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Prospector Podcast – Scott Melbye: Uranium Market Shakeup: From Russian Reliance to AI Driven Nuclear Boom

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Prospector Podcast – Scott Melbye: Uranium Market Shakeup: From Russian Reliance to AI Driven Nuclear Boom

 

In this episode of the Prospector Podcast, Michael Fox is joined by Scott Melbye, President of the Uranium Producers of America to discuss the uranium market to discuss the many changes and impacts. They highlighted the legislative victory in May, which limited Russian uranium entering the US. Scott explained that the US had become heavily reliant on Russian uranium.

Uranium Supply and Domestic Production

Scott discussed the impact of Putin’s sanctions on the uranium supply and the need for a more robust domestic fuel cycle. He mentioned that the United States had previously relied heavily on Russian and Kazakhstani uranium, but now needs to focus on domestic production. He also highlighted the importance of the Nuclear Fuel Security Act and similar legislation in expanding the strategic uranium reserve. Michael expressed confidence in the industry’s ability to meet demand despite the supply squeeze, and mentioned that several US companies have restarted their mines. He also discussed the challenges faced by Kazakhstan in increasing its uranium production due to sanctions and supply chain issues.

Nuclear Power’s Role in Energy Sector

Scott discusses the potential changes in the energy industry under the new Trump administration. He highlighted the strong bipartisan support for nuclear power, which is seen as a key component in achieving energy dominance and reducing carbon emissions. He also mentioned the importance of nuclear power in the context of AI and the need for adaptation in the energy sector. Michael also touched on the previous administration’s support for nuclear projects and the nuclear fuel working group’s conclusion on the importance of a strong American nuclear fuel cycle for national security and energy interests.

Nuclear Power and AI Boom

Scott discusses the potential for a nuclear power boom, driven by the need for energy to support the rapid growth in AI. He noted that tech companies like Microsoft and Oracle are partnering with utilities to build more reactors, and that the Trump administration’s efforts to streamline regulation could accelerate this process. Michael also highlighted the importance of high assay low enriched uranium (HALU) for these new reactors, and the need for government support to ensure a steady supply. He expressed hope that the AI boom would lead to increased government support for the nuclear industry, and that the industry would be recognized as critical to national security.

Uranium Market Future and G7 Support 5 Initiative

Scott sums up the uranium market’s future, noting that the long-term price is approaching $85 and the spot price is around $77. He predicted that prices could exceed $100 a pound in the New Year due to a structural deficit of 55 million pounds through 2025. Michael also mentioned the need for more domestic uranium production and the potential for sustained prices to incentivize big mines in Saskatchewan and elsewhere. He suggested that the uranium market’s inefficiency contributes to price fluctuations. Lastly, he mentioned the G7 initiative called the Support 5, which aims for Western countries to trade as a block and support each other’s uranium requirements.

Posted December 5, 2024

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Independence Gold Intersects 52.46 Metres Grading 2.51 g/t Gold and 19.73 g/t Silver in the Johnny Vein at the 3Ts Project, BC Independence Gold Corp. (TSX-V: IGO) is pleased to report assay results from three additional diamond drill holes completed at the Johnny Vein System at the 3Ts Project located in central British Columbia. These results further confirm the continuity and high-grade nature of the Johnny Vein System and expands the known footprint of mineralization. Located approximately 185 kilometres southwest of Prince George, British Columbia, the 3Ts Project comprises thirty-one mineral claims covering approximately 35,486 hectares in the Nechako Plateau region. The project lies 16 km southwest of Artemis Gold Inc.'s Blackwater Mine and hosts a low-sulphidation epithermal quartz-carbonate vein district within which at least nineteen known mineralized veins, ranging from 50 to over 1,100 metres in strike length and true widths of up to 32 m have been identified. 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"We are particularly excited by the width and grade intersected in hole 3TS-25-31, which demonstrates consistent mineralization over more than 30 metres of true width and includes multiple zones of exceptional gold and silver values." The Johnny Vein System is one of several epithermal quartz-carbonate veins being explored at the 3Ts Project and appears to be comprised of several intertwining veins with mineralized breccias that produce wide zones of mineralization. The primary vein set is interpreted to have a true thickness of approximately 32 metres; however, including adjacent mineralized breccias and minor veins, the total mineralized width may extend up to 47.5 metres true width. The Johnny Vein indicates similarities in grade and continuity to the established Ted-Mint and Tommy Vein Systems, which form the foundation of the current 3Ts resource model (please see news release dated August 18th, 2022 for further details; "Technical Report on the Mineral Resource Estimate Update for the 3Ts Gold Project, Omineca Mining Division, British Columbia, Canada", authored by Armitage and Miller). The combined in-pit and underground components of Tommy and Ted-Mint vein systems contain a total inferred resource estimate of 4,469,297 tonnes grading 3.64 grams per tonne gold and 96.26 g/t silver, at a cut off grade of 0.4 g/t gold equivalent ("AuEq") in-pit and 2.0 g/t AuEq underground, containing 522,330 ounces of gold and 13,831,415 ounces of silver, totaling 678,156 AuEq ounces. Drill results from the Johnny Vein System will be incorporated in the updated NI 43-101 mineral resource anticipated to be completed in the third quarter of 2025. 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