This episode of Unusual Whales Pod was recorded live on February 15, 2024. Sponsored by Skyharbour Resources, our host Nicholas is joined by experts in nuclear engineering, mining, and markets to discuss the Uranium supply and demand, the booming Nuclear energy sector, and all-around outlooks on nuclear energy and uranium as we delve deeper into 2024.
Panel:
SPONSORED BY SKYHARBOUR RESOURCES: https://twitter.com/Skyharbour_SYH
Jordan Trimble, President and CEO of Skyharbour: https://twitter.com/JordanPTrimble
Nick Touran, PhD: https://twitter.com/whatisnuclear
Justin Huhn Uranium Insider: https://twitter.com/uraniuminsider
Jenifer Avellaneda: https://twitter.com/NuclearHazelnut
Hosted by:
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Unusual Whales: https://twitter.com/unusual_whales
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Of note, Unusual Whales was paid by Skyharbour Resources to host this episode. The episode is sponsored by Skyharbour Resources.
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So everybody Welcome to our panel on nuclear and uranium and their intersections with the market sponsored by Sky Harbor resources ticker syh given that this is a sponsored space it’s important to note some of the terms of the space so while our speakers are getting up here and since this will be
Recorded and released as podcast later today I’ll read a few of those now this space is not Financial advice the stock market is risky and any Trader investment is expected to have some or total loss please do your own research before taking any trade and do not use this information for financial decisions
Or for investing additionally unusual whales is not responsible for any given promotion and does not very verify the authenticity of the promotion or partnership nor the merits of the individual promotion there’s no direct endorsement so please again do your own due diligence and research before following any one promoted post or
Podcast so now to kind of jump into things we’ve still got a few speakers that need to come up I know we’re having some invite issues as well but as those who frequent these panels know I like to keep them very open for discussion so as
We go to all of our panelists today please feel free to chime in and discuss openly add your own thoughts to Any Given topic the only request that I have is that you use that cute little hand raise emoji that Twitter spaces has so we can avoid any any microphone overlap
Or background noise and as I kind of go through introductions here please feel free to plug anything you’re working on and feel free to pin it to the top of the space as well so we’ve got a number of speakers in the nuclear space with a lot lot of experience and expertise and
I’m pretty excited to learn a lot today because this is something I personally don’t know a ton about so we’ll go ahead and start us off here we’ve got Jordan Trimble the president and CEO of Sky Harbor today’s sponsor skyhub is a uranium exploration and early stage development company with an extensive
Portfolio of uranium exploration projects in Canada’s Athabasca Basin Sky’s goal is to Max maximize shareholder value through new mineral discoveries committed long-term Partnerships in the advancement of exploration projects and geopolitically favorable jurisdictions now Jordan thank you so much for sponsoring us today and thanks for joining us to lend your own
Expertise how are you doing I’m great well thank you very much for putting this on it’s a pleasure to be here and uh I see some familiar names in uh in the chat here in the spaces so looking forward to uh this discuss discussion and uh talking a little bit
About our company and where we fit in all of this but uh you know also discussing uh why uranium so exciting right now why nuclear is in this Resurgence or Renaissance and got some uh great uh contributors here to just do just that really excited myself thanks again
Next we’ve got Nick Torin a nuclear engineer with a PhD in nuclear engineering Nick has vast expertise in nuclear reactor design and development and is an expert as well on nuclear history he’s the founder of what is nuclear. comom Nick is dedicated to fighting climate change and educating
About the capabilities and potential of nuclear energy I’m really excited to have you and your expertise here today as well Nick welcome thanks thanks so much yeah really happy to be here I’ve really enjoyed the the community around this space um love talking to people uh
On X and um yeah I I just I struggle to choose between posting ancient reactor news versus uh new reactor news so well I suppose most people are interested in the the more recent stuff but anyway very happy to be here thanks for having me very happy to have you and I’ll
Definitely be picking your brain later on in the panel about some the differences historically between modern reactors and and historical great yeah so hey everyone this is uh Jennifer a janaa most of you know me as nuclear hnut and I’m also very happy to be here
Uh on the contrary of Nick I actually enjoy talking about our current technology although I’m uh very excited about what’s coming you know small motor reactors micro reactors and all the technology that we soon be able to use and see it as normal so I’m very happy to be
Here really happy to have you as well Jennifer I’m excited to get your your safety take uh as your probabilistic risk assessment experience in nuclear engineering so I’m really excited to have you here as well Jennifer thank you next we’ve got the uranium Corgi I’ve been watching the memes all week a
Longstanding presence in the online uranium and nuclear investment circles and a true uranium meme efficient Auto Corgi shares information and Market developments in the sector with retail Traders and investors and I I really got to say Corgi your your level of memory is Def unrivaled out there so I’m really
Excited to get some of your retail take here welcome and thank you for coming I couldn’t agree more next we’ve got hey we got hey hey thanks that’s a great intro I I wasn’t sure how you were gonna do that that that was great thank you I was kind of
Hoping that the meowing was gonna be the of maybe we should get them in on the interview to to give some good input next we’ve got the uranium Insider himself Justin Hoon Justin hun is a leading expert in the uranium investment sector the founder of uranium Insider Justin uses rigorous fundamental and
Technical analysis to make determinations on uranium companies to project in his uranium Insider Focus list with an Inception to date performance nearing 500% I’m pretty excited to have your unique Market Vision here Justin to discuss how current catalysts may affect the uranium sector as a whole so
Welcome it’s my pleasure thank you so much for having me today all right everybody I know we might have a couple more speakers joining later on Twitter spaces un withstanding so before we get started let’s get kind of a quick macro overview with uranium and with the
Markets as a whole now the Consumer Price Index came in hot at 3. . 1% versus an expected 2.9% with core CPI up 3.9% versus the estimated 3.7 the topic at hand here uranium spot price has doubled since this time last year and actually Rose as high as 106 in
The last few de days with the discussion of supply and demand remaining a really hot topic within the sector now since last year in general you uranium has really been on a solid upward trajectory reaching highs that honestly haven’t been seen since around 2007 so now to kind of get us started
Here Jordan and then I want to kick this to the panel as a whole as well what is your outlook for Uranium now in 2024 and kind of what puts Sky Harbor on the map for investors in the space yeah great well we we’ll start with the macro commentary and um like
You said it’s been the best performing commodity over the last year um it’s obviously increased quite significantly prices we haven’t seen since the mid 2000s and really there’s a a Confluence of factors that are driving this increasing price we’ve you know we saw it kind of surge last fall and right
Into the new year here it’s been volatile the last few weeks and uh I’m sure we’ll we’ll get into that discussion here and and what what we can expect going forward but I think it’s important to kind of take a step back and first and foremost um look at the
Underlying Supply demand fundamentals because that’s really what’s um been one of the main driving forces for this price increase so you’ve got um demand side that is uh quite durable it’s increasing it’s improving the sentiment around nuclear as I’m sure we’ll talk about has drastically improved over the
Course of the last you know several years in particular is there’s very aggressive decarbonization objectives and goals globally we just saw the cop 28 conference in Dubai 28 Nations now sign a pledge to Triple nuclear capacity by 2050 so we know the demand sides there we talked or brought up briefly
The smrs um that’s going to be potentially a massive new emerging market and source of nuclear fuel demand going forward but if we just look at the current operable reactors globally well over 430 of them over 60 under construction globally hundreds more ordered plan and OS that’s that’s not
Accounting for any SMR new SMR demand in the in the decades to come so we’ve got this growing uh and quite robust uh demand side in the backdrop of a primary mind supply side of the equation that’s questionable and challenged right now so we’ve seen the demand continue to grow
At about 190 to 200 million pounds of uranium a year uh and the and and the primary M Supply we’re only producing about 150 to 60 million pounds so there’s been this stress on the supply side uh over uh the course of the last six or seven years uh secondary supplies
In the market have met that secondary or met that Supply deficit over you know the the the last number of years those secondary supplies are dwindling you’ve got other factors at play too Financial entities like the spra physical trust yellow cake other hedge funds that are uh sequestering material as well and so
Uh you you basically have a situation where the underlying demand uh Supply demand fundamentals for this commodity are really some of the most compelling that there are of any commodity out there and that’s one of the main reasons uh that we’re seeing this this Market move higher and it’s being exacerbated
By you know geopolitical issues globally we can we talk about that a little bit the market the uranium Market the nuclear fuel Market bifurcating East vers West and Western utilities and and nuclear plant operators are going to have to start sourcing more material from Western suppliers again that’s
Where Sky Harbor for example is a leading exploration and early stage development and Prospect generator business with projects in Canada we have a role to play there um finding the next generation of uh deposits high-grade uranium deposits in the ataska Basin in in helping to delineate resources and
Drisk those so they can be developed uh into new producing minds and so it’s a very um interesting inflection point for this commodity after years of a bare market we’ve come out the other side and I think there’s still a lot of Runway Tim gitell the the president COO of
Kamik who I think said it best when he said we’ve never been this early on in a cycle with prices as high as they are thank you Jordan does anybody else have anything they want to add to that about their 2024 outlook before we dive into the nitt gritty feel free to speak
Candidly anybody I suppose I can jump in here I think Jordan said it pretty well um just giving a a broad overview of where we where we’re at and I think if there’s anything I would add to it is that it’s kind of a a classic commodity
Supply and demand story but there’s some very important differences with uranium compared to uh certain other Commodities that might have supply side be able to respond a lot faster to a rising price environment the uranium sector is a little bit different um uranium mines can sometimes take 10 to 20 plus years
From from deposit Discovery to actually producing yellow cake in a can u308 the first element of the fuel cycle and Supply just cannot respond very quickly to a rising price so even though we’ve seen the price as you mentioned double in the past 12 months
And uh almost double in in the past four or five months really it’s been a very very steep rise that a lot of the reason for that rise has to do with purchasing coming from the actual end users in the space yes there is some participation by Financial entities buying a little bit
Of material in the spot Market producers have been doing a little bit of buying but really what we’re looking at is a is a pretty straight up fundamental supply and demand Story the big difference being uranium can’t respond very quickly so we have this sort of unique period of
Time right now where there’s 30 to 50 pound uh 30 to 50 million pound Supply deficit on an annual basis at the very least for the next few years until and unless we see new very large mines come online to bring new Supply to this market and of course replace some of the
Supply that’s going to be declining over the coming years from the existing producing mines um so we have a a period of time here where we’re just not going to see enough Supply respond quickly enough it’s it’s pretty clear to model that out at this point so um where the
Price goes I think it’s not really going to make sense we arguably don’t need to go that much higher to incentivize projects but even with incentive price there with sufficient Capital there we’re going to have to see sustained high prices for for some time to see sufficient Supply come online so should
Be a pretty interesting few years going ahead thank you Justin so kind of just on that same vein of of topic here I do want to touch a little bit on that supply and I think I’ll start honestly with Justin I’m going to kind of quote a
Tweet that you were talking about here on your profile you recently reposted a tweet that indicated a supply squeeze in uranium is on the horizon you’ve also tweeted references for the potential of uranium becoming a quote generational wealth event now given the seemingly endless cries of Any Given stock sector
Topic becoming a generational wealth event what are your thoughts here on what makes uranium different and I’d like to kick this one around the panel too that that topic of uranium being different from other energy sources sure well I think it it mainly that type of statement is mainly
Observing historical very very large Cycles in this sector so the this particular commodity has undergone two major price spike periods through through its history since uh commercial nuclear really um came on the scene back in the 50s and then really ramped up 70s and 80s and we had abundance of Supply
Come online after that uh after that second price spike and after that point we had as Jordan mentioned a lot of secondary Supply in the market that helped to buffer a supply shortfall that’s existed for quite some time and one of the big differences right now is that that secondary Supply just isn’t
There ins sufficient volume so in the previous price spike that went from kind of the bottoming period of of let’s say 03 the peak in ‘ 07 uh we we did have a very minor Supply deficit nothing like we’re seeing here today but we also had
A lot of secondary Supply so much of that was approximately 20 million pounds of uranium per year coming into the market from the megatons the megawatts program which was down blending nuclear warheads and making um uh low uranium available to the commercial Market that’s essentially like the biggest mine
In the world producing uranium into the market that’s not there that ended in 2013 a lot of the underfeeding that uh we probably don’t have the time to get in the Weeds on that but basically it’s secondary Supply coming from enrichment enrichment uh when enrichers have sufficient excess capacity they can they
Can spin material down a little bit more than they normally would and sell that extra feed stock into the market so underfeeding from the West Was about 10 million pounds a year that’s essentially gone from the Western enrichers right now so we have a big deficit and not a
Lot of secondary Supply to kind of cushion that deficit at least not right now and not in the foreseeable future um so as far as it being a generational event this this Commodities gone through historical very very large swings and um if you do the supply and demand work
They’re relatively easy to predict without having a precise time frame it was pretty clear going back years that we would see a recovery in the price of uranium and now I think we’re in this environment where there’s limited pounds and there’s uh pretty decent robust demand fundamentals demand is relatively
Stable and easy to model and growing and the supply is constrained so it’s it’s arguable that we’ll see in the next year or two multiple entities in sort of a competition in the market for limited pounds available and what that could do to prices is sort of anyone’s guess at this
Point Thank You Justin I’m gonna kick to Jordan here kind of what are you seeing as you know from your point of view as a CEO in the space how are companies dealing with this Gap in supply and demand well yeah you know just getting
Back to the you know this there was this lot of secondary Supply built up you had the megat tons to megawatts Pro programming is Justin pointed out you also had just going historically looking at it historically in ‘ 0607 when you had the price um the spot price reach
Over $135 a pound um in today’s dollars that’s around $200 a pound so we’re still only about half of that previous high and back in the mid 70s it was even higher than that in inflation adjusted terms but that spike in 0607 not only did you have the megatons to megawatts
Program you had underfeeding you had other sources of secondary Supply you had the largest producer of uranium in the world Kazakhstan currently in mid ramp up from basically no production or very little production in the late 90s early 2000s uh to 50 to 60 million
Pounds a year um so uh and and you had cigar Lake as well which there was one of the reasons there was the price spike was the flooding at cigar Lake now those that that production had not come online yet but was expected to and basically
Pushed out several years so you know the it’s really fascinating right now watching this Market kind of evolve because yes there are similarities to what we’ve seen in previous bull markets but you know as as as Justin and I are talking about there’s you know there’s a real constrained supply side currently
And it’s not easy building these mines we’ve seen in just in the last building and and operating these mines right we’ve seen just in the last six months here several pretty meaningful uh Supply uh uh cuts and and downgrades in particular at Kaz Adam prom in in
Kazakhstan and we we saw in September last year um a smaller cut from um uh from cico in the atasa Basin so the you know these are it’s one thing building the mine funding the mine getting the permits obviously with uranium it’s a little bit different than building a
Copper or gold mine or certainly other metals and and uh can you know can take longer there there are some new um um newer mining methods and uh I well ISR has been used extensively around the world but in the Basin Sabers a new um potential mining method that uh that
That’s uh going to be utilized here so the there are some new kind of mining methods and techniques that could help expedite some of that but bottom line is it takes a while to build uh these mines and then ultimately it’s it’s challenging just to keep um the
Production levels at you know steady rates right and and and Supply disruptions do happen and what we’re seeing right now is the market respond um quite meaningfully to any Supply disruption or Supply Cuts going forward and so you know there’s this precarious supply side situation that’s playing out
As we’re seeing the demand side continue to uh continue to grow and uh and uh so it’s you know it’s kind of a bit of a you know perfect storm that’s Brewing right now and so you know when you get back to the the question of you know the
The kind of generational wealth I mean you know we’ll see how things play out it’s you know it’s always tough to predict um you know how these markets uh end up playing out but there’s no question that you know uranium miners as one of really the only kind of pure
Playay direct ways to get uh pure exposure to the commodity there are several physical holding companies and you know there are other ways to to play the commodity but it’s not like other um you know other metals or other Commodities where there’s a vast array of investment products and instruments
And companies out there that you can you can invest in to get exposure it’s still relatively less saturated if you will so you know investors looking to get exposure to uranium is the nuclear fuel for for nuclear power generation you know you’re you’re you’re looking at the
Uranium mining equities and the and the combined market cap of all of the publicly traded uranium mining companies is still around 70 billion it’s not huge it’s a you know relative drop in the bucket if you back out cico and kazad prom that gets cut in half so the the
Smaller and midcap names and developers even are you know uh about 30 to 35 billion in Combined market cap so you know the the money that is starting to come into the space uh is you know kind of working its way through quite quickly and and one of the things that I think
Will uh be a you know a common theme here uh over the course of the next few years as the bull market matures is you’re going to start to see I believe the outperformance of the mid and smaller caps relative to the the much larger companies like the cicos uh as
Money Works its way down and you know typically you see that where’re smaller and midcap Mining equities outperform later in the cycle we saw that in 0607 and I think we’re going to see it here uh in the next few years thank you Jordan it’ be really interesting to watch I
Think now just kind of for some backdrop on the entire topic of uranium as a whole as an energy source I want to pick on you a little bit here Nick just from the science side of things the the argument on energy has been going seemingly forever I just broke into my
30s and it seems like clean energy versus oil Etc has been just screaming from my television ever since I was a little kid and the pundits of oil versus those of nuclear wind Hydro Etc have been butting heads sometimes to pretty Extreme Measures so Nick I’m wondering
From the point of view with all of your experience in nuclear engineering what genuinely sets nuclear energy aside from other energy sources such as coal and oil yeah I mean yeah there’s it’s it’s there’s a there nuclear bonds as opposed two chemical bonds have two million
Times more energy per bond in them and the physical implications are just really almost magical and astounding and it gives these huge macroscopic advantages of nuclear power versus any chemically derived type of energy source and so I mean the implications were first uh for for a power plant were
First clearly demonstrated way back in the early 50s by Admiral rickover who put um a nuclear reactor as the power source of of a submarine and the difference in capability in a nuclear-powered submarine vers a diesel or oil powered submarine is is so astounding and I mean I’ll just give a
Few examples they uh a a chemically powered submarine has to have oxygen to do combustion and so you have to have like a snorkel coming up you have exhaust gas coming up and so you can be submerged for you know a while a couple days and then um you have to come back
Up or you have to be at very low power you can’t be going fast you used to just sort of lurk out there and then when a ship would come by you could shoot a torpedo at it but with nuclear power again with two million times more energy
In sort of the same area fitting in that little submarine it’s just crazy they they immediately took the Nautilus the first submarine and they took it up under the North Pole for the first time they circumnavigated the the whole planet on in one go um and they could just go it’s
Just a completely different machine really incredible stuff and then I mean on the on the commercial power side it’s it’s this it’s similar advantages I mean you can get a year and a half of fuel in a core at once you can have multiple years of fuel on site um you run with
Basically no nothing emitted you have no air pollution coming out you have no CO2 and it can run 247 and you can still have this huge supply of fuel sort of on site whereas a a coal plant will typically see like a mile long train car
Of coal come through every single day so uh the the overall implications sort of from strategic point of view from environmental point of view from energy stability point of view are just really amazing and it all comes from that phys physics advantage of using nuclear bonds instead of chemical bonds that’s that’s
The basics of it at least I’ll take it thank you Nick and and I’m honestly I might I met pick your Bane real quick here since we’re on this topic before I kick back over to Jordan and Justin here could you just and it can be I mean as as in-depth as you’re
Feeling up to or as B I view as you’d like can you touch on the difference between nuclear fishing and F fusion and why Fusion would be such a breakthrough in the commercial space should it occur sure um I actually I I became interested in nuclear engineering because of fusion
Way back many years ago um that’s what sort of brought me and I sort of had this impression that Fusion was you know not great and fusion was the future and so I got into Fusion research and did some interesting stuff in a something called a z pinch uh experiment back in
College anyway I mean um Fusion is they’re both forms of nuclear energy they come from the atomic nucleus Fusion is energy if you take smaller small atoms small nuclei like hydrogen and other small atoms and bring them really close together they’re pushing apart from each other because of you know
They’re both positive charged and they so they’re sort of magnetically opposing but if you can push them hard enough that they get close and the nuclei actually touch they will fuse together and that is an exothermic reaction releases this vast amount of nuclear energy when that happens and that’s what
The sun is doing it’s you know the gravity of the sun is bringing those hydrogen ions close together they’re fusing that makes Sun uh that makes the the power of the sun which Powers basically all life on Earth um and so and fusion and trying to get that to
Happen on Earth has been done for years and we’ve we’ certainly have achieved Fusion reactions um we have thermonuclear weapons back in the 50s we have little we have accelerators and we have a number of power plants or sorry not power plants of experiments that are trying to set up the conditions that
Will bring those at those atoms close enough together to fuse none of those have ever produced net energy is the problem because the engineering of it very hard Vision on the other hand we have used in commercial power plants since at least the 1960s um they make uh you know half of
The clean energy in the United States we’ve got 100 of or 94 of them here uh they’re the biggest source of energy in Europe at the moment so um the difference there is that you’re taking very large atoms like uranium and you’re just shooting a little Neutron at it and
What happens is that Neutron goes in there and it acts like a match the atom just becomes unstable and just immediately breaks into two pretty large chunks and when that happens it also releases a huge amount of nuclear energy it’s kind of weird you split a big atom
That releases energy if you you join a small or two small atoms that also produces energy um vision is conceptually much or from an engineering point of view fision is basically trivial all you have to do is put the um the atoms close enough together stick a
Neutron Source in there and they just start making heat um and they it’s a chain reaction One Neutron causes splits an atom which releases the energy plus a few other neutrons which go on to split the nearby atoms and so you can just kind of standby and it’ll release
Gigawatts of heat as you operate the control rods it’s very easy from an engineering point of view the disadvantage is that those two big atoms um when you split it those are highly radioactive they slowly emit a little bit extra energy and that ends up being a health concern so whereas with Fusion
When you combine those atoms generally there’s a lot less residual radiation from the byproducts so the big the big advantage of fusion would be the big excitement from Fusion Fusion is you can get all that nuclear energy um but you don’t make the uh the highle nuclear
Waste that comes out so now in terms of like actual supply of fuel there’s also been this idea that Well Fusion fuel there’s a lot more Fusion fuel on Earth and that’s probably true I mean you can there’s duum and tridium in in in water and you can breed extra trium from
Lithium there’s vast quantities of nuclear fuel in Fusion form for sure it’ll last you know you could power the world for billions of years using the available Fusion fuel however you can also kind of say that with fion um if we just mine uranium and and burn it in the
Types of reactors that we currently use you may run low we only we only split about 1% of the actual uranium atoms that we mine uh just because the reactors we currently run are not very good at splitting a high number of atoms but there are things called breeder reactors that we
Built and demonstrated again back in the 50s which can get 90% of those atoms split from uranium and so if you do switch over to breeder reactors um then the uranium resources and the thorium resources can last probably also billions of years at least hundreds of millions of years using fision so there
Isn’t like a huge difference in overall sustainability between the two although Fusion is better they’re both extraordinarily long uh so yeah the major advantage is is just that then the fusion will make less waste there the excite from the commercial point of view I think there’s a lot of excitement
Maybe hype about Fusion will be like super cheap I don’t actually personally buy that at the moment it’s certainly possible like if you don’t have the radiation Hazard or at least as much of a radiation Hazard maybe you can build and operate a fusion power plant for
Cheap but that’s not for sure uh the the technical challenge the engineering challenge of what it takes to bring those atoms close together may be very expensive even if even without the radiation Hazard so like whether or not um when we do get when we can finally
Figure out how to get actual power from Fusion which is I mean it’ll happen someday but it hasn’t happened yet it’s very hard um and then once we do there’ll be a big breakthrough people say we finally got net energy from Fusion but it’ll be a thousand times
More expensive than natural gas at first or whatever and so then there will be this big period where um people try to make fusion plants that are more economical and there’s it’s a total unknown whether or not that will be possible certainly people say it’s possible and they’re going to do it in
Two years or three years but whether or not that actually happens is totally up for debate I’ll stop there fair enough thank you so much Nick I think that’s really good information to have as we kind of go through this topic so I do kind of want to just pivot a little bit
Back to back to the topic we had just regarding the general bullish sentiment on uranium that seems to be echoed across pretty much every investing Circle I tune in uh Jordan what are some of the upcoming catalysts for Sky Harbor specifically and for the uranium markets
As a whole I know we already talked a bit about the supply and demand situation and I I’m also curious about something you mentioned earlier about the smaller to midcaps how how are you feeling currently about Sky Harbor’s market cap at current levels yeah well I think given where we’re at in the
Cycle I still think we’re in the earlier days versus the later days and and you know as as is typical with these mining Cycles these these commodity Cycles with the equities the The Binding equities um uh you you do see typically outperformance in in the latter part of
The cycle with the smaller and midcaps and the reasons for that are simple you have money that initially flows into the more liquid larger names um The Producers typically and you know as investors are uh you know looking for a little more leverage or Torque to a rising commodity price
Andor you know they’ve they’ve hit their Target price in that investment and and they look to take some profits but they still believe in the commodity thesis and it playing out they’ll you know that Capital will flow down um you know for Sky Harbor we’re we’re a smaller cap
Company um at about a $90 million Canadian market cap we we’re we’re actually one of the larger call it exploration companies uh in the athabaska Basin so just a quick highlevel summary of the company been around for 10 years um we were there 10 years ago when post Fukushima and when
Commod when uranium prices were um well below $25 a pound um you know we were there with a very contrarian strategy acquiring projects at very attractive valuations we were one of really only a few companies that was doing that 10 years years ago and we’ve been able to
Build up what is now by acreage the third largest mineral tenure holding in Northern saskat you in in a region called the Athabasca Basin which is the highest grade depository of uranium in the world the average grade of a deposit in the basin’s usually about 10 to 20
Times that uh of the uh of the global average and so what that means is when you’re out there looking for new deposits or delineating and expanding existing resources drisking deposits so that they can be developed into mines um these are you know potentially massive returns associated with that Discovery
And resource delineation process we’ve seen recent uh discoveries and successes in the Basin uh that have yielded many billions of dollars in returns for investors that you know basically bought in before the discovery and held through the discovery and resource uh delineation phase of that mining company
And so that’s that’s where we’re at we’re out there with uh again one of the largest land positions over 1.2 million Acres across 25 projects but we you know unlike I’d say other exploration companies we do offer a little more of a variety of uh you know exploration
Projects ranging from earlier stage more Grassroots exploration properties right through to more advanced stage exploration assets that either host small uranium resources Andor highgrade uranium mineral ation in previous drilling so at our main project for example more Lake there’s a small highgrade deposit there we’re working on
A resource estimate and we’re going to be drilling it here shortly another uh 3,000 meters it’s it’s had grades as high as 21% u308 over a meter and a half within 6 meters of 6% u38 so very high grade uranium mineralization and that’s adjacent to our other of advanced stage
Co- Flagship uh exploration project called Russell Lake and both of these projects are strategically located south of the MacArthur River mine the largest richest uranium mine in the world uh owned and operated by camoo and then one of two operating Mills in the region the
Key Lake Mill just to the South so uh those are the two main assets and the other projects um that are you know some of which are earlier stage uh fit into our Prospect generator business so much like a let’s say a tech incubator would go in and incubate various tech
Companies and we we we kind of do that similar idea with uranium uh projects in the atasa base and we’ll over the course of that 10 years we’ built up this big property package and and we’ll go in and we’ll do some work we’ll we’ll incubate these projects and then we’ll look for
Partner companies to come in and we’ll Farm out uh at usually a majority interest whereby the partner company spends cash and shares pays us and cash and shares and spends money in the uh exploration and advancement of the project uh so that’s you know combined project consider consideration that’s
Coming into Sky Harbor uh and they basically take the Reigns and re- retain a minority interest usually a royalty as well as an equity position if the company’s public so um you know we’re we’re gearing up for you know what will be our kind of busiest year that we’ve
Ever had as a company with multiple drill programs fully funded fully permited at our main assets Russell and more Lake as well as several partner funded drilling programs and exploration and field programs at various other properties uh throughout the at tabasa Basin so we’re really trying to become
The One-Stop shop for investors looking for high-grade Uranium exploration and Discovery exposure across a variety of projects um in the aasa Basin which again is in my view the best place to be looking for developing and producing uranium globally thank you Jordan it does it does really sound like Sky Harbor’s
Pretty set up there in the B and and I I definitely will have a couple of follow-up questions there as well but real quick for now I want to kick back to kind of kind of the tack on supply and demand and I I want to touch on
Something the US Department of energy issued last year that request for proposals for Uranium Enrichment Services to help establish a reliable domestic supply of fuels using High assay lowen wrenched uranium following that bill in December that stated the US aims to cease Russian Imports of uranium
By 2040 so I’m curious and I’m going to kick this around the panel so anybody feel free to chime in but we’ll start with Justin here what kind of effects would we expect to see with more us output and less imports from the largest uranium producer in the world and what
Do they kind of aim to aim to achieve well I think you know the the overall goal at this point is to improve upon the domestic sourced nuclear fuel generally speaking there’s uh a highlighted focus on on Halo High a low and Rich uranium as you mentioned which
Is the fuel that will theoretically be used in advanced reactors so kind of gen five reactors U many of these are smaller there’s two demonstration projects currently happening in the United States that’s partially being funded by the DOA and that’s Terra power atrium reactor this is a Bill Gates uh
Co-founded company that is aiming to build this reactor the small modular reactor in the state of Wyoming essentially replacing what was previously a coal powered plant and then the other one is X energy xe100 that’s uh set to be built in the state of Washington like I said both of these
Have doe support neither of these designs has been approved by uh by the nuclear Regulatory Commission as of yet in fact I don’t believe either of them have submitted applications um but that’s a slower process so this is this is a multi- multi-year process with the aim of moving in the direction of
Implementing new nuclear in the United States and at this point there’s a focus on the small modular reactors Advanced reactors as far as establishing more domestic uh low inis uranium which is what’s utilized in the light water boiling water Fleet of the United States um that’s that’s part of this recent RFP
As well and that that’s really honestly that’s should be more of a focus in my personal opinion currently than the focus on Halo and that’s because we rely entirely on on foreign entities to provide enriched uranium so yes urano is a is an Allied uh company it’s operated
By um it’s it’s excuse me it’s owned by the UK and they have a facility in New Mexico so that does produce some domestically but it’s not domestically owned and then the other major Western enricher is Aran which is French owned so we do have Allied Nations producing
Low enrich uranium but we still have been importing on average basically up to the limitations of the Russian suspension agreement on an annual basis which is about 25% of the annual needs of enriched uranium is coming from Russia even this past year we imported uh substantially more than that
Limitation in the RSA seemingly in an effort to pull forward as much enrichment delivery as we possibly could with the possibility that Senate will eventually pass the legislation that’s currently at their desk that aims to ban the importation of Russia and Rich uranium whether or not that passes I
Don’t know it looks like it’s likely to pass there are waivers within this legislation that would allow domestic nuclear utilities to continue to receive material from Russia on an ongoing basis all the way out to December 31st of 2027 but there is as well an industry fear that Russia could potentially retaliate
In respond response to this legislation passing and voluntarily cut off exporting material so nuclear Utilities in the US um pulled forward quite a bit of deliveries of Russian Iranian going going back last year uh but either way there’s overall kind of a highlighted point on energy security this is not
Just here in the US this is globally um certainly that’s been the case in the EU with Russia essentially weaponizing energy um since the invasion of Ukraine and so if you’re focusing on security of supply security of energy with 20 almost 20% of our grid in the United States
Being nuclear makes sense that all elements of the fuel cycle would be supported by the federal government in some way or another to kind of get it together we we produce almost zero uranium in the United States and consume about 45 million pounds a year so last
Year I think we produced One or 200,000 pounds while the annual consumption like I said 40 around 45 million pounds a year so we likely will never again domestically produce that much uranium um between our certainly for the most part most the the majority export of ranium
To the world really is Kazakhstan and that’s the same the same uh situation in the United States so between Kazakhstan and Russia the United States is highly highly reliant on imported material it seemingly the depart energy is is aiming to uh try to address through these various ared thank you Justin Jordan or
Nick did you have anything to add what Justin said there I I think it was a great summary and you know again I think it just emphasizes the need for uh new supplies to come online uh in Canada um in other parts of
The West um I I you know if you look at um uh the need also for again this you know these new generation of reactors um that that you know are coming on um and you look at in particular the contract um uh uh books of the largest producers
Like kazad and prom and cico even uh Out 3 to four to 5 years I mean a lot of the materials contracted or accounted spoken for so you know new production uh urgently needs to come on um you know it’s as we talked about earlier it’s
It’s not easy to do just that um but you know we are seeing not just in the US also in Canada and even at you know the exploration level we are seeing you know the government get behind this um a good example just in the last year and a half
Two years uh a new tax credit that the Canadian government implemented called the cmec uh critical mineral exploration tax credit allows uh exploration companies um looking for uranium and other critical minerals basically to raise uh money at a 50% premium so for every dollar coming in at the back end from an
Investor um a150 comes into the company and that that money actually needs to be spent exploring and advancing those critical mineral properties so you know we’re seeing it at the you know at the at the nuclear fuel level we’re seeing it all the way Upstream to the exploration and development companies
Where these Western governments are incentivizing um you know more development and the advancement of these projects domestically and in other Allied countries thank you much Nick yeah would just I mean yeah the summary was good I I think it’s worth emphasizing I mean the we kind of the industry the nuclear
Industry sort of got I guess addicted to cheap Russian uranium and it’s not just the uranium supplies the Enrichment Services as well as was mentioned but um it puts us in a bit of a pickle I mean right now I think James krellenstein did a white paper that said that like one
Out of 20 American Homes is totally dependent on Russian uranium and if Russia decides to just cut that off like there’s no way to get uh the fuel to reload the reactors on schedule and like those it would be a pretty serious issue and so this is kind of embarrassing um
And if we want we sort of we’re originally saying oh you know Europe’s dependent on gas from Russia like that’s silly they should do nuclear but like oops actually nuclear is totally dependent on Russia for uranium and uranium services so that’s a bad situation that needs to be reconciled
And so yeah getting more non-russian production non-russian Enrichment Services up and running is pretty important to ble to get out of that kind of a situation so it’s it’s kind of a it’s not where we want to be thank you Nick so I want to continue on this topic
Of you know production in North America specifically now in the US the votal units three and four have been a pretty hot topic as they Mark the first newly constructed nuclear units in over 30 years I think it was uh so let’s let’s just start with Nick here again and then
We’ll kick around the panel building out is one of the major focuses of those who Advocate just so we can again pull back on some of the uranium Reliance that the US has on foreign countries for their production how momentous is it that these two new plants have opened and I
Think the fourth one just went critical by a tweet that Jennifer put out the other day uh how momentous is this and does this really pave the way for more plants to be started in the states MH yeah it’s yeah I’m sorry Jennifer because he would be great to answer this
If you if your Mike start working just interrupt me feel free um yeah it’s very momentous I mean the the projects were they boondoggle for sure they’re you know twice as expensive as expected and they took twice as long but not withstanding the accomplishment of reestablishing a previously totally dormant nuclear
Construction industry is a massive accomplishment and really should be celebrated and they did just bring that that second ap1000 critical I think I guess it was yesterday um it’s it’s just it’s just awesome and these are great plants they’re built on experience from the previous Fleet so they’re the A and
Ap1000 stands for advanced although some people don’t say they’re Advanced reactors they are truly advanced in that they have brought in the experience of of you know real lived operational Lessons Learned and they adjusted the design and we just brought them online here in the United States we have a team
Of people who knows how to build them we have a supply chain and the design is 100% complete like we know as opposed to a paper reactor a reactor that’s still in the development phase we know every little detail of that those types of reactors is understood and can actually
Be constructed and put into operation and so now the question is so we could you know just say okay let’s build 10 of those let’s build 20 um and there’s a pretty good chance that you could pull something off like what France did when they chose a a completed standardized
Design and build a bunch of them right in a row and that’s really The Proven way to expand nuclear rapidly uh however no one’s really talking about that the projects were so expensive that most people are saying like nope no one’s ever going to buy one of these again
There’s no there’s no utility that can afford one there’s no project team that can pull it off and so we’re in a it’s kind of a it’s another tough spot where that technology is ready to go the people are there and we can go off and
Do it but we just don’t have like a pathway to find out like who’s going to build the next three or 10 or whatever and so meanwhile we have dozens and dozens of smaller efforts developing uh newer Technologies or um technology reactors that haven’t that don’t have that operational experience
They may they have higher performance they can do high temperature they can do process heat they may be more efficient with their uranium but they don’t have that advantage of operational experience and so they have to go through this huge learn learning curve of not just getting constructed getting that supply chain um
And then turning on and then once you turn on you know you usually have at least five years of like Shakedown when you have to sort of adjust your technology you might get some leaks you got to fix this is happened all throughout history and so it’s relatively likely in any new reactor
Build and so we’ve got a lot of people focused on that and like basically nobody focused on building the next one of these uh Vogal type units the AP1 so it’s it’s another like pickle that we have to figure out how to get through
But if we do it then yeah I mean it’s the the fact that we build two new big reactors is is so exciting and I’m so happy to have the industry sort of back on its feet but I’m just concerned that you know how are we going to take that
Next step and really take advantage of that experience and and build the next 10 or whatever 10 sounds like a really good thing that if that comes to fruition I’d say Jordan and Justin do you have anything to add what Nick said um the only thing I I keep thinking about is
That I I completely agree with Nick I I would love to see more of these AP 1000s or other designs of large light water boiling water reactors being built in the states and the United States is making very large proclamations in terms of their plan for the future of nuclear
Without really making a solid stepbystep plan so for for example um the doe put out something called a liftoff report last year they did that for through three different Industries one was nuclear one was Renewables the other I think was hydrogen if I recall correctly and in this liftoff report they
Basically said that small modular reactors could theoretically replace 85% of the coal plant sites operating and retired in the United States um they they aimed for a a doubling or maybe it was even a tripling of nuclear to meet carbon neutrality goals and these are
Very lofty goals and to in order for the United States let alone the world which was the goal I suppose in theory uh that was proposed by this Consortium of of countries at the cop 28 conference I think 24 countries signed this Proclamation with the intention to jointly commit to tripling nuclear
Capacity by 2050 this is an absolutely enormous undertaking in terms of uh the skilled labor force and building out the nuclear fuel cycle let alone actually building the reactors or powering that with sufficient mining of uranium or perhaps new technologies with higher price environment for extracting uranium from seawat from phosphates Etc these
Things are all on the table for future production of uranium it’s just a huge undertaking and I would really really love to see some further and more um more specific support coming from the federal government of exactly how we’re going to meet those goals so it’s it’s wonderful to see these goals being
Stated and it’s great to see things like within the inflation uh inflation reduction act that was passed last year there are clean energy production and clean energy investment tax credits that’s certainly aiding the industry right now so most if not all of the Aging reactors in the United States that
Are coming up for retirement in the next 5 to 10 years many of those and some of those are already actually filing applications for Life Extensions and there those Life Extensions are going to be financially supported through these clean energy production tax credits so that was a very very big move and it
Largely de-risked the largest Fleet in the world having the money from the IRA for that but it’ be great to see some uh some on the ground very specific steps of how we’re going to build new nuclear United States that’s not yet something we’ve seen they’ve scratched the surface
With the with the funding of for the partial funding of these demonstration projects the two smrs I already mentioned it’ be great to see further build outs of course we’re seeing announcements of umus and and and Lois across across the globe right now of countries building
Out new nuclear the Baraka plant in in the UAE I think it’s a 4unit plan at this point I believe they’re planning on building more absolutely astounding success story um between uh the UAE and the South Koreans on those builds just just phenomenally successful projects and we’re seeing more and more of these
Projects being announced almost on a weekly basis so the growth for nuclear looks very very promising but it’d be great to see former nuclear leaders like the United States step up and say we’re going to be building more large reactors this is what it’s going to look like
This is how we’re going to do it etc etc so that does kind of bring me to a topic I wanted to touch on I know we might go a little over our hour but this is one I really wanted to touch just kind of on
That topic of the IRA I think I think the IRA was providing up to to $500 million for Halo enrichment contracts and together the United States Canada Japan France and I think the United Kingdom have announced a collective plan to mobilize upwards of 4.2 billion dollar in government-led spending to
Kind of help develop safe and secure nuclear energy Supply chains and I kind of Wonder here a one of the main things that I came across in terms of nuclear energy and infrastructure for it is the astronomical cost and so I guess this is a bit of a two-part question and we’ll
Start with Jordan then just kick it around the panel with Justin and Nick aside from funding what what will it take for larger countries to kind of take the effort and expense to transition to nuclear and then as a tie on to that is 4.2 billion seemingly globally enough to
Help with these Supply chains and help develop new reactors well you know I think the first step which we’re seeing and we’ve talked about is you know the the general sentiment improving the push the desire on the part of the governments and the people to you know see this happen so
You know we can check that box that’s that’s that is happening um and we’ve seen a major shift in particular in the west again on the back of these decarbonization and carbon neutrality objectives um but you know as I think it’s important to again take a step back
Look look at this globally right as you know Justin pointed out um you know th those reactors coming online in the UA you’re a perfect example of you know how this how this should work um uh and uh you know it shows that um you know these
Reactors can be built um you know on on time and and and relatively on budget uh you know which has been an issue obviously for in the west um I let’s just take Canada for example and and um you know recently we saw the announcement of you know the first uh
SMR small modular reactor um being built at the Darlington plant uh in Ontario and uh immediately there was a$1 billion uh investment made uh by the Canadian infrastructure Bank to fund that so that’s you know that’s that’s tangible that’s something that’s happening and I you know I you know as Justin pointed
Out I I I think they’re more of that um you know more Hands-On um tangible and and things like that in North America will help but you know again when we you know when we look at it globally um let’s just take China for example uh
Really kind of the leader uh in new nuclear and uranium demand growth um you know have announced that they have plans to build 150 new nuclear reactors in the next call it 15 years which would amount to more nuclear capacity and uranium demand coming online in China in the
Next 15 years and has come on globally in the last 35 years they need a lot of electricity and they need it soon right and so you know when we look at you know the West versus other parts of the world you know there are a lot of differences
And I think um you know when we when we look at how the West can meet uh these objectives these goals um yeah we’re going to need to see more um conventional reactors larger reactors uh but you know we need to get rid of some
Of the red tape um that’s bogged uh the the industry down in particular in the last few decades thank you Jordan Justin or Nick anything to add to what Jordan said nope I don’t think so yeah yeah I’m think you covered it well fair enough guys thank you so what
I kind of want to do here at the tail end is I’m just going to kind of go through each of the panelists and I do want to hear more about Sky Harbor specifically as well especially in in reference to Unique positioning there in the atesa Basin versus other companies
But first Nick and Justin is there anything that you wanted to add or touch on that we may not have had time for today or anything that you have that you’re working on that will be coming out in the near future that people should check out let’s start with
Nick um well I’m I’m I’m continuing my this is sort of T tangential I’m continuing an effort to uh I found like 400 Old archived nuclear power films in the National Archives on 16 millimeter films and I’ve been working to like pick out the interesting ones one
Sec and get them digitized and posted so just keep an eye out for uh for new publications of those old digitized videos on I post them on my account here and everything that’s something I’m really excited about I I’m hoping that some of them are inspiring like a lot of
Them are old reactor types that are actually super Advanced some very high temperature high performance reactors that people um that are largely forgotten and so I kind of hope that somehow those those old videos will lead to new developments uh new startups and so on so that’s just something I like to mention
Thanks thank you Nick and thank you again for coming and I’m I’m kind of a sucker for historical film so I’ll definitely be on the lookout for that great yeah thanks just anything you’ve got coming out on the horizon anything you wanted to add for the listeners
Today sounds like we might be having a connection issue there I think that I can really think about that hello can you hear me yep we can hear you now gotcha sorry about that um nothing nothing really in the near- term in terms of uh some exciting expectations
From us really but um what we do primarily is focus on the physical the physical Market the physical Uranian market so that’s that’s where we have our ear to the ground on a daily basis to try to understand what’s going on there but I suppose just a parting
Thought that was crossing my mind as I was uh listening to Jordan and then Nick speak was that looking at uh the global nuclear build out and the aspirations of China and uh the proclamations of the cop 28 conference there it’s all very bright for the future of nuclear and
What makes this investing thesis so exciting at least for me is that we don’t really need any of that to pan out for the next let’s say three to five years to see what we’re about to see happen for the price of uranium because of what I mentioned at the beginning of
This space is in terms of the industry’s um slow response time to a rising price environment that’s the gears are turning Supply is starting to respond but we’re talking about 30 to 50 million pounds a year that’s going to have to come online in order to reach a
Balanced Market uh even not withstanding the growth that’s expected in the industry during that same time period and the declining production from the existing mines so the next three to five years is sort of already baked in um compared to I mean assuming that we don’t have let’s say another Fukushima
Type accident which there’s always the chance that happens that would obviously affect sentiment to the negative um at least in the short term but the real reason that we had such a long bare Market following the Fukushima daichi accident had to do with destruction of demand the Japanese Fleet coming offline
They’ve restarted 11 reactors currently they still are sticking with their goals of having 20 to 22% of their electricity grid being provided by nuclear which would require almost another 20 reactors to restart between now and the next five years that seems pretty ambitious in my estimation but I think we’ll see
Continued restarts from the Japanese and then just looking out into the future I think some of these incredible success stories like the Brock UAE um to your point why so expensive that was the Bal process which mistakes with that project was that construction essentially began before the engineering was complete and
So there was some element of figure it out as we go baked into that project that certainly led to cost overruns and time overruns and then of course the seis well project in the UK is also over budget so these two projects really seem to inform that narrative while at the
Same time we see three four five six reactors in china hit the grid every single year that are being produced on time and on budget yes there’s different Dynamics in China as a communist country relative to you know the the capitalist free market that affects things differently in terms of these large
Scale projects and unions and all of that but it’s not just China it’s in the UAE it’s in South Korea um it’s in India there’s countries around the world doesn’t take a whole lot of of uh sincere investigation into the sector to recognize that nuclear actually is the safest form of electricity generation
Ever conceived um in terms of let’s say lives lost per gigawatt hour produced just pick your metric it’s the safest um most people don’t know that um and then you also have questions about the waste and again I’m sure that Nick could answer this even better and I know you
Didn’t ask but it’s the industry okay so outside the industry people always ask about the waste and that we’ve got a problem with the waste a problem with the waste inside the industry the waste is something that the industry is actually somewhat proud of why there’s never been an accident with
The waste it’s highly highly regulated and it’s such a tiny amount relative to the enormous amount of electricity that’s produced by a single Le plant over its lifespan that the waste is a negligable talking point for the industry but for whatever reason it’s a focus of folks outside the industry and
I think that that’s slowly shifting we’re seeing perception shift it’s been an utter sea change in sentiment from the public generally especially in countries like Japan like Germany even the United States majority in favor of nuclear um so it’s been an absolute Renaissance for the sector it’s
Something we didn’t expect when we were first looking at this sector from an investment perspective back in let’s say 2017 as a contrarian investment to see a fullon Renaissance and nuclear and that’s kind of what we’re in the early stages of we think this investment has
Legs at least for the next let’s say three to five years before we hopefully see somewhat of a balanced Market on the mining side of things but I’m also just an unabashed nuclear Advocate I’m really hoping for um sustained high prices for the commodi so it will incentivize
Production in ways that we aren’t even imagining right now so that we can EXP expand nuclear to the extent of these goals that have been being stated by countries around the world to double and triple capacity in order to meet these carbon neutrality goals clean energy
Goals and then of course even aside from that factor looking at security of Supply goals and nuclear winds hands down on that front so an exciting place to be I do appreciate you having me on thank you so much and I appreciate you being here Justin thank you so much for
Lending your inside today Jordan to send our folks off can you just break down a little bit more of Sky Harbor’s positioning and kind of how you’re aiming to handle that increased demand for uranium and I would also love if you could kind of tell people where they can
Find your listings if they’re interested in following along with Sky Harper’s Journey interested in investing where can folks find you guys yeah absolutely um so we we’re dual listed we our main listings on the TSX Venture under the symbol S YH it is a Canadian company but we do have um a
Otcqx listing in the United States which is uh list the ticker there is s y hbf you can go to our website Sky Harbor ltd.com um all of the pertinent information is on the website and uh tough to follow up on Justin he does a great job W with with his research uh
Uranium Insider but one one other thing just to kind of note to I was thinking about um you know in addition to the supply side response that we’re talking about over the next several years that has to take place to meet uh to to balance this Market uh uranium is an
Interesting commodity unlike most others where there’s much less demand destruction as the price increases and the reason for that is that the N buyer utility companies are less they’re less sensitive to prices there’s there’s price elasticity uh as the uh cost of of operating and building a reactor the
Fuel cost is a relatively small part of that so as we see prices increase uh you see less demand destruction than you would otherwise see in other Commodities so that’s another important kind of unique uh characteristic of of of this Market uh so you know I I needless to
Say we’re you know we’re bullish as a company um as as investors in the space uh you know I talked a little bit about Sky Harbor but we’re um you know one of the leading exploration and Prospect generation companies in the Athabasca Basin advancing numerous projects in particular are two co- Flagship Russell
And more Lake projects uh which are Advanced stage exploration assets hosting high-grade uranium mineralization and drilling Andor uh small resources uh we have eight partner companies uh that we brought in three of which now are formal joint ventures we just announced our third this morning
And then uh five um or sorry four option seven Partners companies three JBS four um option partners that are still actively earning in uh if all of these option Agreements are seen through to completion that would represent uh upwards of 80 million in Combined project consideration coming in so
That’s Project funding from the partners as well as cash and shares uh being um issued uh to Sky Harbor from these partner companies we’ve got three strategic partner larger partner companies as well uh Dennis and mindes is a large development company they’re our largest corporate shareholder their
President and CEO Dave Kates is a director of Sky Harbor uh we have Rio Tinto one of the largest Diversified mining companies in the world is a large shareholders a part of a property transaction we carried out with them to acquire the Russell Lake project uh and
They’ll they could very well become a joint venture with us at that property as well and last but not least we have arano France’s largest uranium Mining and nuclear fuel company as a joint venture partner at the Preston projects we have some very good strategic Partners uh and and a very capable
Experienced management uh Team bard of directors and geological team that have made uranium discoveries uh in the past previous previously working at cico and and other successful uranium companies so we have a good mix of uh people that have built and sold uh these uh junior mining companies uh know how to raise
Capital know how to build the company up coupled with focused uranium exploration expertise in theas Basin thank you Jordan I’ll definitely be on the lookout to see how some of those developments pan out sounds pretty exciting from your point of view I’d say absolutely so everybody this will wrap
Up our nuclear space a big thank you again to Jordan and to Sky Harbor for sponsoring the space and making it possible a huge thank you to Justin and Nick for Lending their expertise to us here today as well thank you again Sky Harbor our next panel will be for fomc at the
End of the month so be on the lookout for that and have a great rest of your day everybody thank you for coming thank you