Uranium Bull Thesis 'Taking HOLD' – 'It's Going to Be an Exciting 2 Years'
Summary
Uranium Market Dynamics: The uranium market is experiencing a supply deficit, with global production lagging behind consumption, leading to increased interest in domestic production, particularly in the US.
US Government Involvement: There is a push for uranium to be classified as a critical mineral, which could lead to increased federal investment and support for domestic uranium projects.
Regulatory Challenges: The US faces regulatory hurdles in nuclear energy development compared to countries like China, which are rapidly expanding their nuclear capabilities.
Myriad Uranium's Strategy: Myriad Uranium is focused on the Copper Mountain project in Wyoming, with significant potential uranium endowment, aiming to capitalize on the supply gap and government support.
Industry Challenges: The uranium sector faces challenges such as a shortage of skilled manpower and technical difficulties in scaling production, which could impact the ability to meet growing demand.
Investment Opportunities: The potential for increased uranium prices and government backing presents investment opportunities in uranium companies, with Myriad Uranium positioning itself as a key player.
Future Outlook: The next 18 months to two years are expected to be exciting for the uranium market, with potential regulatory changes and increased project developments driving growth.
Transcript
Hello everybody and welcome into commodity culture where our goal is to make you a better investor in the commodity sector. My name is Jesse Day. Before we dive in, standard disclaimer, nothing here is investment advice. Do your own due diligence. And today's guest is the CEO of Myriad Uranium, a uranium exploration and development company with an earnable 75% interest in the Copper Mountain uranium project in Wyoming. It's Thomas Lamb. looking very forward to discussing uranium and myriad uranium with you today. >> That's great. Nice to be here, Jesse. Good to see you. >> Yeah, last time I had you on the show was May of this year. This was a time when uranium equities were just starting to recover after bottoming in April. And what a run it's been since then. It's interesting. I remember back around that time on social media, there was a lot of people throwing in the towel on uranium saying, "The thesis is finished. It's all over. with the uranium bulls explain themselves because this whole thing isn't working out and here we are today. So I want to start by getting your assessment of the sector at present what comes top of mind for you when it comes to the uranium market. Well, first um you know this business I'm sure from where you sit but wow as management and founders when you come up with an idea uh you take a you know a view on where the where a sector is going in our case uranium and then you invest you know you put your own money in as a founder uh with your partners and then you have to convince people that this is a good idea and you build the company that whole the whole journey is is so uh emotional and uh you have these ups and downs that are just wild. Um the the if it's ultimately successful, it's really worth it. But uh and that's why we're in it. Um and it's so interesting. Um, but if you look back to May, you know, and we and our company and we as management, uh, we were looking at each other wondering what what the heck's going on here because we, you know, the fundamentals are there that, you know, the world fundamentally produces 160 million roughly, consumes 200 million roughly. Yeah, that was a couple years ago. I don't know how much the the numbers have changed since, but that's that's about right. And you know the US produces virtually none, call it a round million, consumes 40 to 50. Okay, something's got to be done there. If you have the point of view that the US government has now, uh, that they want to have more domestic sourcing so that they're not at the mercy of others. So all of that is just, it's like gravity. It's going to take hold. Uh, so we're all looking at each other wondering what the heck's going on. When is when is gravity going to take hold? Now, with the spot price, uh, spot price is always a little bit confusing. We we now see that it it does its own thing, but while that long-term contracting price really does just keep marching up upwards, and um, so I I just see the the plan is to stay the course from management's point of view, especially with quality projects. you know, we we're very lucky with big volumes of uranium that somebody's going to have to come and get um probably tech company, AI, utility, you know, eventually sooner or later. So, you know, fundamentals will take hold and that's I guess that's the market's realizing that. Um I just love to see uh the technology side. So this is SMRs, micro reactors connected with the venture capital and private equity connected with the Silicon Valley tech companies and then of course the the big tech individuals. All of those people are they're all working together. Maybe not couldn't call it quite in cooperation, but they're working together and that's just going to drive things now. I can feel it. Um so that's I see that as a big force. Then you have federal money that's coming in and uh Trump administration is really keen in its in its people and uh yeah so that's what I think be be inside the US be in one of the the really good states to be in and uh have a big project. I think that's that's the that's what you got to do. That's that's I hope that's answers your question a bit there. >> Yeah, great summary. And we recently saw the US administration take a 5% stake in Lithium Americas, highlighting their commitment to domestic production of critical minerals. Uranium isn't yet officially on the critical mineral list, but there is a lot of push to put it there. And I believe that will be inevitable when, if that happens, do you think we could see the government start to take a stake in uranium companies? >> I believe so. I believe so. I'd be very surprised if conversations are not already underway. You know that this administration uh likes to get ahead of the whatever the news is going to be. Um and I have a feeling relationships are already, you know, being established. Uh plans made. I I I actually don't have any direct hard evidence of that. I would just be surprised if that's not happening already. Um so yeah. And then uh the circle of companies you know you could talk about sort of concentric circles as the core few major companies that are producing for example and then that the next ring out would be I believe our company and and a handful of others. Um this is going to spread to these to the next rings out. uh this and I'm talking about straight federal money plus department of defense money once the critical becomes critical mineral um you've got state funds including sovereign wealth funds like that are belong to the states themselves that that have where the money has to be deployed inside the state and some of the states are you know they struggle a little bit to find good ways to spend that money and uranium might be really good so you got you It it it's coming as soon as the critical minerals thing uh happens. Uh then it unlocks all sorts of ways to deploy federal money too that are on top of the usual. And uh we're psyched. We also get inbound I get inbound calls from people. It's not unusual when you're got a company with bunch of uranium uh or whatever is in demand. get lots of phone calls and people, you know, trying to position themselves. They see where the which way the wind is blowing. Um so, uh yeah, it's going to be an exciting next 18 months, two years and beyond. It's going to be action. >> Completely agree with you. I I want to talk about a executive order signed by President Trump back in May um which stated the government quote must utilize its full authority to accelerate the secure and responsible development, demonstration, deployment, and export of United States designed advanced nuclear technologies to bolster readiness and enhance American technological superiority. So it's it's not only that they're trying to incentivize critical minerals production at at home. They're trying to become a leader in the nuclear sector as well in terms of building reactors. Now, of course, one of the issues facing the US is a rather suffocating regulatory environment. Many people have pointed out that nuclear is overregulated in the United States. And in the meantime, if we look over at China as a counterpoint, they're just building reactors like crazy. So if the US ever hopes of catching up, they likely need to deregulate the industry to a certain extent. Would you agree with that? And is this something that that you see happening particularly as the administration pushes it to the forefront of their agenda? >> Totally agree. Uh I don't know what the solution is. I periodically think about it and I read the commentaries from the people who really are are experts um to to try to understand it. data and AI. Number one, how are we going to compete? How is North America going to compete? How's the US going to compete against China? Now, there are other jurisdictions, countries, etc. You can talk about India, Russia, Ukraine, uh, Western Europe, Latin America, etc. But really what matters is China and the US in my view. And how like how can this be achieved inside the US? If you look at a at a at a graph or a chart, you can see, you know, all the countries that are building new new large nuclear reactors. China is building dozens of them, right? And the US is currently under construction has zero under construction, right? uh and I think even planned I don't know it may be zero in the US I I I don't know that exactly but in China you add the planned reactors that's just huge number and so what what what you've got is you got a situation where the price per kilowatt hour of electricity in the US is going to keep going up um there's no escape it's going you're the ind industry data and AI are competing with households or households are competing with with uh industry data and AI. Uh price per kilowatt is just going to just keep going up. In China, you are going to have stable enormous electron flow that is going to be very low cost. So this may it may not really they not may not be able to fully avail themselves of it for 10 years or something like that but their buildout is amazing. And then what do you do? You've got AI and data centers that are just that need vast amounts of electricity. I know they're trying to build a bunch in the US and they are uh but imagine having to pay and even at a at a wholesale rate 25 cents a kilowatt hour in the US and it be four or five in China you know effectively uh yeah so now am I optimistic that something can be done about it actually there are a lot of very super motivated people in the administration and then in in the sector They're um they're very entrepreneurial people. Um can see these tech tech Silicon Valley and the tech funds and everything. I think they're going to lean into this issue. Uh I think they know that there's a lot of money to be made too. So they can go into New Mexico, Wyoming, Utah, etc. with a plan to do the whole stack uh fuel cycle stuff. They can, you know, bring in some new technology for conversion, enrichment, etc. And also they're going to need the the uranium too and I think they want to get it from inside the US. So they're like leaning into this then the reactors. So I think they're going to lean into that too. Uh we see Oaklo and uh etc. doing really well. So I think you you definitely on track with the small modular reactors, micro reactors, etc. Um but all this pressure is going to uh they're going to have to do something with the large scale reactors to get those going. Um you do have issues because you have states with their own view of life that's sometimes separate from uh the feds. But federal government is is not being gentle these days in in applying their perspective. So um you know it may be that you you do see some like okay we're building a bunch of reactors and everybody can pound sand if they don't like it. >> Yeah that's I don't know. Anyway, those are some thoughts. >> Yeah, that's a good way of putting it. I >> Yeah, absolutely. I I want to talk about the other big problem that's being faced right now, which is supplies of uranium worldwide. Cuz Adam, the world's largest producer, has now cut their 2026 production guidance. Kamico is now talking about having to buy on the spot market to fulfill long-term contracts. And although there are some companies that have started to produce, it's very small quantity. As you mentioned, in the US, what are we at? A million pounds in a year, something incredibly small like that. a drop in the bucket as we currently sit in a supply deficit that is only projected to grow. How does this situation get resolved in your view? Is this a matter of the uranium price having to go much higher? Because we heard for a while that the incentive price was around $70 to $80 per pound. It seems like that has shifted and perhaps we need a higher price for some of these projects to come online and for production to ramp up with some of those who have begun. What are your thoughts there on where these pounds are going to come from? >> Okay. Okay. Well, what I really, you know, we you have acid problem in Kazakhstan. They've overworked their assets. They've got issues with uh the Russians that have kind of gotten in there into the into Kazad and Prom and the security services in my view and squeezed with China. There's a whole kettle of sushi going on there in Kazakhstan that's um complicated. Um and I'm sure they're they're going to favor their Chinese and and Russian joint ventures over the Western joint ventures. you know think etc. But the one one thing that I would like to mention is manpower and expertise. So we we are lucky we we have a a geologist named George Thundervault. He's from Jo near Johannesburg and he he's worked on some of the big projects worldwide in uranium and he's just we've just really hit the jackpot with him now. He's a he's a he's an exploration geologist with with a lot of skills and knowledge and depth of knowledge. We are lucky. I see other companies struggling to find, you know, the right people. And this is only we're not building mines and and producing uranium. And so I know because I interact with people that that the struggle is not just real but extreme. Uh in at some of these big operations cuz you have all the guys that were and some girls but who were who were trained in the 50s and 60s and 70s and maybe early 80s who are now retired and you know a lot older. And then what do you have? you have maybe a few that were trained up last cycle. Uh and then how do you how does Kamico get all the people? This my ultimate point is how does Kamico get all the people it needs to run these mines? You know uh it is extremely complicated stuff. Um you need a lot of them. Um and this is something that is also holding this is what I want to talk about in relation to that question that there are lots of other factors. Um, and uranium mining is very hard. I think I I'm not an expert. I'm a lawyer, finance type person. So, but this is, you know, I'm absorbing uh what I what I'm learning. It turns out it's quite hard. ISR little side side note, we were in Toronto a few months ago talking to funds and and uh one fund manager and uh was so relieved that we mostly have at Copper Mountain the the northern half is probably conventional mining. That was and that was the mine plan at at Copper Mountain was a large scale conventional uranium mine and the southern half transitions to sandstone is roll likely and there's probably you know good rofr opportunity there um which you know I'm pretty sure will be exploited one day and uh but she was just so relieved that we have a conventional project because she's seen these ISR projects you know she's a little sensitive maybe in that particular moment but investing tens of millions of dollars in these ISR projects that struggle Well, kazatam prom uh acid problems, although I don't think she was investing in that. But you've got the others, the known ones that we, you know, are peers and friends where they get the chemistry wrong and they have to switch chemistry and then that that, you know, doesn't necessarily work out that well either, etc. And that's these are lots of smart people involved in those companies. So anyway, you've got manpower. Uh uranium mining is difficult. Um there's no way to scale a lot of these things either. So you know you have a copper mine in in South America with a halo that where the grades get lower. You can keep mining that stuff. It's just not as you know price of copper goes up. You can keep mining um and uh still make money etc. But in uranium you know what do you do? you've got a roll front and it's limited on the you know you're drilling and you find the edges and you try to get it all and it's not like it sort of now I'm I hope I'm not um saying that something that's not accurate but it uh you know it doesn't have this giant halo that just goes off into into the distance uh whether you you can still be picking up uranium um uh and so you're limited there you know, it's uh yeah, tough business. Manpower, acid, how are we going to get all the experts to do this? So, scaling it up, I don't know how you're going to do it. Um, I was at the WNA in in uh London a month ago along with lot everybody else. And uh that was definitely a topic. You know, there's no uh near or medium-term solution on the horizon. Sorry. Sorry. I feel bad for everybody who needs to have uranium produced, but it's great for us. >> Yeah, >> we're it's awesome for us. There's just shortage. >> Yeah, I've heard that uh personnel issue echoed from many people in the industry. There's not a lot of young people who've now come up training learning how to engage in the mining industry, let alone in the uranium sector. And you're right, it's a lot of these people who are retired and and companies are literally trying to call them back because they can't find qualified personnel. So definitely a big issue to keep an eye on. I want to switch over to discussing Myriad Uranium and how that company fits into the picture. Starting with some big news you put out at the start of the month, which is a comprehensive report of your Copper Mountain project from 1982 has been obtained, allowing you to release more information regarding its potential uranium endowment. Can you walk us through the important findings there? >> Great. So, we we put out this news release. We we we've had for a few years uh a summary document that had big numbers of Copper, you know, saying Copper Mountain has huge uranium endowment, 245 million pounds in a in a small area that actually we have most of 70% of. Um and then uh you know 600 was 655 million pounds in a broader area called the assessment area. And we we've known about this but we you have to be really careful with the regulators that you don't put out hyperbolic stuff that doesn't have a strong foundation. You don't you haven't looked into how they did that estimate and all the all the data etc. Well, we we've we we we got the report that's the this sort of the the tomb full of the data, the methodology, etc. And we now, etc. And we now think this is a really robust number. Now, uh not 43, not current under 43101. It's not into some kind of current category. Um and so it's called an endowment, which isn't a defined term. So, everybody has to, you know, full regulatory disclaimer there. Um this is But it's it's wildly exciting. um uh potentially. So, so what happened was um not to get too far off uh track, but in the 1970s, Union Pacific Railway invested 85 million in our project, today's dollars, drilled 2,000 bore holes, defined seven deposits, 15 prospects that are kind of like drilled a bit that where they found mineralization and they they believe that they if they just kept drilling them, those would turn into deposits, too. So out of those seven deposits, six of them were going to be part of a the initial mine plan, the large scale mine that they were going to uh use to fuel Southern California Edison reactors. And there was kind of a partnership there with California Edison. Okay. Now, how did they find those deposits? This is something I've only learned fairly recently is 1970s and then you know you can this applies to further back. This is this is hilly terrain, but it's not inaccessible. It's just hilly and then there's some long smooth areas and everything. They get in their they got in their jeeps and etc. And they would drive where it was easy to go and then they would drill where it was easy to drill instead of having to go over a, you know, a hill or something. They drill right there. They found uranium, a lot of it. Uh they delineated deposits. They decide to mine it. But what we've what we've learned is if they've just gone they they believed and especially US Department of Energy's contractor Bendix Engineering who did that report that actually if they've gone over the hill uh there's probably another big deposit just over the hill and they that was that's what's come out of this 1982 report is that we now know that yes canning deposit you know was going to be the main deposit that was going to be mined that there actually could be a lot of canning deposits at Copper Mountain. It's just this was just more convenience of access, but Midnight is a an example. That's one of our our claim areas to the east. Um Union estimated that has 10 million pounds and has some bore holes to back that up. Um but they just didn't want to get up and around the corner. They were saving that for later. 1979, 3M Island hit, cancelled the plan to start production at at our project in 1983. But the US Department of Energy projects were still funded, still ongoing. So they Bendix continued with its study, drilled a bunch of its own holes, some 80 some odd holes uh on top of the 2,000. It did a huge amount of analysis, 2 and a half man years of of work to produce this report and it's very robust. And now we go, oh wow. Okay, so we're very excited about first of all, the endowment is huge. The uranium endowment is huge. It's only down to 600 ft. We have drilled in our in our last drill program deeper intercepts. So there's uranium deeper. So that's a whole another world potentially. But um down to 600 ft, huge uranium endowment provides us with a treasure map, a guide to to finding it. And uh yeah, so it's a much bigger project than we we we previously understood. uh very excited about it. We have our our our uh adviser Jim Davis. He was general manager of Union Pacific's work in the 1970s. Always had very excited that somebody would take up and unify ownership of Copper Mountain, the first group to do that. Um you know, he's I went to him with this report and he said, "Wow, yeah, this is exactly a fabulous um report that was that was our guide after for for a long time." Uh but of course nobody just uranium in in the US was was dying off. Um but he fully endorses this report and is is very excited about what it it's going to enable us to find. So really big uranium endowment, potentially the biggest uranium project in the US. Lots of upside here. Um sorry for going on and on about it, but obviously I'm very psyched where >> No, love it. the the more details the better. >> Yeah, that that's super fascinating and definitely something to be watching. Um, Myriad also announced a proposed merger with Rush Rare Metals back in August. So, I wonder if you can first provide the details on why this merger was proposed. How does it add value in your view and then update us on on how it's progressing so far? >> Our option agreement with with Rush is a little bit complicated especially at the back end. So sharing of uh of um uh proceeds from producing uranium etc and then some bonuses and things it's a little bit complicated. So we want to simplify that just by unifying ownership. Second uh as you probably know divided ownership both sides often get a bit of a discount on the on the the value. It's actually you know if you unify ownership uh the the the resulting value be higher than if you add the two separately. So it's good to have you want to go into these we've been we talked to lots of you know funds sophisticated investors family office etc. They say get 100% ownership of this then you know we'll be we'll be in this just divided ownership can be a bit of a pain later. So 1 plus 1 is three and uh it's proceeding well. we're uh you can never guarantee that these things are going to work. Uh I used to be an M&A lawyer and uh you know you announce intention to merge and then something goes wrong. Uh but uh so I'm just used to putting disclaimers and things. Um but uh you know things are things things are good. We're just working through some of the uh uh there things like fairness opinions and that type of type of thing. We're just uh um so things are advancing and we really look forward to getting it done and uh uh you know keep you posted on that. >> Excellent. I know the company recently closed a private placement uh raising gross proceeds of around $600,000. How do you plan to put that cash to work and any info you could give us on the company's current cash position? Any debt obligations? Any light you could shed in those areas? >> No debt. Probably current cash is around 2.6 2.7. Um, we're in a we're in a good and we don't burn very much on a monthly basis unless the drills are turning. So um uh that's that's the current situation. That that private placement was just meant to be 100 $150,000 or something and that was just to accommodate an important fund that is a well-known uranium fund that just needed to adjust its ownership. And so we were going to quickly do a private placement, get get their get them adjusted and move on. And you know, we're not out here to do $600,000 private placements uh typically. Um but you know, we had some other important people who wanted to to participate. Uh management came in, including myself, etc., and some others. Um and so it grew to that that amount that and what are we doing uh with the money now? We're actively we just got this big uh permit uh which maybe we'll talk about. Um, so we have increase our bond to that we have to pay to the state of Wyoming uh in relation to the drill permit. So that's a bit of use of money. Geoysics we're doing in New Mexico. We have a we have a second project in New Mexico and we're doing some uh high resolution geoysics there. Um we are planning our next move uh now that we have this fantastic uh drill permit. Uh we're we're tweaking our plan as to where to drill. Some some of it's going to stay the same and some we just like wow. Okay, now we're really excited and we're going to be you know moving some of the some of the pads drill you know the collars locations and um and uh iterating the plan and then you know we're very likely to start drilling um early in the new year. Let's uh uh we we were maybe going to start drilling November, but now we have all this new information and we would just want to absolutely nail it. So um uh we use the money for that and you know if we want to do large large scale program uh a larger scale program then maybe there'll be a raise. >> Well talk to us about this drill permit you've obtained uh the significance of that for the company and any other plans. You mentioned you plan to start drilling early next year. any other catalyst upcoming news flow and maybe some more details on that planned drill program as well. Any light you could shed on that would be great. >> Sure. So the the the so we have had in place something called a drilling notification which is a small scale permit. Uh we we permitted 84 holes into that drilled 34 of those. Uh that was our last uh uh drill program which was uh you know very successful. Uh, and all the rest of the holes that were permitted under that permit are in the same area in the center of the project in the heart of the the most important uh deposit. And Union Pacific had identified these prospects that had seen some saw some drilling and some really good intercepts historical. and we we we've always known we had to go after those too, you know, advance them hopefully elevate them to deposit status and bring them in. So that's what this that's what this permit does. Um it enables us to cover the entire project area which is really big if people want to take a look at the map. I mean it's not like vast it's it's everything is close together but it's a now a lot of acres and uh so the permit 222 holes initially we bonded I believe it's 70 of those that means we've you know given the state of Wyoming uh hundreds of thousands of dollars uh to bond those holes that's in case we you know there's a a spill or some kind of accident or something at the site uh so that they they know that it'll get cleaned up. um which we never do by the way. So, uh that's very rare these days. Maybe back in the day it was more common but uh everybody's so careful. Um so yeah and and then with our announcement about the uranium endowment uh being vast and then this all the information in the document uh and uh I'm not sure if this is available to the public because people can download this document that we referred to but there are appendices and microfich stuff because of course this is early 1980s microf fish information a whole bunch of other additional information that may not be publicly available which we have which is going to serve as a guide. So the 222 holes are going to enable us to go after this all these new ideas. Uh that's that's it. Now what's the specifically the plan? We have some holes that we're going to go we could go back to where we've already drilled and there's a little more we can do there to better understand what's going on there. We've unless we're going to do resource drilling, we really have knocked it out of the park at the northern part of the canning deposit. We've, you know, it was already good back in 19 late 1970s. We feel we've our drilling based on our probe data is already better we believe than what they what they got in the 1970s. So there's, you know, that's interesting. Um but then we sent those samples to the laboratory and we discovered that you know because in the 1970s very expensive to send stuff to the lab was very rarely done. Just mentioned there was a hint in the late 1970s they use these florometric methods where you shine light certain wavelengths on the rock and it reflects back and uranium especially reflects back remits or whatever is exact going on there. Exactly. And they were getting way more uranium when they used that method than when they than they were getting based, you know, based on their gamma and uh DFN probes. So that was an issue. We've seen that all the way along. Maybe so the point of that is maybe there's a lot more uranium there than anybody thought. Well, we think we think so. uh because we sent everything to the laboratory and we were getting we've been getting 60% boosts, grade boosts uh on rock that's a thousand parts per million or higher and we're getting 50% grade boosts on anything that where the grade is 500 ppm or higher. That's stuff you'd most likely be mining. And when I say 500 or,000 ppm, that's equivalent grade from the probe that we'd sent down the gamma probe. So you you drill a hole, you put the gamma probe down, you get an equivalent grade back that that there's a lot going on in the subsurface, you've got uranium and then its daughter products because uranium is decaying and then the there's fair amount of calculation happening. Um but if the uranium has recently traveled through the earth or the daughter products have been picked up and transported uh and there are other things that could happen can throw off the the gamma probe. Turns out we got lots of that going on in in our area and that can hurt you or help you. In our case, it it helps us and it helps us in a big way. So now we have even more uranium. So we um you have the historic grade shells which contain uranium. This is the 3D modeling. We've got our drilling which kind of we believe adds to it. And then you have chemical assays that we've done which grow the grade shells and then add add uranium to what's inside. So increase the amount of uranium inside those volumes. So we're already in good shape in canning going on on about this a little bit. So we may not have to go back there. What we're probably going to do is go, you know, say the 12 priority holes are things like going to Lucky Cliff just north of Canning. There's a beautiful historical intercept that was I think there was n there were nine there was nine there's nine historical holes at Lucky Cliff big area just north so much more to do there lots of good intercepts historical intercepts one of them was 85 ft of 1200 ppm equivalent grade maybe the dise equilibrium favors us takes that up to 18800 ppm and potentially beyond over 85 ft that is a killer uh intercept that's something we want would like to go duplicate and then and so on around the uh the project area. And so start with 10 to 12 uh high priority holes and then we can dial it up from there um and be as ambitious as we like. uh you know, if the markets are ripping, um if we're going to get rewarded for for an ambitious drill program, then we we go for it and we'll we'll kind of dial it up and down because we want to optimize. I'll just make another point. I'm a big shareholder. I'm the second largest shareholder on the Nobo list and I put a lot of my own money into this company and insiders and key people hold a lot of the stock. We're not interested in doing big dilutive financings just for the, you know, just to drag this thing out and be be in the game here. My my goal is to get a big return on the share price. So, we're that's why I say we're going to be opt optimizing. Um, I don't want to raise money and spend it for no reason. I want to raise money and deploy it so that we, you know, the share price just is going to move up because we've added real value. That's the That's the business model here. >> Great. Well, Thomas, this has been a fantastic conversation. Always love discussing uranium and Myriad with you. I'm going to put a link in the description below to the Myriad Uranium website as well as social media so people can follow along with the company. You guys actually do great um work on social media, touring the sites and uh a lot of really fascinating stuff that uh that I think uh shareholders and potential shareholders will appreciate. So, that'll all be in the description below. Thank you so much, Thomas, for coming on the show. >> Super. It's been a pleasure. >> Commodity Culture is a series on commodities and natural resources. If you would like to see more, be sure to subscribe and hit the bell notification so you're always up to date with the latest episodes.
Uranium Bull Thesis 'Taking HOLD' – 'It's Going to Be an Exciting 2 Years'
Summary
Transcript
Hello everybody and welcome into commodity culture where our goal is to make you a better investor in the commodity sector. My name is Jesse Day. Before we dive in, standard disclaimer, nothing here is investment advice. Do your own due diligence. And today's guest is the CEO of Myriad Uranium, a uranium exploration and development company with an earnable 75% interest in the Copper Mountain uranium project in Wyoming. It's Thomas Lamb. looking very forward to discussing uranium and myriad uranium with you today. >> That's great. Nice to be here, Jesse. Good to see you. >> Yeah, last time I had you on the show was May of this year. This was a time when uranium equities were just starting to recover after bottoming in April. And what a run it's been since then. It's interesting. I remember back around that time on social media, there was a lot of people throwing in the towel on uranium saying, "The thesis is finished. It's all over. with the uranium bulls explain themselves because this whole thing isn't working out and here we are today. So I want to start by getting your assessment of the sector at present what comes top of mind for you when it comes to the uranium market. Well, first um you know this business I'm sure from where you sit but wow as management and founders when you come up with an idea uh you take a you know a view on where the where a sector is going in our case uranium and then you invest you know you put your own money in as a founder uh with your partners and then you have to convince people that this is a good idea and you build the company that whole the whole journey is is so uh emotional and uh you have these ups and downs that are just wild. Um the the if it's ultimately successful, it's really worth it. But uh and that's why we're in it. Um and it's so interesting. Um, but if you look back to May, you know, and we and our company and we as management, uh, we were looking at each other wondering what what the heck's going on here because we, you know, the fundamentals are there that, you know, the world fundamentally produces 160 million roughly, consumes 200 million roughly. Yeah, that was a couple years ago. I don't know how much the the numbers have changed since, but that's that's about right. And you know the US produces virtually none, call it a round million, consumes 40 to 50. Okay, something's got to be done there. If you have the point of view that the US government has now, uh, that they want to have more domestic sourcing so that they're not at the mercy of others. So all of that is just, it's like gravity. It's going to take hold. Uh, so we're all looking at each other wondering what the heck's going on. When is when is gravity going to take hold? Now, with the spot price, uh, spot price is always a little bit confusing. We we now see that it it does its own thing, but while that long-term contracting price really does just keep marching up upwards, and um, so I I just see the the plan is to stay the course from management's point of view, especially with quality projects. you know, we we're very lucky with big volumes of uranium that somebody's going to have to come and get um probably tech company, AI, utility, you know, eventually sooner or later. So, you know, fundamentals will take hold and that's I guess that's the market's realizing that. Um I just love to see uh the technology side. So this is SMRs, micro reactors connected with the venture capital and private equity connected with the Silicon Valley tech companies and then of course the the big tech individuals. All of those people are they're all working together. Maybe not couldn't call it quite in cooperation, but they're working together and that's just going to drive things now. I can feel it. Um so that's I see that as a big force. Then you have federal money that's coming in and uh Trump administration is really keen in its in its people and uh yeah so that's what I think be be inside the US be in one of the the really good states to be in and uh have a big project. I think that's that's the that's what you got to do. That's that's I hope that's answers your question a bit there. >> Yeah, great summary. And we recently saw the US administration take a 5% stake in Lithium Americas, highlighting their commitment to domestic production of critical minerals. Uranium isn't yet officially on the critical mineral list, but there is a lot of push to put it there. And I believe that will be inevitable when, if that happens, do you think we could see the government start to take a stake in uranium companies? >> I believe so. I believe so. I'd be very surprised if conversations are not already underway. You know that this administration uh likes to get ahead of the whatever the news is going to be. Um and I have a feeling relationships are already, you know, being established. Uh plans made. I I I actually don't have any direct hard evidence of that. I would just be surprised if that's not happening already. Um so yeah. And then uh the circle of companies you know you could talk about sort of concentric circles as the core few major companies that are producing for example and then that the next ring out would be I believe our company and and a handful of others. Um this is going to spread to these to the next rings out. uh this and I'm talking about straight federal money plus department of defense money once the critical becomes critical mineral um you've got state funds including sovereign wealth funds like that are belong to the states themselves that that have where the money has to be deployed inside the state and some of the states are you know they struggle a little bit to find good ways to spend that money and uranium might be really good so you got you It it it's coming as soon as the critical minerals thing uh happens. Uh then it unlocks all sorts of ways to deploy federal money too that are on top of the usual. And uh we're psyched. We also get inbound I get inbound calls from people. It's not unusual when you're got a company with bunch of uranium uh or whatever is in demand. get lots of phone calls and people, you know, trying to position themselves. They see where the which way the wind is blowing. Um so, uh yeah, it's going to be an exciting next 18 months, two years and beyond. It's going to be action. >> Completely agree with you. I I want to talk about a executive order signed by President Trump back in May um which stated the government quote must utilize its full authority to accelerate the secure and responsible development, demonstration, deployment, and export of United States designed advanced nuclear technologies to bolster readiness and enhance American technological superiority. So it's it's not only that they're trying to incentivize critical minerals production at at home. They're trying to become a leader in the nuclear sector as well in terms of building reactors. Now, of course, one of the issues facing the US is a rather suffocating regulatory environment. Many people have pointed out that nuclear is overregulated in the United States. And in the meantime, if we look over at China as a counterpoint, they're just building reactors like crazy. So if the US ever hopes of catching up, they likely need to deregulate the industry to a certain extent. Would you agree with that? And is this something that that you see happening particularly as the administration pushes it to the forefront of their agenda? >> Totally agree. Uh I don't know what the solution is. I periodically think about it and I read the commentaries from the people who really are are experts um to to try to understand it. data and AI. Number one, how are we going to compete? How is North America going to compete? How's the US going to compete against China? Now, there are other jurisdictions, countries, etc. You can talk about India, Russia, Ukraine, uh, Western Europe, Latin America, etc. But really what matters is China and the US in my view. And how like how can this be achieved inside the US? If you look at a at a at a graph or a chart, you can see, you know, all the countries that are building new new large nuclear reactors. China is building dozens of them, right? And the US is currently under construction has zero under construction, right? uh and I think even planned I don't know it may be zero in the US I I I don't know that exactly but in China you add the planned reactors that's just huge number and so what what what you've got is you got a situation where the price per kilowatt hour of electricity in the US is going to keep going up um there's no escape it's going you're the ind industry data and AI are competing with households or households are competing with with uh industry data and AI. Uh price per kilowatt is just going to just keep going up. In China, you are going to have stable enormous electron flow that is going to be very low cost. So this may it may not really they not may not be able to fully avail themselves of it for 10 years or something like that but their buildout is amazing. And then what do you do? You've got AI and data centers that are just that need vast amounts of electricity. I know they're trying to build a bunch in the US and they are uh but imagine having to pay and even at a at a wholesale rate 25 cents a kilowatt hour in the US and it be four or five in China you know effectively uh yeah so now am I optimistic that something can be done about it actually there are a lot of very super motivated people in the administration and then in in the sector They're um they're very entrepreneurial people. Um can see these tech tech Silicon Valley and the tech funds and everything. I think they're going to lean into this issue. Uh I think they know that there's a lot of money to be made too. So they can go into New Mexico, Wyoming, Utah, etc. with a plan to do the whole stack uh fuel cycle stuff. They can, you know, bring in some new technology for conversion, enrichment, etc. And also they're going to need the the uranium too and I think they want to get it from inside the US. So they're like leaning into this then the reactors. So I think they're going to lean into that too. Uh we see Oaklo and uh etc. doing really well. So I think you you definitely on track with the small modular reactors, micro reactors, etc. Um but all this pressure is going to uh they're going to have to do something with the large scale reactors to get those going. Um you do have issues because you have states with their own view of life that's sometimes separate from uh the feds. But federal government is is not being gentle these days in in applying their perspective. So um you know it may be that you you do see some like okay we're building a bunch of reactors and everybody can pound sand if they don't like it. >> Yeah that's I don't know. Anyway, those are some thoughts. >> Yeah, that's a good way of putting it. I >> Yeah, absolutely. I I want to talk about the other big problem that's being faced right now, which is supplies of uranium worldwide. Cuz Adam, the world's largest producer, has now cut their 2026 production guidance. Kamico is now talking about having to buy on the spot market to fulfill long-term contracts. And although there are some companies that have started to produce, it's very small quantity. As you mentioned, in the US, what are we at? A million pounds in a year, something incredibly small like that. a drop in the bucket as we currently sit in a supply deficit that is only projected to grow. How does this situation get resolved in your view? Is this a matter of the uranium price having to go much higher? Because we heard for a while that the incentive price was around $70 to $80 per pound. It seems like that has shifted and perhaps we need a higher price for some of these projects to come online and for production to ramp up with some of those who have begun. What are your thoughts there on where these pounds are going to come from? >> Okay. Okay. Well, what I really, you know, we you have acid problem in Kazakhstan. They've overworked their assets. They've got issues with uh the Russians that have kind of gotten in there into the into Kazad and Prom and the security services in my view and squeezed with China. There's a whole kettle of sushi going on there in Kazakhstan that's um complicated. Um and I'm sure they're they're going to favor their Chinese and and Russian joint ventures over the Western joint ventures. you know think etc. But the one one thing that I would like to mention is manpower and expertise. So we we are lucky we we have a a geologist named George Thundervault. He's from Jo near Johannesburg and he he's worked on some of the big projects worldwide in uranium and he's just we've just really hit the jackpot with him now. He's a he's a he's an exploration geologist with with a lot of skills and knowledge and depth of knowledge. We are lucky. I see other companies struggling to find, you know, the right people. And this is only we're not building mines and and producing uranium. And so I know because I interact with people that that the struggle is not just real but extreme. Uh in at some of these big operations cuz you have all the guys that were and some girls but who were who were trained in the 50s and 60s and 70s and maybe early 80s who are now retired and you know a lot older. And then what do you have? you have maybe a few that were trained up last cycle. Uh and then how do you how does Kamico get all the people? This my ultimate point is how does Kamico get all the people it needs to run these mines? You know uh it is extremely complicated stuff. Um you need a lot of them. Um and this is something that is also holding this is what I want to talk about in relation to that question that there are lots of other factors. Um, and uranium mining is very hard. I think I I'm not an expert. I'm a lawyer, finance type person. So, but this is, you know, I'm absorbing uh what I what I'm learning. It turns out it's quite hard. ISR little side side note, we were in Toronto a few months ago talking to funds and and uh one fund manager and uh was so relieved that we mostly have at Copper Mountain the the northern half is probably conventional mining. That was and that was the mine plan at at Copper Mountain was a large scale conventional uranium mine and the southern half transitions to sandstone is roll likely and there's probably you know good rofr opportunity there um which you know I'm pretty sure will be exploited one day and uh but she was just so relieved that we have a conventional project because she's seen these ISR projects you know she's a little sensitive maybe in that particular moment but investing tens of millions of dollars in these ISR projects that struggle Well, kazatam prom uh acid problems, although I don't think she was investing in that. But you've got the others, the known ones that we, you know, are peers and friends where they get the chemistry wrong and they have to switch chemistry and then that that, you know, doesn't necessarily work out that well either, etc. And that's these are lots of smart people involved in those companies. So anyway, you've got manpower. Uh uranium mining is difficult. Um there's no way to scale a lot of these things either. So you know you have a copper mine in in South America with a halo that where the grades get lower. You can keep mining that stuff. It's just not as you know price of copper goes up. You can keep mining um and uh still make money etc. But in uranium you know what do you do? you've got a roll front and it's limited on the you know you're drilling and you find the edges and you try to get it all and it's not like it sort of now I'm I hope I'm not um saying that something that's not accurate but it uh you know it doesn't have this giant halo that just goes off into into the distance uh whether you you can still be picking up uranium um uh and so you're limited there you know, it's uh yeah, tough business. Manpower, acid, how are we going to get all the experts to do this? So, scaling it up, I don't know how you're going to do it. Um, I was at the WNA in in uh London a month ago along with lot everybody else. And uh that was definitely a topic. You know, there's no uh near or medium-term solution on the horizon. Sorry. Sorry. I feel bad for everybody who needs to have uranium produced, but it's great for us. >> Yeah, >> we're it's awesome for us. There's just shortage. >> Yeah, I've heard that uh personnel issue echoed from many people in the industry. There's not a lot of young people who've now come up training learning how to engage in the mining industry, let alone in the uranium sector. And you're right, it's a lot of these people who are retired and and companies are literally trying to call them back because they can't find qualified personnel. So definitely a big issue to keep an eye on. I want to switch over to discussing Myriad Uranium and how that company fits into the picture. Starting with some big news you put out at the start of the month, which is a comprehensive report of your Copper Mountain project from 1982 has been obtained, allowing you to release more information regarding its potential uranium endowment. Can you walk us through the important findings there? >> Great. So, we we put out this news release. We we we've had for a few years uh a summary document that had big numbers of Copper, you know, saying Copper Mountain has huge uranium endowment, 245 million pounds in a in a small area that actually we have most of 70% of. Um and then uh you know 600 was 655 million pounds in a broader area called the assessment area. And we we've known about this but we you have to be really careful with the regulators that you don't put out hyperbolic stuff that doesn't have a strong foundation. You don't you haven't looked into how they did that estimate and all the all the data etc. Well, we we've we we we got the report that's the this sort of the the tomb full of the data, the methodology, etc. And we now, etc. And we now think this is a really robust number. Now, uh not 43, not current under 43101. It's not into some kind of current category. Um and so it's called an endowment, which isn't a defined term. So, everybody has to, you know, full regulatory disclaimer there. Um this is But it's it's wildly exciting. um uh potentially. So, so what happened was um not to get too far off uh track, but in the 1970s, Union Pacific Railway invested 85 million in our project, today's dollars, drilled 2,000 bore holes, defined seven deposits, 15 prospects that are kind of like drilled a bit that where they found mineralization and they they believe that they if they just kept drilling them, those would turn into deposits, too. So out of those seven deposits, six of them were going to be part of a the initial mine plan, the large scale mine that they were going to uh use to fuel Southern California Edison reactors. And there was kind of a partnership there with California Edison. Okay. Now, how did they find those deposits? This is something I've only learned fairly recently is 1970s and then you know you can this applies to further back. This is this is hilly terrain, but it's not inaccessible. It's just hilly and then there's some long smooth areas and everything. They get in their they got in their jeeps and etc. And they would drive where it was easy to go and then they would drill where it was easy to drill instead of having to go over a, you know, a hill or something. They drill right there. They found uranium, a lot of it. Uh they delineated deposits. They decide to mine it. But what we've what we've learned is if they've just gone they they believed and especially US Department of Energy's contractor Bendix Engineering who did that report that actually if they've gone over the hill uh there's probably another big deposit just over the hill and they that was that's what's come out of this 1982 report is that we now know that yes canning deposit you know was going to be the main deposit that was going to be mined that there actually could be a lot of canning deposits at Copper Mountain. It's just this was just more convenience of access, but Midnight is a an example. That's one of our our claim areas to the east. Um Union estimated that has 10 million pounds and has some bore holes to back that up. Um but they just didn't want to get up and around the corner. They were saving that for later. 1979, 3M Island hit, cancelled the plan to start production at at our project in 1983. But the US Department of Energy projects were still funded, still ongoing. So they Bendix continued with its study, drilled a bunch of its own holes, some 80 some odd holes uh on top of the 2,000. It did a huge amount of analysis, 2 and a half man years of of work to produce this report and it's very robust. And now we go, oh wow. Okay, so we're very excited about first of all, the endowment is huge. The uranium endowment is huge. It's only down to 600 ft. We have drilled in our in our last drill program deeper intercepts. So there's uranium deeper. So that's a whole another world potentially. But um down to 600 ft, huge uranium endowment provides us with a treasure map, a guide to to finding it. And uh yeah, so it's a much bigger project than we we we previously understood. uh very excited about it. We have our our our uh adviser Jim Davis. He was general manager of Union Pacific's work in the 1970s. Always had very excited that somebody would take up and unify ownership of Copper Mountain, the first group to do that. Um you know, he's I went to him with this report and he said, "Wow, yeah, this is exactly a fabulous um report that was that was our guide after for for a long time." Uh but of course nobody just uranium in in the US was was dying off. Um but he fully endorses this report and is is very excited about what it it's going to enable us to find. So really big uranium endowment, potentially the biggest uranium project in the US. Lots of upside here. Um sorry for going on and on about it, but obviously I'm very psyched where >> No, love it. the the more details the better. >> Yeah, that that's super fascinating and definitely something to be watching. Um, Myriad also announced a proposed merger with Rush Rare Metals back in August. So, I wonder if you can first provide the details on why this merger was proposed. How does it add value in your view and then update us on on how it's progressing so far? >> Our option agreement with with Rush is a little bit complicated especially at the back end. So sharing of uh of um uh proceeds from producing uranium etc and then some bonuses and things it's a little bit complicated. So we want to simplify that just by unifying ownership. Second uh as you probably know divided ownership both sides often get a bit of a discount on the on the the value. It's actually you know if you unify ownership uh the the the resulting value be higher than if you add the two separately. So it's good to have you want to go into these we've been we talked to lots of you know funds sophisticated investors family office etc. They say get 100% ownership of this then you know we'll be we'll be in this just divided ownership can be a bit of a pain later. So 1 plus 1 is three and uh it's proceeding well. we're uh you can never guarantee that these things are going to work. Uh I used to be an M&A lawyer and uh you know you announce intention to merge and then something goes wrong. Uh but uh so I'm just used to putting disclaimers and things. Um but uh you know things are things things are good. We're just working through some of the uh uh there things like fairness opinions and that type of type of thing. We're just uh um so things are advancing and we really look forward to getting it done and uh uh you know keep you posted on that. >> Excellent. I know the company recently closed a private placement uh raising gross proceeds of around $600,000. How do you plan to put that cash to work and any info you could give us on the company's current cash position? Any debt obligations? Any light you could shed in those areas? >> No debt. Probably current cash is around 2.6 2.7. Um, we're in a we're in a good and we don't burn very much on a monthly basis unless the drills are turning. So um uh that's that's the current situation. That that private placement was just meant to be 100 $150,000 or something and that was just to accommodate an important fund that is a well-known uranium fund that just needed to adjust its ownership. And so we were going to quickly do a private placement, get get their get them adjusted and move on. And you know, we're not out here to do $600,000 private placements uh typically. Um but you know, we had some other important people who wanted to to participate. Uh management came in, including myself, etc., and some others. Um and so it grew to that that amount that and what are we doing uh with the money now? We're actively we just got this big uh permit uh which maybe we'll talk about. Um, so we have increase our bond to that we have to pay to the state of Wyoming uh in relation to the drill permit. So that's a bit of use of money. Geoysics we're doing in New Mexico. We have a we have a second project in New Mexico and we're doing some uh high resolution geoysics there. Um we are planning our next move uh now that we have this fantastic uh drill permit. Uh we're we're tweaking our plan as to where to drill. Some some of it's going to stay the same and some we just like wow. Okay, now we're really excited and we're going to be you know moving some of the some of the pads drill you know the collars locations and um and uh iterating the plan and then you know we're very likely to start drilling um early in the new year. Let's uh uh we we were maybe going to start drilling November, but now we have all this new information and we would just want to absolutely nail it. So um uh we use the money for that and you know if we want to do large large scale program uh a larger scale program then maybe there'll be a raise. >> Well talk to us about this drill permit you've obtained uh the significance of that for the company and any other plans. You mentioned you plan to start drilling early next year. any other catalyst upcoming news flow and maybe some more details on that planned drill program as well. Any light you could shed on that would be great. >> Sure. So the the the so we have had in place something called a drilling notification which is a small scale permit. Uh we we permitted 84 holes into that drilled 34 of those. Uh that was our last uh uh drill program which was uh you know very successful. Uh, and all the rest of the holes that were permitted under that permit are in the same area in the center of the project in the heart of the the most important uh deposit. And Union Pacific had identified these prospects that had seen some saw some drilling and some really good intercepts historical. and we we we've always known we had to go after those too, you know, advance them hopefully elevate them to deposit status and bring them in. So that's what this that's what this permit does. Um it enables us to cover the entire project area which is really big if people want to take a look at the map. I mean it's not like vast it's it's everything is close together but it's a now a lot of acres and uh so the permit 222 holes initially we bonded I believe it's 70 of those that means we've you know given the state of Wyoming uh hundreds of thousands of dollars uh to bond those holes that's in case we you know there's a a spill or some kind of accident or something at the site uh so that they they know that it'll get cleaned up. um which we never do by the way. So, uh that's very rare these days. Maybe back in the day it was more common but uh everybody's so careful. Um so yeah and and then with our announcement about the uranium endowment uh being vast and then this all the information in the document uh and uh I'm not sure if this is available to the public because people can download this document that we referred to but there are appendices and microfich stuff because of course this is early 1980s microf fish information a whole bunch of other additional information that may not be publicly available which we have which is going to serve as a guide. So the 222 holes are going to enable us to go after this all these new ideas. Uh that's that's it. Now what's the specifically the plan? We have some holes that we're going to go we could go back to where we've already drilled and there's a little more we can do there to better understand what's going on there. We've unless we're going to do resource drilling, we really have knocked it out of the park at the northern part of the canning deposit. We've, you know, it was already good back in 19 late 1970s. We feel we've our drilling based on our probe data is already better we believe than what they what they got in the 1970s. So there's, you know, that's interesting. Um but then we sent those samples to the laboratory and we discovered that you know because in the 1970s very expensive to send stuff to the lab was very rarely done. Just mentioned there was a hint in the late 1970s they use these florometric methods where you shine light certain wavelengths on the rock and it reflects back and uranium especially reflects back remits or whatever is exact going on there. Exactly. And they were getting way more uranium when they used that method than when they than they were getting based, you know, based on their gamma and uh DFN probes. So that was an issue. We've seen that all the way along. Maybe so the point of that is maybe there's a lot more uranium there than anybody thought. Well, we think we think so. uh because we sent everything to the laboratory and we were getting we've been getting 60% boosts, grade boosts uh on rock that's a thousand parts per million or higher and we're getting 50% grade boosts on anything that where the grade is 500 ppm or higher. That's stuff you'd most likely be mining. And when I say 500 or,000 ppm, that's equivalent grade from the probe that we'd sent down the gamma probe. So you you drill a hole, you put the gamma probe down, you get an equivalent grade back that that there's a lot going on in the subsurface, you've got uranium and then its daughter products because uranium is decaying and then the there's fair amount of calculation happening. Um but if the uranium has recently traveled through the earth or the daughter products have been picked up and transported uh and there are other things that could happen can throw off the the gamma probe. Turns out we got lots of that going on in in our area and that can hurt you or help you. In our case, it it helps us and it helps us in a big way. So now we have even more uranium. So we um you have the historic grade shells which contain uranium. This is the 3D modeling. We've got our drilling which kind of we believe adds to it. And then you have chemical assays that we've done which grow the grade shells and then add add uranium to what's inside. So increase the amount of uranium inside those volumes. So we're already in good shape in canning going on on about this a little bit. So we may not have to go back there. What we're probably going to do is go, you know, say the 12 priority holes are things like going to Lucky Cliff just north of Canning. There's a beautiful historical intercept that was I think there was n there were nine there was nine there's nine historical holes at Lucky Cliff big area just north so much more to do there lots of good intercepts historical intercepts one of them was 85 ft of 1200 ppm equivalent grade maybe the dise equilibrium favors us takes that up to 18800 ppm and potentially beyond over 85 ft that is a killer uh intercept that's something we want would like to go duplicate and then and so on around the uh the project area. And so start with 10 to 12 uh high priority holes and then we can dial it up from there um and be as ambitious as we like. uh you know, if the markets are ripping, um if we're going to get rewarded for for an ambitious drill program, then we we go for it and we'll we'll kind of dial it up and down because we want to optimize. I'll just make another point. I'm a big shareholder. I'm the second largest shareholder on the Nobo list and I put a lot of my own money into this company and insiders and key people hold a lot of the stock. We're not interested in doing big dilutive financings just for the, you know, just to drag this thing out and be be in the game here. My my goal is to get a big return on the share price. So, we're that's why I say we're going to be opt optimizing. Um, I don't want to raise money and spend it for no reason. I want to raise money and deploy it so that we, you know, the share price just is going to move up because we've added real value. That's the That's the business model here. >> Great. Well, Thomas, this has been a fantastic conversation. Always love discussing uranium and Myriad with you. I'm going to put a link in the description below to the Myriad Uranium website as well as social media so people can follow along with the company. You guys actually do great um work on social media, touring the sites and uh a lot of really fascinating stuff that uh that I think uh shareholders and potential shareholders will appreciate. So, that'll all be in the description below. Thank you so much, Thomas, for coming on the show. >> Super. It's been a pleasure. >> Commodity Culture is a series on commodities and natural resources. If you would like to see more, be sure to subscribe and hit the bell notification so you're always up to date with the latest episodes.