thank you I'm Charlotte McLeod with the investing News Network and here today with me is Ben Feingold who runs uranium research at Ocean wall thank you so much for joining me online once again always good to see you thanks Charlotte no problem I have to be here great and just before we get started I was hoping you could give us a quick introduction to yourself and the work that you do at Ocean wall yeah called um I was from all our Alternatives Focus investment advisor we are mainly focused
on the mining and metal space of which uranium is really our core Focus we also do some work in the lithium space The Rare Earth space and some other sort of Niche alternative trades we do some work in Venezuela and sovereign debt we do some work in the Psychedelic space um so sort of the corners of the market perhaps that have been overlooked that that perhaps need some more attention um of which uranium is definitely one of them my role here um is focused on research and sort of trying to tell these stories to people
uh in a way that hopefully makes sense and sort of resonates with them but um you know we do some work with corporates um also you know more on the institutional investment side as well but um no really we've been on the uranium trade for sort of four or five years now and have built a brand really around around uranium okay really good to have that context now our last conversation was toward the end of last year I believe in October and at the time talking about the Iranian cycle you thought we were in
about the second or third inning so still pretty early I'm wondering how you think it's progressed since that time yeah I mean I I think you know with these things it's always when you're talking your metaphors like Innings I guess the question is how many innings are there um to set some context for for where we are I think if I sort of maybe use a slightly more useful analogy I still think we're early I still think we're very early um I know we'll sort of get on to to
whereabouts I think really think we are in that cycle but I think if we can split it up maybe into three things we talk about equities talk about the spot Market and then obviously broader broader nuclear sentiment so let's if we start with equities we use camaco and the spot physical uranium trust maybe maybe as a as a reference to begin with when we last spoke kamako was trading at about 21 um you know we've seen a 30 increase in that to over 30 today um and Sprott was just off its lows I
think but um you know it's still about 20 off its all-time high today um I guess on a broad sort of uh perspective our internal uranium tracker shows that the entire universe of the uranium space is up about 27 28 year-to-date just to put that into context that the entire uranium X Universe is about 40 billion dollars so we've seen around about eight and a half nine billion dollars add to that um sort of since the start of the year on spot price um those who have been following it you know they'll know that it's number one
it's difficult to track because there's really not many people that actually report these numbers you've got pneumoco and Trade Tech but um you know the spot price is up about 18 year to date interestingly the the sequesters like yellow cake and Sprott that track this via their by their fund structures um they're lagging the spot price move they're at about 10 to 12 up year to date so they are lagging a little bit they're at about 10 10 discounts and their asset values at the moment
um on the nuclear sentiment from stuff remains super positive you know just if I just could have referenced the last couple of weeks I guess um the Senate passed a bill for smrs at the beginning of at the beginning of June um and then also on Friday we saw EU ambassadors reach a landmark agreement um which is a it's a renewable energy law that backs more allowances for nuclear um this was really a follow-up as well from the news that we saw at the beginning of last year which was um nuclear being labeled as green under
there under their EU taxonomy vote so I think if that sort of sets the landscape for how we look at Equity spot uh the spot price the spot Market um and also the general sentiment towards nuclear um it's all positive and um you know our conversations with investors are when they see price weaknesses it's always referred back to that fundamental story which is um with all the bells and whistles around the Iranian market this remains a fun mental story driven by long-term secular growth Trend that is that is
nuclear power okay really good overview to set the stage as you said for investors I do appreciate getting away from those Innings because to be honest I'm not a sports person so very good I do remember going back to that last conversation we had you mentioned that the thing that would kick us into that next phase is institutional interest so I wonder if you've seen more engagement on that side since then yeah I mean I can speak from from The Advisory perspective you know we I spend a lot of my time around in Europe sort
of you know already speaking to speaking to these institutions um about uranium and sort of the way that we're seeing things um from a high level View if I was having these conversations two years ago the conversations could end could have ended pretty quickly back then um today people want to know the story people are interested in the story and also people are looking for that next commodity story people are really looking for um how can I capitalize off of this huge huge transition to Green towards
electrification um there are certain markets especially the metals that have become increasingly saturated um and uranium is not one of them yet um and that really is a function of us being early in this um you know we wrote a couple of weeks ago about Parnassus investments in the U.S there are 42 billion dollar based uh San francisco-based asset manager um and they've removed all restrictions on on nuclear investment so that's generally a trend that we expect to see accelerating over the next sort of you
know 12 18 months but yeah really throughout the long term as people start to understand um the the power of the power of nuclear in in our in our journey to sort of it's to Green the planet um but but also there is this there is this restriction in terms of the size of this sector it's a 40 billion dollar market cap you add up all of the equities within within the uranium sector and it's only a 40 billion market cap of which 53 is made up by kazakin Prime and Camera code the world's the two world's largest
producers um so so there's restriction in terms of liquidity asset managers wealth managers any investors really have their own liquidity restrictions or or in terms of we're not going to buy fund we're not going to buy companies that are less than x million dollar market cap I mean if you have a restriction of let's say 250 million dollars of what you're allowed to buy you can only really buy about 18 to 20 names so as the uranium story accelerates as the nuclear story acceleration as the
uranium story starts to gain more mainstream traction we think that um we think that it's going to really start to catch the eye of Institutions and and I can really speak for the last 12 to 18 months just through my conversations that people are becoming a lot more accepting of this and starting to really understand that there is this metal that powers 10 of the world 20 of the US 70 of France um the Chinese nuclear growth story will get on to but there's this this amazing metal um and it's such a tiny Market
um and it's that dislocation that really really excites us yeah really really exciting to see that growing up Acceptance Now if we look over to supply we still have the Russia Ukraine war that's impacting the sector and I believe there's a bill that would ban the U.S from importing Russia uranium that is making some progress so I wondered if you could talk a little bit about that and the implications for the sector yeah I think you know I was having a conversation actually today with a
client and it's really this point you don't want to get drawn into the headlines I mean I'll sort of get to my desk in the morning and I'll filter in uranium sanctions Russia and just have a sort of General check of what's happened overnight and you do see these headlines where they say U.S to ban Russian uranium and immediately as a uranium analyst I panic and why panic and I say okay I you know I need to know about this and then you actually read the fine print of these of
these articles and these reports and it's the US will ban uranium in 2027 um and if it affects if it negatively impacts utilities ability to be able to actually produce um nuclear power then we'll have to use Russia regardless so so there's a lot of big headlines promising a lot of things um I don't want to detract from what is really good intention um but I mean I've just spent the last two months really compiling a report on Russia's uh Stranglehold in nuclear markets and the conclusion is is that
Russia are essentially in an unsanctionable position right now not just in the U.S but globally in a way that they've gone beyond putting their foot in the door in terms of in terms of their involvement with their nuclear markets um but they are so deeply ingrained in in countries all over the world in terms of reactor Construction in terms of their fuel cycle dependency I mean Russia are doing education uh educative initiatives in countries where they're building the reactors so they're really
it's not just a it's not just uh implementing an energy source that they're becoming wholly ingrained into this into the societal aspects as well um so in terms of that bill it's great to see that they're looking at it I just don't believe based off the work that we've done ocean law and based off the work that a lot of other people have done that that this is something that can be fixed in the short term right I think it's so important to look at the headlines of course but also to
actually read the article and find out what they're saying and you know that bill from what I understand doesn't talk at all about conversion and enrichment which Russia is very dominant in so I wanted to check in with you on that as well and see if we're seeing countries step up their efforts in those areas of the art supply chain yeah again it's there's only so much they can do um because you know they've been supplied by Russia for so long um if they were well supplied if they
were well covered in terms of inventories like like a lot of European utilities and also some Chinese utilities um then they can look for Alternatives by elsewhere but really it's not it's not out there um again this report that I just finished looks at if all of these if all of the countries of which there are not very many there's about foreign enrichment at five in conversion they all went to nameplate capacity and you remove Russia there would still be about a 25 deficit I mean there's some
estimates that if you wanted to remove rosaton from the conversion and enrichment markets it would take seven to ten years um that's because building or licensing building um these facilities it takes a long time even just employing the people to who are dealing with what's deemed as Class 7 material um radioactive substances hiring the hiring the the uh the employees for these plants takes a really really long time Europe is definitely further ahead in terms of their ability to be able to
diversify away from Russia so you know we've seen a landmark deal um between kamaco and Elijah Tom in Ukraine for example um they're also supplying a Bulgaria there was something that came out in March from from the Czech Republic who have signed a deal with Westinghouse to replace TV El which is a Russian fuel supplier uh Spain and Slovakia are also looking to diversify out of Russia in terms of their fuel supply I mean Westinghouse is obviously going to be a key beneficiary of this of this
transition away from Russia but there's a lot of these vvr 44cs um which are the sort of smaller reactors um dotted around Europe which Westinghouse didn't originally have the fuel supplied for now their advancing efforts um to be able to to be able to actually produce this fuel commercially so that's an interesting you know aspect to keep an eye on I think in the U.S it's a completely different story this really sort of dates back to the early 90s which was a program called the megatons to megawatts
uh it was an agreement between Russia and the United States um which was to convert about 500 metric tons of Soviet era um weapons grade uranium down to 15 000 tons of low enriched uranium which could obviously be serviceable to nuclear reactors this was 10 of of the US's electricity for basically 20 years they uh investment in their domestic enrichment and conversion facilities especially in Richmond stagnated massively um that they they basically became solely reliant on Russia for their nuclear fuel
um and this is not something you know when you do that for 20 years and you build that level of complacency it's not something that you can change overnight and you know as I said these things take so these things take so long to to instruct and license and and ultimately goes back to this point about sanctions that it's not something that that I can see happening that I can see being implemented in the short term and ultimately it won't affect the equity markets or probably the spot price until
we see a firm date on an actual removal of Russian uh conversion and enrichment within the nuclear fuel cycle okay really interesting and appreciate hearing about that difference between what's going on in the US and what's happening in Europe so Supply definitely very tricky one final note on Supply that I wanted to ask you about is to what extent are we seeing companies bring Supply back online that they might have taken off during times of low prices yeah so I guess the reference here
really is is sort of looking at because that's the problem and chemical again is that is that Benchmark um she's asked some prong had issues post covered during covid getting issues with you know sulfuric acid getting getting access to sulfuric acid which is obviously one of their main components of the ISR method which is what which is what they use to to extract uranium out of Aztec mines we've actually seen a twofold increase in the price of sulfuric acid but they've also had
difficulties which they've been very open about about you know sourcing certain equipment needed um needed to successfully mine uranium and other star they are currently operating at about 20 below nameplate that was the same in 2022 um they're going to go to about 10 below nameplate next year um but again this is this is all to remain consistent with this sort of market-centric strategy it's this post Fukushima era of Supply discipline and you know we are not going to increase our production without firm commitments
from utilities or whoever wants to buy it whether it's financials utilities we're not going to make this huge Capital commitment to to increase production without without knowing that we're going to have a home of our uranium um camaco at the end of last year there was obviously the restart of MacArthur MacArthur River and key Lake after four years being shut down um the plan is now to get them back up to 18 million pounds per year on 100 basis that should be starting in 2024 but you know both of these companies have
been super clear um sentiment is good towards the market but it's not at a point yet where they can say okay we're going to start we're going to start going home and we're going to start operating at 100 of our neighbor production but also you don't necessarily even have the choice if you're someone like camaco because you know your marginal cost of production is still it is still you have 30 off the current spot price so you know you have an element of choice you don't have an element of choice but
we expect to see production estimates grow whether or not they're operating at 100 of their ability to produce we don't know yet but again you know the the overriding theme Here is there's going to be more demand for uranium and that's the coming um very clear all right and that leads in well to my next question which is you know if you put together these supply and demand Dynamics the outlook for Uranium looks very positive we have the spot price creeping up to that 60 per pound Mark I
think a lot of people are wondering you know how high does the spot price go in 2023 so curious to your thoughts on that and as well will it be this continued slow and steady rise or something else you know yeah I I think it's it's you know it's a fair question it's one that we get asked a lot because it's so easy to look back at 2007 and say the environment then was actually less supportive than it is now so it's going to happen now we take a slightly different view um and we'll sort of get into that but I
think to give you a sort of a more broad overview of our thesis and then we'll obviously get into some pricing the nuclear the nuclear trend is a long-term secular growth Trend that we believe is going to last over the next 10 15 20 years um you know these reactors have got 100 Year lifetime some of them so this is not a this is not a boom or bus necessarily scenario for Uranium pricing because what we're not dealing with the boom or bust energy source we're dealing with actually the the antithesis of that
um ultimately there's going to be some volatility along the way I mean if you look at a uranium price chart that there is obviously high levels of convexity in uranium pricing um but in 2007 there was a single Black Swan event which was the flooding of cigar Lake which wasn't even online yet but it was meant to be 10 of Global Production um and this is what basically Castle lies the seven times price increase uh in uranium within the markets as I said more optimistic now you know Scott Melby at um at UEC actually said
to me uh to Ocean wall he said in the last bull market half the world hated nuclear was against nuclear so um today is a lot more support of an environment but there's just a couple of things that we think have maybe been overlooked we think number one the Chinese growth story is being uh deeply unappreciated by the market and undervalued um at the latest because that's from AGM 91 shareholders approved a long-term contract between because that's a prom and cnnc in China and this approval
allows for further transactions between because that's what prompt and cnnc of 50 to up to 200 of the total book value of kazato prom's assets so that's potentially 10.4 billion um in uranium purchasing uh China are going to build more reactor in the next 15 years has been built um globally in the past 35 years um again they already account for about 35 because asset problems revenues China so so this this Chinese growth story is like nothing that we've ever seen in nuclear markets before and they're also
doing it that you know they're not talking about doing it but they're really doing it I mean um you know you can look at one of the classic cases against nuclear is these long kill times and you know cost overruns billions and billions in cost overruns China are doing it um they've said they were going to do it and they are doing it and they're looking at building eight reactors a year potentially um so we think the Chinese growth story it really deserves it's it's place in
this argument and really front and center of this argument plus you have massive growth stories of Russia and India India is now the most popular station on Earth um they're looking at building eight new reactors um so you've got those huge demand drivers on that side and then you have this slightly separate um geopolitical Swan we'll call it which is this Russian dominance with a nuclear fuel Market um again to go back to this point that it could take seven to ten years it could take up to a decade for us to
remove rosaton from nuclear fuel markets um and then also you know that that's an important Trend that we really want to keep an eye on is this ability for countries to be able to diversify away from Russia and to what extent they actually can and then obviously from our point of view and from your viewers point of view how is that going to inevitably impact spot pricing Equity markets um and the likes but I guess conjoined to this to the geopolitical thesis it is our transport thesis which
is that the Saint Petersburg route from Kazakhstan via Russia to the US um remains available and that's first and foremost listen Petersburg route remains available about 50 of because afterwards exports are about 20 of Global Supply goes through that route um that they've been looking at a trans Caspian route since 2018 they've had some successful deliveries but they've been unable so far to increase their quota um to a level at which if some Petersburg did become unavailable the
trans Caspian route would would not nearly be able to satiate the level of of Supply that the kazatan prom would have to run to the West so we think that is a potential bottleneck um with much where was significantly higher Associated cost obviously than the very simple route which they run now which is from their minds up to their Northern neighbor Russia and Anderson Petersburg all done on one train and then shipped across to the US now just very quickly on that there used to be between three and four different
vessels that round the route from Saint Petersburg to the United States there's now one a company called arrc Atlantic railroad carriers so again you know we're seeing this this reticence this reticence to to to actually run that route um I mean as far as we're aware uranium is pretty much the only Russian label commodity actually being allowed to arrive in the U.S or Canadian Shores and again it's this idea of it's not oil it's not natural gas there's no pump there's no there's no tap where you can
turn on it off uranium it is this complex supply chain of which every single component has to be working at once just to and even when everything's working at once we're at a 40 million pound Supply deficit last year so imagine what could happen if there was further disruption along that along that Network so that's something that you know we're definitely looking at and I guess it's an amalgamation of these things with this overarching Banner this sort of overriding theme towards nuclear
um that that we think is going to support support higher prices in terms of putting a number to it I always give the the reference of the US sport um bought new pounds from on-core energy and UEC at the back end of last year this was for about this is about 60 to 70 dollars a pound so that was at about 40 premium um to current prices at that time which was around 50 a pound I think you know one thing for us to look at and and it's something that we really talk about in our conversations is that there is
definitely some resistance and there is a flaw at about 48 to 52 so you know I think all investors when they're doing their risk analysis of these trades they're looking at upside versus downside and and really you know we we do see limited downside to the trade at around 55 56 dollars a pound um because we have seen such strong resistance at sort of that level um I will give you all numbers which is we think about 60 a pound by the end of this year 75 a pound by the end of 23 and then sustained higher prices above
80 a pound uh thereafter um it's a very very difficult price to model um because there's so many moving parts and also you know it's such an opaque market in terms of utility demand um Financial demand so so you know putting exact numbers on it is difficult but um you know we think that those numbers are affect right you certainly start to see just listening to you talk how complicated it can get and as you mentioned it's a really opaque market and we talk about the spot price a lot that's what people
look at but really it's it's the term Market where a lot of the uranium deals or the bulk of them really are getting done so I wondered if we could spend just a little bit of time talking about that and if there's anything you can update us on there yeah again you know you even for us doing this every day it's it's difficult to um it's difficult to get this information it's a super opaque Market there was a there was a report out from uxc or the main industry consultant
um title uranium term Market enter the new phase and this is definitely something that we believe to be happening so last year there was 125 million pounds uh contracted in the time Market in the first five months of this year and bear in mind that was a 10-year High in the first five months of this year there was 107 million pounds yeah um so the expectation is to break last year's last year's volume with ease um it could already be broken those were the latest numbers from May it could
already be broken now we're now sitting here sort of towards the back end of June um but one of the key things that they did mention is that there's very few U.S utilities buying wide term contracts versus last year which was about 60 now there's always been this sort of understanding in the market which is the European utilities were much better covered in terms of their inventories um and then the us so I guess that's somewhat surprising to see um the uxc also estimate that utilities are
still uncovered for around 230 million pounds of u308 um between now and 2028 so we don't see this slowing down we think that the term market we've always believed that the term Market is going to be a key driver in this bull market because it gives you this sort of crystal ball into the future or how well covered all these utilities what price are they willing to pay for these pounds um and while some utilities prefer buying bundled products for example they buy uf6 they buy eup they buy u308 all
in one package around 70 of all of these term purchases are purely uranium or purely u308 and you know for us this is you know this is the market that we really care about um in terms of issue invest in the sequesters in terms of you know the spot price does set that Benchmark or the sentiment not only sentiment in the market but also Beyond sentiment the real fundamentals that we've always spoken about which is supply and demand what is the output of this of what we believe is fundamental economics what is
when is this going to impact the underlying assets and again I think we spoke about this last time was that you know we have some people say to us you know this is spot prices only up fifteen twenty percent actually this book price is up about 250 percent um since 2018. so um so you know it's uh it's not like it's not like the price hasn't moved yet but we know we just really believe that that um it's got a lot longer to go and the utility feeling is certainly is certainly that there is this degree of
uncertainty in a sort of in a in a world without Russia um potentially without Russia and I guess it's this uncertainty that the breed um maybe some element of panic in the market um maybe not but I guess you know we'll wait and see on that okay thank you for going through that and if we look over now to the uranium stocks one thing that we also spoke about last time was how the university Iranian companies has gotten pretty small and in general a rising tide lifts all boats but I do think that people
like to hone in and figure out where they can possibly get the best returns so wondering what category in terms of the uranium equities you find most exciting the the answer is all of them because it's such a small universe and I know I've sort of got maybe got my blinkers on here in terms of being a uranium Ball but again a rising table lift All Ships it's got there are so few companies to invest in this space there used to be in 2007 there are about 600 different names that you could own
and now there's about 78 78 to AC um so I think look you have to maintain a diverse portfolio if you want to take the ETFs as gospel which I don't think you necessarily do but I guess it's you know it's it's a good rule of thumb you want to have a high weighting to the two largest producers in the world camaco because that's some problem um you want to have a good chunk of your weighting maybe 25 towards the sequesters like spross and yellow cake so you really have that that Delta one
trade um to the uranium spot price and then I guess you're fun as we would describe it is going to be in the expiration and the development stage companies you know the exploration stage companies it's very difficult for them to to make a case that their method of uranium um exploration is better than other people I mean you know apart from um very few of them um you know it's it's a it's a fairly uh you know innovation in terms of actually finding your radium is it has probably stagnated over the last
20 to 30 years on the development side however there's you know there's some really exciting names you know the likes of fission uranium core for example if you look at them and appear analysis versus someone like next gen I think that's a it's an incredibly undervalued company um just on that basis on the basis of fissioner a company that genuinely want to produce uranium and I think there's a lot of companies in the space and I think this is I guess part of the answer to this question is a lot of companies
that maybe promise that they go into you know that their plan is to produce But ultimately that they're not they're not in the production game um they're in the we're going to buy our assets and we're going to see how it goes and you know sort of Kick the Can down the road vision's not one of those companies um so I think they're an interesting one to look at um but you know if you're covered on those sort of four bases which is you have us you have sequester exposure I
would say I are waiting obviously to the producers and the developers um and then obviously you know the exploration companies it it's it's very difficult you know to to to to to really know the value of those companies but you know they're definitely there's a few that's that's worth um that's worth owning okay an interesting point again about the distinction between companies that truly want to produce and those that might be hanging back a little bit to see how it goes so again when it comes
to the stocks we have seen them move along with the prices you've mentioned I don't think that it's too late to get in at this point but are we approaching that moment when when it is a little bit too late I don't think so at all you know our belief is that when you look back at let's take Amaco when you look back at the chemical 30 move yesterday in the context Style the entire bull market so let's fast forward five years and let's say that this thesis has come to fruition in the
way that we expect our belief is that when you look at these studies moving chemical and the same way in the exact same way that stocks were down 30 you know points this year or last year when you look back at that we think it will be insignificant we think that the move in uranium stocks in the uranium price is going to be is going to be um it's so highly convect that that um that these moves and are not going to are not going to pay a significant factor necessarily in your portfolios um I you know we really believe we're early
in this trade um this is further Evidence by the size of the sector you know there's just no way that again this this something that can contribute this much to the global Energy Mix and there's no substitute for it can have this small um can have this smaller a market capitalization versus other metals and other Commodities that we look at um you know we're still about 30 shy of the western Break Even price as well so if you just take it on a purely fundamental basis if you are a Believer which we are
strong Believers that Western Supply is the only solution to supplement a deficit in your in the uranium market then we need to see prices nearly double um so so I guess that for us is you strip back everything in this trade and again these bells and whistles and these different Black Swan events potential Black Swan events and you strip everything back prices have to go up if we are to supplement uh if we are to fix this Supply deficit over the next few years I think it helps to hear it laid out
very clearly like that and the last note I want to make on the companies is do you think we're in an environment where we might see M A in the uranium sector I wasn't sure what you would think about that given that the sector is as we've talked about quite small so I don't know if consolidation is something we would see right now yeah it's a very fair point because there's not many companies around uh for which M A you know where M A can actually happen you know I know we saw
somebody cases last year um and it's kind of come to a halt a little bit in 2023 you know obviously the landmark the sort of Flagship deal was the chemical Westinghouse deal um at the back end of last year and really we're waiting to see a sort of cost benefit analysis of that again you know the Westinghouse deal is it's you're going into a a sector of the uranium Market which is super Capital intensive I mean mining itself is is highly Capital intensive but but nuclear reactor construction you know uh it's a
completely different level um to that so I guess you know we'll wait and see we'll wait and see how that turns out but yeah I mean as you know generally we expect to see to see them and accelerate within this space um again it's this idea that you know companies when the stock price was 40 let's say the spot price goes to 80 what was worth X is now worth x times two so uh you know they do become highly attractive so it's especially for for the sort of larger companies the producers and some of the large-scale
developers looking for that next project um looking for for that next stage in the company's sort of evolution um what is going to be that next cigar lake or what's going to be that next MacArthur River or the next um Arrow um so there's always going to be that appetite from these companies to to try and find that to try and to try and find that generational asset okay this has been really eliminating in a market that often leaves us feeling kind of in the dark so any final thoughts that you would leave investors
with as we continue into the rest of the year yep I think I think I'm going to go back to something that I sort of said earlier which was around this 2007 Boomer boss and I think that the narrative within the uranium sector really needs to sort of detach from this 2007 uh boom or bus scenario because it Spooks a lot of people and especially you know when we talk about institutional investment being this being this next leg up it's going to it's going to decrease the bucket of Institutions that are
interested in this sector because of that fear of the convexity and the volatility within the market so I think the narrative around nuclear and uranium has to be this long-term Trend that is ultimately going to be amazing for the planet that's ultimately going to have to be one of these key Solutions in what will obviously be a a basket of different solutions but we believe that nuclear has to be that base load Energy Solution on the bottom of which Renewables and and hydro and other things will also sit on top of
um I would urge everyone uh who's watched this to go and watch Nuclear by Oliver Stone I went to the premier in London it's absolutely fantastic I think it's just come out on different streaming platforms it really gives you this this um it gives an attention to detail on nuclear that that I haven't seen at least visually before um and also this sort of call to action which is almost stop looking for stop looking for the next solution because we have it and we have this amazing powerful energy dense
um you know low carbon electricity source and it's here so let's make sure that we understand that and let's make sure that this you know this concept of nimbyism not in my backyard um I understand it for people that don't understand nuclear but I think that if you do the work on nuclear and that you really start to understand again this cost benefit analysis that that it it has to be a massive part of our future um we write about this ocean wall um oceanwall.coms our website we publish
all of our research free um so please feel free to to have a look at that as well okay perfect I think that's a great note to wrap up on thank you so much for coming to share about what's going on in the uranium Market it was really helpful no problem Charlotte thank you for having me of course and once again I'm Charlotte McLeod with the investing News Network and this has been Feingold with ocean wall [Music]
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