxinvestor.com/posts/how-namibia-uranium-benefits-from-off-shore-oil-discovery-3784What’s been happening?Since our last energy show recording on 31 August, uranium spot has appreciated from $61.35 to $70/lb.  The market is closely watching the softening over the last two sessions after spot hit $73. Will the market pause around $70/lb or is this simply a profit taking ledge on a steep climb upwards?Kazatomprom has announced their 2025 production plan. We examine the specifics of their announcement, the profit taking that followed and answer what it really means.We have a tie this week between 92 Energy & Constellation Energy for Winner of the Week - watch to find out why, and also discuss Bungle of the week from South Korea where data has shown their nuclear phase out policy generated near $7 billion loss from the delayed commissioning of the two units at the Shin-Hanul plant alone. Fortunately, the industrious South Koreans have already redeemed themselves as the current government aims to nurture 60 nuclear exporters. We attempt to answer "what does it mean for uranium now that France is pulling out of Niger?"And also cover SPUT’s contemplation of a limited redemption mechanism and whether that will have a significant impact on uranium market fundamentals: could it really open the uranium floodgates? Will we see utilities buying uranium directly from SPUT, instead of producers? Learn more: https://cruxinvestor.com

Interview with Siobhan Lancaster, CEO/MD of 92 Energy Ltd. (ASX: 92E)Recording date: 5th October 2023Today, we're very lucky to welcome Siobhan Lancaster to the Energy Show roster to take us through a beginners / refreshers guide to Uranium Supply. A uranium industry veteran with over 10 years of experience, Siobhan presents an informative overview of the global uranium market. Having worked on projects in Australia, Namibia, and Canada, Lancaster provides unique insights into uranium production and mining.The discussion begins with an introduction to the four major uranium producing countries - Kazakhstan, Australia, Namibia, and Canada. Together they account for over 74% of global uranium production. Key details on each country's market share, mining techniques, major mines, and ownership are provided.Siobhan offers an in-depth look at major uranium mining projects around the world, including the massive Husab mine in Namibia, high-grade deposits in the Athabasca Basin, and the technical marvel of Cigar Lake in Canada. Challenges facing each jurisdiction are also examined.Trends like China's growing demand and strategic contracting of uranium supply are noted, as well as the potential for in-situ leach mining to be a game changer in reducing costs and environmental impacts. The discussion underscores uranium's pivotal role in nuclear energy.Sign up for Crux Investor: https://cruxinvestor.com

Interview with John Jentz, Director of Consolidated Uranium (TSX-V: CUR)Recording date: 27th September 2023IsoEnergy and Consolidated Uranium have entered into a definitive agreement to merge in an all-share transaction. Under the terms of the deal, Consolidated Uranium shareholders will receive 0.50 shares of IsoEnergy for each Consolidated Uranium share they own. This values Consolidated Uranium at approximately $903.5 million on a fully diluted in-the-money basis.The combined company will have a portfolio of uranium projects in Canada, the United States, Australia and Argentina. Key assets include IsoEnergy's high-grade Hurricane project in Canada's Athabasca Basin and Consolidated Uranium's past-producing mines in Utah that are permitted and ready for restart.The merger is expected to provide greater scale, asset diversification, enhanced capital markets presence, and exposure to near, medium and longer term uranium production potential.The deal has the unanimous support of both companies' boards of directors. Consolidated Uranium shareholders will vote on the merger at a special meeting expected in November 2023. The companies are targeting completion of the merger in Q4 2023.Concurrently, IsoEnergy is undertaking a $21 million private placement of subscription receipts, which will convert to IsoEnergy shares when the merger closes. The placement is backed by cornerstone investors including NexGen Energy and Mega Uranium.The merger will create a new leading uranium company with a diverse portfolio of high-quality uranium assets, providing leverage to expected growth in the uranium market. The combined company will be better positioned to advance development projects towards production.—Learn more: https://cruxinvestor.com/companies/consolidated-uraniumhttps://cruxinvestor.com/companies/iso-energySign up for Crux Investor: https://cruxinvestor.com

The World Nuclear Association conference in London last week provided some valuable insights into the current state of the uranium market. There was a noticeable shift in sentiment among participants compared to previous years. The mood was more somber among uranium producers as they recognize the challenges ahead to raise capital and ramp up production after years of low prices. However, there is also an underlying tone of quiet confidence that higher prices are coming due to looming supply shortages.On the demand side, there is broad consensus that nuclear power capacity needs to expand significantly, possibly even triple by 2050, to meet carbon reduction goals and energy security concerns. This would require ramping up annual uranium demand to 500 million pounds from current levels of less than 200 million pounds. Utilities are starting to take concrete steps like accelerating contract activity and making requests for future fuel deliveries for small modular reactors coming online in the late 2020s. This is shifting nuclear from a theoretical climate solution to an actual growth industry again.However, the supply side remains uncertain. While over 450 "zombie" projects popped up during the last price spike, very few actually reached production. The existing developers face challenges raising the hundreds of millions in capital now required while also competing for experienced talent. Experience matters when unavoidable problems arise with complex projects. Consolidation via M&A deals is likely as smaller developers get taken out before reaching production. However, the current high valuations may be disconnecting company values from their actual ability to produce future pounds. Utilities are increasingly scrutinizing suppliers' track records and future pound production potential.In the term contracting market, the shifts are subtle but telling. Terms like allowing utilities to vary annual delivery quantities, extension options, and reactor operations clauses are disappearing or becoming more restricted. This reflects suppliers' stronger leverage to demand stricter terms. However, base term prices remain in the $50s range for now. The floor prices in collar contracts are rising though, indicating utilities' acceptance of higher long-term pricing. Overall, the availability of sub $60 contracts is declining quickly while $60-70 contracts are increasing. Some early movers have signed initial deals to gain credibility, but the broader long-term market still has significant contracting ahead.In the spot market, there is very limited material available. Major bids for a few million pounds could easily move prices up by several dollars very quickly. Traders expect spot prices to rise into the $65-75 range in the next year absent a change in buyer behavior. Much depends on how quickly new financial buyers deploy their capital and how aggressively they purchase material. Unlike utilities, their investment mandates could change suddenly as market conditions shift.Overall, experts believe this is the period where the excess uranium inventory that has depressed the market for years will finally be depleted. Despite doubling over the past two years, prices need to rise significantly higher to incentivize required production growth. The confluence of demand growth, lack of primary supply, financial buyers entering, and utilities becoming more concerned about long-term security of supply points to continued upside in uranium prices. However, the timing remains uncertain. While higher prices are widely anticipated, it will likely take strong contracting and field development progress to transition sentiment from expectation to realization in the uranium market.View All Energy Show Episodes: https://www.cruxinvestor.com/categories/themes/the-energy-show

Recording date: 1st September 2023What’s been happeningBrandon has been in Namibia this week for the annual Namibian Mining Expo.  We chat through what has been happening in Namibia. Offshore oil & gas and green hydrogen starting to ramp up in the country. Winner of the weekUranium sector as a whole - Spot price has risen above $60/lbs  & ETF’s have continued to see a substantial inflow of funds.Bungle of the weekFriends of the Earth for their failed lawsuit that looked to block the state’s largest utility from seeking to extend the operating life of the Diablo Canyon Nuclear Power Plant.https://www.washingtonexaminer.com/policy/energy-environment/judge-dismisses-lawsuit-close-diablo-canyon-nuclear-plant#:~:text=A%20California%20judge%20dismissed%20an,Diablo%20Canyon%20Nuclear%20Power%20Plant Question of the weekUEC has done a couple of acquisitions in the last week, what does this mean for the sector? https://www.marketscreener.com/quote/stock/FORUM-ENERGY-METALS-CORP-49477430/news/URANIUM-ENERGY-CORP-PURCHASES-60-INTEREST-IN-THE-HENDAY-PROJECT-ATHABASCA-BASIN-SASKATCHEWAN-FOR-44690603/ https://www.prnewswire.com/news-releases/uranium-energy-corp-acquires-portfolio-of-canadian-uranium-exploration-projects-in-saskatchewans-athabasca-basin-from-rio-tinto-exploration-canada-inc-301906379.html Tweet of the weekIa Aanstoot for her campaign asking Green Peace to drop their opposition to nuclear energy.  In her first ever Tweet she got just under 500K views in 24 hours.https://twitter.com/ia_aanstoot/status/1696375089598771522?s=20 Moonshots & FizzersOklo and Centrus Energy Sign Memorandum of Understanding set out to solidify HALEU fuel cycle, trade advanced nuclear power & fuel.  Could this synergy become the answer to HALEU production in the US? https://www.prnewswire.com/news-releases/oklo-and-centrus-energy-sign-memorandum-of-understanding-for-fuel-components-and-power-procurement-to-support-the-deployment-of-advanced-fission-technologies-in-southern-ohio-301911056.html https://www.powermag.com/centrus-oklo-set-out-to-solidify-haleu-fuel-cycle-trade-advanced-nuclear-power-and-fuel/

Recording date: 22nd August 2023John Ciampaglia, CEO of Sprott Asset Management, delves deep into the intricate world of uranium and its position in the global economy. Addressing the resilient nature of the uranium price amidst a volatile year for commodities, Ciampaglia highlights the robust demand and supply fundamentals that have shaped the market. With references to geopolitics, he underscores the importance of security in the supply chain, and the increasing need for countries to re-evaluate their alliances and trading strategies.Moreover, as the global community pivots towards more sustainable energy sources, the role of nuclear energy comes into sharp focus. From potential risks like large-scale accidents to the promise of reliable base-load power, Ciampaglia discusses the critical aspects that will influence the future of nuclear energy. For investors, this conversation offers a clear perspective on the uranium market's trajectory, emphasizing the growth of uranium mining ETFs and the broader investment landscape in this burgeoning sector.