Panel with John Cash, Chairman, President & CEO of Ur-Energy (TSX:URG) & David Cates, President & CEO of Denison Mines (TSX:DML)Ur-Energy is operating its Lost Creek in-situ recovery uranium facility in Wyoming. The company has produced approximately 2.7 million pounds of U3O8 since the commencement of operations. Ur-Energy now has all permits and authorisations to begin construction on its second in-situ uranium recovery operation, Shirley Basin, also in Wyoming.Denison Mines is a uranium exploration and development company with projects in the Athabasca Basin region. The company’s flagship Wheeler River project is the largest undeveloped uranium project in the region and is host to the high-grade Phoenix and Gryphon deposits. Denison is looking to make a construction decision on Phoenix in 2025.Both discuss how geopolitical risks and project development challenges could constrain global uranium supply. This underscores the need for their new mines to fill looming shortfalls.

What’s been happening:Niger – awaiting the next catalyst?On 26 July news broke of a coup in Niger - borders were closed and a nationwide curfew was declared, and all institutions of the republic were suspended.https://www.bbc.com/news/world-africa-66320895In the days following we saw statements from Global Atomic and GoviEx that employees were safe and it was business as usual. https://globalatomiccorp.com/investors/news/news-details/2023/Global-Atomic-Updates-the-Situation-in-The-Republic-of-Niger-July31/default.aspxhttps://goviex.com/site/assets/files/4676/2l_nigerupdate_310723_final.pdfWith 25% of the EU’s uranium coming from Niger the coup raised a series of concerns for their clean energy sector. Orano the major operator in the region said ‘operations continue as normal’.https://greeninvesting.co/2023/07/niger-coup-threatens-frances-uranium-supply-nuclear-energy-industry/We discuss how this key development might affect the uranium market.Winner of the week:It’s a tie between Vogtle & China.Georgia Power declared that Plant Vogtle Unit 3 has entered commercial operation. They are the tied winner because the US administration saw the bigger picture and persisted, and can now look forward.https://www.georgiapower.com/company/news-center/2023-articles/vogtle-unit-3-goes-into-operation.htmlChina approved 6 new nuclear reactors commencements at $17B investment. Even though these are the first approvals for 2023, they are in addition to 10 in 2022. China accounts for 23 of 55 nukes under construction globally.https://world-nuclear-news.org/Articles/Six-reactors-approved-for-construction-in-Chinahttps://www.bloomberg.com/news/articles/2023-08-01/china-approves-six-nuclear-reactors-at-17-billion-investment?utm_source=website&utm_medium=share&utm_campaign=twitter#xj4y7vzkgBungle of the week:Collectively award it to all of those that proclaimed that renewable pricing can only get cheaper.These last 2 weeks Vattenfall and Ørsted abandoned offshore wind projects in the US & UK due to soaring costs of up to 40%.https://www.bloomberg.com/news/articles/2023-07-22/biggest-offshore-wind-power-plans-in-crisis-iberdrola-orsted-vattenfall-hithttps://www.rechargenews.com/wind/too-expensive-us-state-refuses-lone-offshore-wind-bid-by-orsted-jv-on-cost-concerns/2-1-1488381Siemens Gamesa board has initiated an "extended technical review" that will incur "significantly higher costs" than previously assumed, estimated to be in excess of 1 billion euros ($1.09 billion).https://www.cnbc.com/amp/2023/06/23/siemens-energy-scraps-profit-outlook-as-wind-turbine-troubles-deepen.htmlhttps://www.bloomberg.com/news/articles/2023-06-29/wind-turbines-that-shake-and-break-cost-their-maker-billions#xj4y7vzkgQuestion of the week:KAP’s sales have gone up 13% because of (FLEX) in their contracts. What does that mean?Kazatomprom 2Q23 Operations and Trading Update - https://www.kazatomprom.kz/en/media/view/kazatomprom_2Q23_operations_and_trading_updateMoonshots & Fizzers:The potential moonshot is the physical uranium funds… or will they fizzle out?For 11 days before the coup in Niger SPUT had been trading at an average discount of 11.00%, since the coup it has substantially reduced, sitting at an average discount of -7.82%.https://twitter.com/skysurfer75/status/1686513074394578944/photo/1https://twitter.com/janwolansky/status/1686470708984008704/photo/1https://twitter.com/quakes99/status/1686517113756975104?s=20Yellowcake is up nearly 6% in Londonhttps://www.holdcomarkets.com/post/the-month-in-u-inventory-yellowcake-p-nav-discount-too-narrow-in-relation-to-sputhttps://twitter.com/moniology/status/1686030693975912448/photo/1https://twitter.com/HoldcoMarkets/status/1686505128793141248/photo/1Tweet of the week:https://twitter.com/sollidnuclear/status/1683467634216509443?s=20What’s been happening“Strategic patience” is required by all… an exciting September coming up.

What’s been happening?It has certainly been a busy week for the nuclear sector!  There has been a host of positive news on the SMR front, the usual barrage of good policy news that we are growing accustomed to - and even some intrigue amongst uranium juniors.Brandon’s stand-out SMR news (amongst a very full competitive field) was the Joint Development agreement between US utility Energy Northwest and X-Energy for up to 12 Xe-100 SMRs. This is an upgrade from the April 2021 announcement of 4 Xe-100 modules at Energy Northwest’s Columbia NPP site. The first SMR is expected online by 2030. The IEA released its 2023 Electricity Market ReportWe have talked many times about the impact of power volatility on consumers. Now the IEA is bragging about it!   Uranium Energy Corp (UEC) announced it has completed the steps required in their plan for a resumption of operations, enabling a faster restart at the Christensen Ranch in-situ recovery (ISR) Project in Wyoming.Unfortunately for Peninsula Energy, UEC’s Christensen Ranch project need to free up that faster production from UEC’s Irigaray processing plant, which had been a vital part of Peninsula’s stage 1 restart of its Lance project.  Peninsula announced a day later that it has delayed production at their Lance Projects in Wyoming because UEC has terminated their Resin processing agreement. Peninsula described the news as “disappointing” but is highlighting the silver lining – ie accelerating plans for in-house resin processing by going directly to stage 2 of the Lance restart.Winner of the week Poland, for getting on with the job of developing nuclear power to replace its coal fired power base. Poland & South Korea sign 6 MoUs related to nuclear power generation, including 2 MoUs signed between Doosan Enerbility and Polish companies on the construction of new nuclear power plants in Poland.Ministry of Climate and Environment has approved Polish copper and silver producer, KGHM Polska Miedź SA's plan to construct a power plant based on NuScale Power's small modular reactor (SMR).Polish state-owned development bank, BGK, announced it will lend €500 million to help finance the building of small nuclear reactors.Bungle of the weekNew York State’s independent grid operator, ‘New York ISO’ has officially identified a shortfall of electric generating capacity for New York City in 2025 of 446MW – more if the city has another heatwave.  What a shame they turned off 2GW of emissions free nuclear power from the Indian Point nuclear power plant.  Even the three new gas fired power plants built to generate 1.8GW to replace Indian Point won’t be enoughQuestion of the weekWhat's the significance of the Paladin Energy announcement to retain 75% interest in Michelin JV in Labrador?Tweet of the weekhttps://twitter.com/JohnLeePettim13/status/1681312834091896832?s=20Moonshots & FizzersThis week ‘Great British Nuclear’ (GBN) was launched, a new organisation backed by the UK government, to boost UK energy security, reduce dependence on volatile fossil fuel imports and deliver government priority to grow the economy. GBN kickstarted with a competition for game-changing small modular reactor (SMR) technology, which could result in billions of pounds of public and private sector investment in SMR projects. The aim is to have the first SMR up and running by 2030. By 2050 GBN wants to see nuclear providing a quarter of the UK’s electricity. 

Recording date: 13th July 2023What’s been happeningWe will soon have two US-listed SMR developers.  Oklo, an Advanced Fission Technology Company announced they will Go Public via a Merger with AltC Acquisition Corp. a special purpose acquisition company chaired by Sam Altman. The combined company will operate as Oklo and is expected to be listed on the New York Stock Exchange under the ticker “OKLO.”The West has received its first boost in enrichment capacity after Urenco approved an investment to expand enrichment capacity by 0.7M SWU at their US site in New Mexico.Closer to home (for Bannerman, at least) Rossing Uranium mine in Namibia announced that they would be switching to contract mining rather than owner operator, as part of its plan to extend production out to 2036. Beifang Mining Technology Services Namibia, will start mining Rossing Phase 4 in 2027.  Approximately 400 employees will need to find work with the new mining contractor or other mines.Winner of the week Lotus Resources & A-Cap Energy have agreed to merge via a Scheme of Arrangement, under which Lotus will acquire 100% of A-Cap Shares. A-Cap shareholders will receive 1 new Lotus Share for every 3.54 A-Cap shares held on the Scheme record date. The merger combines two uranium projects both located in Africa – a production-ready asset, Kayelekera, with future large-scale growth asset, Letlhakane.Bungle of the weekThe Bungle this week is a collective award to the various parties around the world who are gaining leverage by serving up anti-science fear about the release of Tritium water from Fukushima.  This ranges from the usual tired old suspects (anti-nuclear types who long ago forewent any respect for science) to Korean trade unionists. This is despite an IAEA safety review concluding that Japan’s plan to release treated water stored at the Fukushima Daiichi nuclear power station into the sea are consistent with IAEA Safety Standards.However, there is a serious side to this bungle as the hysteria may be used as a diplomatic tool by the Chinese, who are not terribly comfortable with the warming of diplomatic relations between Seoul and Tokyo.Question of the week‘What do you make of CNUC going back into Niger?’Tweet of the weekhttps://twitter.com/fuecks/status/1678349409157775360?s=20The English translation of his thread follows:Dear people, I was a (rather active) nuclear opponent for decades. Now it's time to take note of a few facts: No other country shut down its nuclear power plants prematurely in the middle of the climate and energy crisis. The trend is towards extending the term./2Numerous industrialized countries see nuclear power & renewables as complementary. Massive investments are again being made in R&D for the further development of nuclear energy. Whether this will lead to a new wave of investment remains to be seen. /3There are still good reasons to decide against nuclear power. But this path is also associated with high costs and risks. Instead of praying down old certainties, we should re-evaluate things. The head is round so that thinking can change direction. /4Addendum: I am well aware that the share of nuclear power in global electricity production is falling while the expansion of renewable energy is growing exponentially. Nevertheless, in view of climate change, we chose the wrong order with "nuclear phase-out first". /5The primary goal must be to phase out coal, oil and natural gas. What complementary role nuclear energy will play in a climate-neutral energy system is an open question. In the EU + other industrialized countries, a combination of sun, wind, hydropower + nuclear power is emerging. /6Moonshots & FizzersWill Canada become global leaders in Nuclear Energy? In the latest pro-nuclear development in Canada, the Ontario government announced support to advance the long-term planning and consultation work required to explore nuclear expansion options on the Bruce Power site.  It intends to create the largest nuclear power plant in the world with the addition of up to 4.8GWe to the plant’s already installed 6.2GWe capacity.For the record, Canada is already a leader in many respects.  The only risk of a fizzer is from a relatively similar country and economy that seems to be going in precisely the opposite direction: Australia.

Recording date: 12th July 2023In this insightful discussion, Cory Belyk delves into the current state of the Uranium market and its implications for investors. We examine the factors affecting the market, such as the lack of contracting, geopolitical risks in uranium-producing regions like Kazakhstan, and the growing need for secure supply outside of Russia and China. We also explore the potential for a future uranium boom, with contrarian investors eyeing the market's dynamics. The conversation touches on the challenges faced by utilities in securing long-term supply and the critical role of enrichment and conversion in the fuel cycle. Furthermore, we discuss the potential for investment from oil companies and the importance of a holistic approach to the uranium sector. With insights into the opportunities and potential catalysts for change, this video should provide valuable perspectives for anyone interested in the future of uranium and its role in the global energy transition.

Mr. Brandon Munro and Matt discuss various developments in the uranium market and nuclear energy sector. They touch upon topics such as the recent performance of uranium spot prices, the strong performance of conversion and enrichment prices, and the significance of these trends for the overall fuel cycle. The conversation highlights the agreement between the Belgium government and Engie to restart nuclear reactors, emphasizing the positive impact on the nuclear industry in Europe. Sweden is recognized for its commitment to clean energy goals through nuclear power, setting an example for other countries. The discussion also briefly mentions the use of an ATM shelf prospectus for raising capital and its effectiveness in North America compared to the ASX. Overall, the conversation provides insights into market conditions, geopolitical influences, and notable developments in the nuclear energy sector.

Dive into a fascinating conversation with Guy Keller, a distinguished representative from Tribeca Investment Partners, as he shares invaluable insights into the world of uranium mining and its pivotal role in the ongoing energy transition. With a keen focus on the global natural resources business, Keller offers a wealth of knowledge and experience in the field.During the conversation, Keller sheds light on the fundamentals of the nuclear fuel cycle and the specific emphasis his work places on uranium mining. He highlights the pressing issue of a supply deficit in the uranium sector, emphasizing the scarcity of uranium to meet the demands of the existing fleet of reactors and the upcoming surge in reactor construction. Keller also discusses the challenges associated with permitting and licensing in the industry.On the demand side, Keller reveals the increasing need for uranium driven by the construction of 50 new reactors globally, signaling a significant growth opportunity. He encourages a closer examination of the uranium sector's basics and underscores the importance of understanding the supply-demand dynamics to make informed investment decisions.Prepare to gain unique insights into the uranium industry and its crucial role in shaping the future of energy as Keller's expertise unravels the complexities and opportunities within this dynamic sector.