title: 201. The Uranium Renaissance: Revitalizing America’s Nuclear Supply Chain
author: The POWER Podcast
contenttype: podcast
publication: The POWER Podcast
published: 2025-12-10T20:07:28
sourceurl: http://dts.podtrac.com/redirect.mp3/feeds.soundcloud.com/stream/2227434332-user-755104578-201-the-uranium-renaissance-revitalizing-americas-nuclear-supply-chain.mp3
word_count: 7107
Hi, everyone. This is Aaron Larson, executive editor of Power magazine and you're listening to the power podcast on today's episode I'm joined by Thomas Lamb. Tom is the president and CEO of myriad uranium So Tom, thanks for coming on the program with me. Please tell a little bit about yourself and your company Sure, that's great. Thank you for having me I'm again, I'm the CEO of myriad. Myriad is a Canadian company listed in Canada the United States and Frankfurt We are in a uranium explorer and developer Like I'll talk about that more why what those what those categories are a little later We have projects in Wyoming and New Mexico In Wyoming we have a project called the Copper Mountain uranium project It was a big project in the 1970s Union Pacific Railway It's uranium subsidiary Rocky Mountain energy invested a huge amount of money into it's at 85 million US And they planned a large scale conventional uranium mine that was going to stir production in 1983 and I was going to fuel a fleet of planned California Edison reactors that never got built So that's a very interesting project. We're advancing that it's large scale and then our second project Is the Red Basin project in New Mexico? So these projects are Not producing currently but both of them produced uranium during the Cold War and now we're going to Refresh and revitalize them and you don't turn them back on and Hopefully they'll help support the the uranium sector in the United States Personally, I I was a corporate lawyer early in my career. I was an M&A and securities lawyer mostly in the resource sector and Then I became an entrepreneur and mining and I've worked all over the world build companies typically build companies from scratch in the mineral sector and I've worked and helped build companies from zero to over a billion dollars with partners and I was also Little quirk. I was on the board of Russia's second largest gold producing company Which had mines across Russia Siberia etc. I lived in Russia And I've been mostly focused on East Africa for 11 12 years Living and working there largely And in Russia But now I'm back to North America based in Canada But with these assets in the United States. So Kind of a wide-ranging background career in mining And now focused on uranium in the United States very exciting. That's a bit about myself I'm sure a lot of our listeners who are mainly in the power sector I believe probably aren't familiar with the nuclear fuel supply chain and and exactly how it works So could could you briefly just kind of explain how that supply chain works from from a mine to a reactor for example Sure, and and why don't I work work backwards and so a nuclear power plant to large-scale nuclear power plant Boils water to create steam and drive turbines etc. Generate electricity. It does that with uranium and in particular well uranium 235 uranium 235 in the ground comprises 0.7% Of naturally occurring uranium. So if you dig uranium out of the ground. It's 99.3% uranium 238.7% uranium 235 So the 235 that you can use to You know make nuclear bombs Generate electricity etc. That's what we're concerned with So in order to make the fuel that these reactors require and and By the way, just a stat there a typical large-scale nuclear reactor uses about 500,000 pounds of uranium per year That is the consumption the average consumption of a large-scale nuclear reactor just That's what people understand that So you want to get the proportion of uranium 235 In your fuel up from 0.7% To 3.5 to 5% roughly depends on the the design of the reactor And so how do you do that? That's the send how you do that is called the fuel cycle and What you want to do is you so now going back to Uranium in the ground you want to dig uranium out of the ground in some way There are two main ways you do that One is you have what's called roll front sandstone deposits of uranium. These are they're almost like underground rivers of uranium and The the river itself in your mind Has fair amount of uranium that you can extract but at the leading edge of the river Almost like a wave front There's a lot of uranium What they do is they drill holes Down to that level in the ground and they pump those horizons and holes full of usually acid and The acid picks up the uranium Binds with it and then it gets sucked back up and actually gets pushed back up by pressure Down there up a maybe a central pipe and you end up with a uranium rich liquid Our liquor and that gets sent off to a uranium mill Where it's converted to yellow cake just uranium in a barrel that looks yellow The acid can often be recycled and then used again to go get more uranium So that's one way uranium is extracted from the ground another is just conventional mining And that's where you You know the uranium is there in the in the rock and you blast it out and grind it up and Separate it in different ways You can put it on a leach pad you put it on a impermeable Pad and you spray acid on it and it to pulse the uranium out And then there's some other ways you can you can separate the uranium Because the two main things you do conventional mining just like any mine you know underground or open pit Or else that First method called in situ recovery Or in situ leaching So that's how the mining happens you know you send everything to a mill at the create yellow cake and these barrels And they get those barrels are put into storage and they wait patiently to be Upgraded so that again the uranium is Mostly all the almost all uranium 238 But 0.7% 235 and the goal everybody's goal is to get that percentage of 235 up In fact, that's that's the whole purpose of you know these installations in Iran That got bombed you know little while ago for example Everything is about trying to get the point seven up to point two three point five to five or You know four military Applications and weapons up much higher 20% and then 90% etc So how do you do that you mix the uranium with fluoride And it becomes a gas called the hex for short, but uranium hexafluoride is what it is And that is what you spin in these centrifuges So you convert the uranium to uranium hexafluoride The gas and then you spin it to concentrate it these centrifuges in Sequence whether huge they're very precisely spin out of amazing speed and Step-by-step they upgrade the percentage of uranium of uranium 235 to the target percentage Then there's another step and that is the manufacturing of the fuel do you take that Upgraded uranium hexafluoride and you turn it into fuel pellets typically fuel pellets that they go into fuel rods And then those fuel rods are assembled into fuel bundles We in whatever Configuration is customized and required by a particular nuclear power plant It's assembled and delivered to The utility usually utility in the US that requires that that particular fuel bundle design Then the power plant sent you know, I don't know a lot about the power plant aspect But they I don't my understand that they keep an inventory typically of say three to seven years of of this fuel Very interesting that Utilities interesting to me anyway, and again, I'm a lawyer or finance person not a nuclear engineer or You know, et cetera, but the key to the Utilities is securing Not not the uranium necessarily although the uranium is getting tight and more and more difficult to To get But is get it is acquiring capacity at these conversion and enrichment facilities That is getting harder and harder in the and the cost To acquire that capacity is going up and that is That's really interesting aspect of the fuel cycle. So you need to find someone to Convert your uranium and someone to Upgrade it to 3.5 to 5 percent And then you go well once you've secured that then you go out and find the uranium to feed that And then somebody has to make the fuel and say there are 99 or for around numbers 100 large-scale nuclear power plants in the United States Surprisingly high percentage of those actually get their fuel bundles from Russia out of St. Petersburg. So maybe Call it 30 of 30 of the hundred something like that give it take So that takes us to Geopolitics what's happening with Russia and Ukraine Et cetera all out of a few of the comments that the big Suppliers of uranium are Kazakhstan Kazakhstan produces 40 to 44 percent of the world's uranium Canada as a big producer australia Is a big producer and the United States is absolutely not a big producer Before I pause I'll note that the world produces about 160 million pounds of uranium per year But consumes 200 million pounds There's a shortfall there and Added is making life very interesting now price of uranium has gone way up The United States Consumes for very round numbers 50 million pounds of uranium per year and produces a million pounds of uranium per year And now that's it may be even less than that. I think you last year was 600 or 700 thousand pounds But for round numbers 1 million pounds So you have a worldwide Supply deficit and then you have an enormous domestic Production deficit in the United States relative to consumption That makes the US vulnerable What if Kazakhstan China Russia that kind of work together what if they cut off the United States what if some of the things happen And the US could be short of uranium. So it's a Interesting situation right now. There you go. There's a bit of a primer on On uranium supply chain Yeah, you've really opened my eyes. I had no idea That an average power plant used 500,000 pounds of uranium per year that Seems like an incredible amount to me Certainly of the 50 million pounds consumed in the United States As far as I understand is the raw uranium that includes both the The 235 and 238 Well, thanks for the background On how that supply chain works. Can you maybe talk a little bit about the history since so little uranium is produced in the US right now I'm I'm assuming and in the past we probably were a major producer So what changed and and when did that change and why did it change? The US was a really big producer now the in it the the the the uranium Produced for the bombs the World War II bombs believe came from Central Africa but then The US quickly during the Cold War 1950s ramped up uranium production and the government incentivized production even small scale uranium production With a guaranteed floor price and other incentives So the US produced a huge amount of uranium in the 50s 60s 70s Right up until 1979 and in fact produced a A lot more uranium than Was needed so That's partly why Although it doesn't work now because these stockpiles have been exhausted, but for decades There were inventories of uranium because of that overproduction and Everybody could just access those civil stockpiles and another stockpiles So huge amount of production in the United States US was a really big producer. I think it produced you know 40 50 60 million pounds a year or even But then 1979 The there was the three mile island nuclear incident or accident And That really froze The US Sector uranium sector nuclear sector all the planned reactors for example the ones that I mentioned we're going to be built in Southern California And that we're going to be fueled by our In part by our copper mountain project They got cancelled just wasn't politically possible to Build Nuclear power plants and of course you If you're a little older you'll remember that movie the TV movie the morning after I remember the date, but that was sort of you know what happens if there's a nuclear war And everybody just turned away from nuclear now that was enthusiastically assisted by the Utilities and companies that generated power in other ways right you can imagine the coal lobby the Whatever hydroelectric lobby that whoever Got very excited when they you know they could Shoulder aside the nuclear alternative because they got to grow their business So there's you know lots of dynamics there But um across the western world nuclear fell out of favor 1979 And the production so the investment so what you have to do in mining Is for any commodity is there is an equilibrium and most commodities It'll copper nickel zinc uranium All these things you need money to Explore for a new deposits and then you need money to Build mines and then to do the mining initial mining and then hopefully you pay it all off Selling the the commodity with the price Collapsing after of uranium collapsing after the three mile island acts in 1979 The money to find new uranium deposits in the United States, but also globally it really dried up Soviet Union had a different system of course they just Did whatever they felt like So they kept kept going But the rest of the world you know Exploration and development of uranium projects just just evaporated. So You know, that's why the uranium Situation in the US it is what it is yeah 2006 Because of some interesting fact the things that happened one of the big Canadian uranium mines flooded And the price of uranium just spiked dramatically and This sector in the United States was revived temporarily Big investment flooded back into the US 2006 to roughly 2012 And a lot of money was raised new exploration Etc. But then Fukushima happened and was Fukushima 2011 or 2010 I can't remember 2011 Yeah, there we go. So And that Put paid to the uranium sector again. It was just getting going and The world turned away from nuclear again, and you just couldn't raise money to Explore because you in all these commodities you need to be constantly finding new deposits of whatever just like oil Otherwise And there's an equilibrium, you know, there's the you know you run out the price goes up It's you're able to raise money to find new deposits you find them you produce more of the price You know goes down and it kind of fluctuates in all these and everything So The US again turned away from uranium and globally World turned away from uranium and so That means no new discoveries no new projects Nobody paid attention to this because there were nuclear weapons you could down blend You know the the material and nuclear weapons to make reactor fuel There are civil stockpiles. There's some, you know, Asian stockpiles However Some very smart people there's a group of uh, well, I think they're Wall Street bankers But they're I think they're in Connecticut. They're called Sichemkov SACH EM Cove and led by Mike Mike Alkin And some others they just started thinking about uranium. I don't know six years ago And wait a second. This might be interesting. What's going on in the uranium sector? We haven't had In the price hasn't moved in a decade It's really low But There've been no new mines built uh, no discoveries They figured out that the price was likely to really jump and They made a bet on that and raised money and they've been very successful and indeed the price of uranium is tripled In the last six years Because of this Lack of investment and now It's game on in the uranium sector Uranium is hot the world needs a lot of it I talked about the production supply deficit I like the supply demand imbalance 60 million pounds produced every year 200 million pounds consumed And that is starting to bite and then you have now artificial intelligence data And then just the need for more electricity Going up worldwide and so we need a lot more electrons and nucleus Is one of the big solutions China is building nuclear power plants at a really really rapid rate When the US isn't yet, but hopefully that will change And so you know, it's game on for uranium So goes all the way down to companies like us Where the money is now available for us to go find Uranium and turn on old projects You know restart old projects And from what I understand Myriad is operating on what's called a proof before production model Now I don't know what that means maybe you can enlighten this and how does that differentiate you from Other explorers that are you know rushing into capitalize on these markets Yeah, so that's that's one way to put it um We're lucky we have a brownfield project that's that saw a huge amount of investment by um Union Pacific So the uranium is there, but it's historical. It's over the data is old. So we we're going to go back and confirm Under the regulations anyway, we have to go back confirm Reconfirm that the uranium is there How it looks up in the subsurface and Model the deposits and then Then we can plan the production other Companies that are just looking for uranium. They're out there They've got hints that there's uranium in the subsurface and they're just drilling holes tried to find it In our case, we already know it's there Because a lot of the work was done and now we just have to It's called making it bringing it current bring that bring the information current with our some of our own work And then we can be off the races. So I'd take a I don't take a couple years Then we can hopefully start producing And I read that there had been like a study Bendix DOE study that Suggested that there was about or more than 655 million pounds of uranium at this copper mountain site that you are developing and yet I also read that that myriad calls this historically under explored so so what did they miss back in 1982 and and what's changed that might make this more technically or economically viable as a production site now Yeah, in 1982 the Cold War was still going even though 1979's three-mile island accidentally Resulted in a drop in a dramatic drop in the uranium price Everybody was still interested in uranium for all sorts of other reasons You know military mostly So the US Department of Energy did a study of copper mountain and assessed that there's six hundred and fifty five million pounds of uranium there And that's down to six hundred feet depth Just kind of as deep as maybe they were going to build the open pits To mine it By the way that assessment who's not Of uranium that was viable to mine Some fraction of that would be Minable at you know at reasonable uranium prices that really high uranium prices of course you can you could mine a lot of it high proportion of it But the copper mountain was under explored because What Union Pacific did and what everybody does is they They went after the easy stuff first Copper mountain is on a hillside is not in the mountains. It's sort of a no rolling foothills and There are some canyons and steeper Hill sides and things like that they have avoided those areas and just went to the easy places drilled those found uranium kept drilling found more uranium They did that they found seven deposits and fifteen what we call prospects Most prospects are areas that they drilled somewhat Found uranium, but then didn't get a chance to continue at because the Everything was shut down because of the fall in the uranium price. So So if you imagine You know five by five mile you know 25 square mile area They went to the easy areas. That's maybe 30% of the of that acreage And the rest is Is very under explored in this Bendex study 1982 Assessed with all sorts of interesting work that You know the uranium Continues under these hilly areas and the in the canyons etc So we you know, we'll just have to drive our own Roads maybe with bulldozers and or some other ways to access these areas and just get to them and drill them ourselves so You know that makes sense that made sense to go for the easy stuff back then, but it's cheap It's cheap to cut a road It's a soft material and it's very accessible area. So That's why we say it's under explored and that's what was missed And the earlier studies is they just simply Did not bother with You know the more hilly areas. They saved them. They were going to save them until later. They're going to start their mind Get producing and then just then continue and explore those other areas But now we get to And also we do you know, we do have great technology now. We have satellites. We have got drones We we do what are called radiometric studies. We fly these drones over the whole project area And we measure the radiation emanating from potassium thorium uranium From the ground right there and we can see where the uranium is So long as it's poking out of the ground or thorium or potassium are And that Basically maps out where the uranium is so that that was a lot harder for them to do back in the day And they didn't they really just didn't do it So even if just over the hill In 1970 as there was a lot of uranium they wouldn't have known We get to fly a drone over that hill and see that on the other side. There's Potentially a huge amount of uranium and we get to go go get it You've mentioned, you know, that the prices of uranium have gone up and down It's been pretty volatile over the years What makes you think that this is different than before that this isn't just another cycle where yeah The price is up threefold today, but it could be back down in the dumps a year from now or two years from now What what's structurally different? You know that whole it's different this time is the bayonet of our existence in the in the research or sector Whether that's oil or minerals or whatever or or anything in life, isn't it? I mean, isn't that funny? You know, it's different this time and that we were very conscious of that but We really do think it is different this time So in the past the volatility in the uranium price has been due to short-term events whether that's You know a flood at the world's key uranium mining Canada at the time 2006 Approximately and then You know a sudden panic and then the price spikes, you know fivefold And then collapses after that or In the 1970s the the US federal government just basically Promising a floor price for uranium that was quite high and That totally independent of supplied to man factors if you produced uranium you're going to get a very high price for it so there's that this time the market is free and You know the price uranium trades based on supply and demand factors and There simply is not enough supply and Demand is rising supplies actually going down Because of this underinvestment And you can go to Wall Street bank reports their forecasts their analyses You can talk to other experts. There's just no short-term or medium-term solution to the supply demand issue And that's why this time is different There's sort of no governments intervening no accidents no panic And utilities is the Chinese and then all the us utilities plus You know india russia etc europe france They don't care what the price of uranium is The price of uranium is just a tiny Factor in their list of costs related to running a nuclear reactor So They're not sensitive to it anyway that that's an important thing for people to realize they don't care how well with the prices I mean exaggerating a little their conscious of it especially now the price is tripled and You know instead of it being one percent of the cost of running the reactor. It's now two percent or something But you know, that's a factor to the nobody's motivated to Lean in and really invest in this because on the utility side on the Mean buyers side Because they're gonna buy no matter what they have no choice. They are buying half a million pounds of uranium per year per reactor And that's happening doesn't matter what the price is So that's a little bit what's different. Yeah long-term the the world can solve this there's lots of lots of uranium around in the world It's an abundant thing But the next five ten fifteen years there really is no solution takes ten years minimum to build a large scale You know find and then build a large scale uranium mine and there's only one in the world that is under development that is in knee-share In the west africa. It's a beautiful mine called DASA D-A-S-A But unfortunately knee-share experienced a military coup two years ago and You know the places Very unstable and it's hard to finance that that one mine Well, that's it and the rest of the world's You know there are a few small mines and maybe we'll come on stream maybe no hut Everybody else is being stretched to the limit Kazakhstan is Working their assets to the max trying to squeeze every bit of uranium out of them and Maybe in a not a very sustainable way. So that's a whole another kind of little sushi. We can talk about in terms of Things that could go wrong and then uranium price Goes parabolic from there, but yeah, I'm very interesting That's that's that's the situation kind of going back to the premise that you laid out Earlier about how much uranium it takes to power a plant and I think It was working out roughly to the US is supplying uranium to about two of the plants in the US and getting You know almost 40 or 50 percent from from Russia and other countries so That seems like a potential national security issue and I'm wondering if there's any government support to kind of Get the industry back on its feet here in the states to better support our own nuclear industry Do you see that coming or is that coming or happening today? Absolutely under you know Biden administration very conscious of this and they passed some excellent laws that really are the foundation right now Trump has come in and put out some executive orders and added to the Support so the federal government is very conscious of this there are executive orders fast track permitting Trump is just designated so uranium is a critical mineral that enables Department of Commerce Department of Defense or Department of War. I guess it's called now funding for some things There is a lot of money with what with that designation comes a lot of financing from funds specialty funds big private equity venture capital and then pension funds etc So it enables the money to flow in there are tax credits grants matching funds mostly at the state level where for example we raise 10 million to do some drilling the the state will match that I give us you know 10 million so we do 20 million worth of drilling there's some of that happening So yeah, the governments are leaning in and supporting The uranium sector definitely And then they up this up the fuel cycle this again conversion enrichment fuel fuel manufacture All of that is being invested in also you've got tech companies You know the existing players in the uranium sector EDF that's Electricity de France. That's the French shell utility. They've got a lot going on a rano the big French national champion and in uranium They're investing big time the two big companies in the world's in the western world in in the nuclear And uranium sectors are or rano from france and then camico from canada and they're both heavily invested in the united states and You'll see big expansions and in what they're doing the Canadian company bought a western house a couple years ago, which does a lot of Yeah, just some extent building but mostly servicing of nuclear power plants And then they there's all sorts of things to do with the fuel cycle too that they're involved in So there's a you know, it's a Canadian company that's really leading the charge And helping to support this in And in the united states Yeah, so this was a lot happening and it's definitely supported by the government And I know you recently Closed a significant financing round and so I'm wondering What are some of the milestones that you're targeting in the next 12 to 24 months at copper mountain and red basin on those projects The two projects will see quite a bit of work. We raised You know, so our business is a Explorer developer so we we raised small amounts of money and try to spend it efficiently and then raise more Sort of the best way to do it. We raised 8.6 million just last week And we'll spend that on drilling at copper mountain. So you know, I'll drill sort of 30 to 70 holes over the next while Now to help us understand the project and find new uranium That'll be very exciting. I should generate You know exciting news and then You know raise confidence that we're going to turn this into a large scale uranium mine So that's copper mountain Wyoming and then at red basin in New Mexico We just finished some geophysics which again tells us Where a lot of the uranium is hopefully at least at surface and then we'll we were Submitting a plan of operations. It's called that's it's a large scale drill permit or a plan to operate At red basin that will enable us to go drill lots of drill holes and probe Old holes to find out what's down those old holes. It saves us some money. So yeah, it's Very active time we get to advance both projects and then we're quite well funded to do that Do you find it difficult to manage these different projects in different states with different regulatory rules and and different communities that you have to deal with and and geological differences How do you Do that? I mean is it is it troublesome or is it just Doing business the way you do business So, yeah, that's you know, that's a great question. That's something that not many people ask But it is it is absolutely the key skill in this business are In our business because it's we're starting you know, just like a startup that You know, I'm a corporate lawyer with extensive experience Building companies and operating in Africa in Russia in Latin America where things are very complicated Two of the other members of our board of directors are senior lawyers with vast experience operating all over the world we have Technical people our chief geologist is from South Africa and he's built projects and the Sahara desert You know south of South Africa North America, etc This takes a huge amount of experience and knowledge and Kind of understanding and community Community comes first you need the you need the local community to be into it and Delighted that you were there So that's number one otherwise you just Projects not viable so we're You know, we're used to that Has being priority one we go straight to that regulatory stuff all of this is a very regulation heavy By the way as it should be You know, maybe this is a bit of a Canadian perspective on things too, but There's a reason why countries that have a ton of regulations over everything are the rich countries with very high incomes and wealth and where you Cut regulations There's a correlation with everybody getting poorer This is not to say that it's it's not a great thing to Streamline regulations to the extent you possibly can but Regulations are very important and we are experts at navigating all that and yes, there's a ton of it, but you need You need to be careful with water wildlife Flora Engineering because if you you know if you don't have proper regulations you build a tailings dam or Some other structure at the mine. It collapses. This happens In mining around the world. It's happened in Wyoming happened to the Navajo in New Mexico Then you end up with a big accident and a big problem So the regulations are very important engineering and so there's all these skill sets That you bring to bear it's it's it's incredibly complicated, but it is also so much fun and so interesting so Now the answers is very difficult and that's why it's specialized. There's not a lot of people to do it and you also have to be A real risk taker because all the things I just listed could stop you in your tracks Everything from the the price of the commodity being volatile to local issues to regulatory problems to wildlife water All that stuff Yeah, anyway, that's a bit of an answer I find it all absolutely fascinating And it makes me wonder do you worry that investors might have different expectations Then what is realistically possible or achievable for example? I know these mining projects can can take decades to actually reach production Do your investors realize that and and do they have the patience to Go with you through this entire process It's a mix of We call them retail investors. This is typically individuals who maybe maybe you're sophisticated maybe not I've heard the story decide to invest and then a mix of of investors like that and then sophisticated and or institutional investors these are family offices wealthy families wealthy groups or pension funds And they have specialists and those specialists go into your data room. They investigate your company You sign an NDA they get in there. They take a look They get their expert to Give them a view on what you've got and then they do their math their model And they figure out whether they think it's a good investment or not And then there's some other types of investors strategic investors other companies that May want to buy you or interested in you so they can they kind of buy part of you so that they can Be connected with you and then take a close look at you So it's a mix So we're never worried about the strategic people or the sophisticated investors. They are they know absolutely know what they're doing and they know You know that if they invest in 10 projects That Two are going to work out but those two are going to provide a huge return About retail investors. Yeah, that's a worry There's no way for them to really know or understand But if it's any comfort to everybody we as management. We don't know either So we're doing this because we're We're crazy entrepreneurs We have the dream too that we're going to turn this into something amazing and We put our own money into this. I've got Hundreds and hundreds of thousands of dollars of money in my checking account in this company And we all do that type of thing or usually in fact that's something investors should look for How much hard can we call it hard cap? How much hard cash is the CEO invested in their own Company that should be the first question people ask in my view So yeah, I know it's it's Everybody's unrealistic including management. We all think this is Very exciting. That's why we're in it is huge potential now The way that business works is maybe a little different than in terms of making money is a bit different than people think if you If you're investing in small mineral companies in this sector Unless you're really into it. I don't recommend that people sort of invest and then sit around for 10 years waiting for the mind to get built What happens is as you advance the project to gets de-risked The value of the project goes up your risk goes down you've made money What you want is to take some money off the table so the the actual Game here is you see a project like copper mountain or and your company like myriad You think well, okay, this is undervalued relative to the risk reward and the potential Maybe this won't become a mine for another five to seven years But they're going to do a really they're gonna de-risk this project over the next two years They've got a lot of money. They've got fantastic investors They're going to be able to come up with the money to and do the work properly Got smart people involved They're going to de-risk this and the the share price that's now 25 or 40 cents is going to be three or four dollars in 12 to 18 months because they will have executed their plan We're still not producing at that point That's when Investors including a retail investors individual investors Should take part of their money off the table you know sell half If you've if you've gone up five or ten times sell half of your investment and then You know stick around for more or de-risking That is that is the strategy here Then it doesn't matter if we if this becomes a mine ultimately Because a lot of these projects don't You know that that's not the business Only one out of two thousand five hundred projects becomes a mine What you want to do is invest in things that are of quality management They're going to do a good job at a good project advance it And hopefully the price of the commodity is cooperating and then you continue to take money off the table As the advance the project So if everything goes right and you know you're Working your plan for copper mountain and red basin What does that look like five to ten years from now and and what are your expectations for myriad and the role It might play in supplying nuclear fuel in the US Well to cut to the quick we maybe we'll produce four or five million pounds of uranium a year So if the demand is say 60 million pounds maybe we could provide a big part of that In the interim we're going to continue to do the Advanced the project with our drilling de-risk it get it ready to to be turned into a mine And then that's where my group We exit I do not build the mines myself That's not my Skill said nor my team skill said so it'll get handed off to either a group that has bought us or will bias or You just new management team and new investors because it's a Type of investor that invests in a company like ours is different then The kind of investor that likes Mine building and mine and production from mine mining so We'll advance this for a couple years and then now you know my group will be on its way Probably and a new group will come in and take it to the next level Ideally again, we'll produce four to five million pounds of uranium a year starting You know in some number of years I'm not supposed to speculate as to how long it will take but you know call it five years seven years Could be producing sooner than that. Just maybe not at that scale Well, Tom, I've taken more of your time than I expect it Is there anything that we haven't talked about that you think might be important to touch on You know, I don't think so other than It's been a pleasure talking with you I think people who are interested in in uranium Do take a dive into it follow some uranium companies Please put us in your ticker even if your listeners don't invest in myriad Put us on your stock tracker and watch how we sort of build this company and turn it into something You know exciting I think it's a it's a wonderful And very interesting part of the global economy how minds are discovered Developed and then ultimately Turned on and produce and it's it's really really interesting. So You know, I hope your your listeners Follow along and Anybody who wants to invest is welcome to call me contact me email me To learn more many time. It is a publicly traded company can a person just go and in high stock You sure can yeah, yeah, anybody can go back flying the US or Canada or Europe Well again for listeners. I've been speaking with Thomas Lammy's the president and CEO of myriad uranium It's been a pleasure having you on the show Thank you for having me