 Season's greetings from Investor Intel. Today we're talking Uranium with Dr. Richard Spencer of U308 Corp. I always find that hard to say, sir. U308. Yeah, and people either love the name or they hate it, but they generally tend to remember. It's memorable and that's important. You're the president and you're the CEO, which is a good thing because your background is Uranium, isn't it? Yeah, it is. I started off in actually going to university in Johannesburg and then working on the Vetvardisran Basin, which is a gold and uranium basin, a gold basin that's produced an enormous amount of gold and uranium as well. Now, your three major projects are in South America. Is the African Knowledge Portable to South America? It is. I mean, it's general geology and I just loved South America because my African background when I was born in Zimbabwe was that in Africa there are 1500 different languages and all these different religions and all that sort of thing. And when I came to South America, I was absolutely blown away by the fact that everyone can communicate with each other. I mean, basically Spanish dominates. Everyone speaks it and it's the same religion. There's no religious fundamentalism. It's a huge credit that the continent never gets. Another fundamental belief some people have is that uranium is due to come back. We've seen a few false starts in the market. We thought the restarting of the reactors in Japan might do it. What's your take on the global uranium market? I'm really positive about the uranium price. I think we've finally seen the bottoming of the market after seven years of bear market post Fukushima. And I'm positive about it because we've finally seen the two biggest producers cutting production, both Kamiko and Kazakhstan basically saying that they can't produce and make a profit at these prices. And Kamiko saying it'll go out and buy a product in the spot market and sell it to fulfill its contracts rather than using up its resources at these prices. And when those two companies and those two producers go in and make a move like that, it absolutely signals the bottom of the market. There are a lot of people that are coming out and saying that there's a lot of supply above ground. Or we're hosed in Japan. And I think that that's actually positive. I mean, what's the adage? You climb a bull market, climbs a wall of worry. We don't want the market overreacting. We don't want it spiking. A nice gradual build over time is the healthiest for everyone. And I think that that's what we're in for. One other thing that people like to look at is the quality of management. You've got a very deep management team at a deep board. But sometimes talk is cheap. Action speak louder than words. And recently one of your directors took a major step to help the company. Can you tell us about that? Well, Keith Barron has been, he's actually founded the company and he's been to all of the deposits. In fact, he was just down at our Argentinian deposit last week. And he fundamentally believes in these things. I mean, he's an outstanding geologist. A lot of discoveries behind his name. And he sees, irrespective of what the market is doing, he sees the fundamental value of the deposits in the ground. He looks at the simplicity. He looks of mining, the environmental side of the thing, social acceptance, as well as the quality of the deposit. It says, well, irrespective of what the market is doing, I fortunately have got a bank account that's big enough that allows me to put in cash. Right. And when you say, I, you're speaking for? For Keith. Right. That Keith has a bank account that's big enough. His bank manager is a lot politer to him than mine are to me. And, you know, he can take that sort of long-term point of view and say, well, I don't care what the market's doing. I'm going to put in the cash because I can see the value of getting this into production. That's exactly what he's done. So as I understand it, he's advanced a $1 million loan to the company at 0% interest with no real specific terms of repayment to be determined when the market improves. And I think that that is a crucially important point for people to understand is that most other shareholders or most other financiers, in fact, all of them, would have given the money and said, okay, I want shares because I want them at the slow price. Yeah, just ratcheting the company at some point. And, you know, with these results that you're going to put out, the share price should appreciate and I want that delta. I want to be able to de-gain from that. And this guy is going in and saying, look, there's the cash. I don't want to abuse the other shareholders by diluting them. Here's the cash. Do the work. And hopefully the share price will appreciate into a strengthening market because that's the fundamental thing that we've been missing so far. And then pay me back sort of when you can in shares, up to a three-year limit and it's a huge development. And the use of proceeds is at Laguna Salada in Argentina for the proof of concept, right? That's correct. Yeah. So that proof of concept is to produce yellow cake and red cake, so both uranium and vanadium. And it's for two entities, for two purposes. It's for our shareholders to say to them, hey, you know, we're actually going to do this. And it's also for the Argentinian government. The Argentinians are importing all of their uranium. They've got an outstanding nuclear program. They're just going ahead with the building of the fourth and fifth big reactors. The plan is to produce 20% of their electricity from nuclear by 2025. And in tandem with that, they're going ahead with renewables. They've got the Atacarmid Desert for solar in the north, Patagonia with its huge wind resource in the south. And their plan is to have 20% of electricity production from those from solar and wind. So the proof of concept is important to build credibility with the Argentinian government? It absolutely is, because they're keen on an offtake agreement. But, you know, we're a tiny little company. I mean, when I sat with the top guys in nuclear, their first question to me is, okay, when can you be in production and what's your risk? And the risk was, well, we're not going to be able to get the financing. And that is why Keith Barron's proposal to put in the cash is huge. And I can assure you that the Argentinian government are very interested in that move by an insider, by one of our directors. Right. So you trade on the TMX, on the big board in Toronto. What's the next big milestone we should watch for to be announced? We're going ahead with bulk sampling and processing at the moment. And all of that is directed towards driving down our estimated operational costs. So we've got a preliminary economic assessment in place. And that was hugely important because it identified a whole bunch of areas where the costs were a little bit higher than we expected them to be. Right. And now we can we can hit those specific areas. What year was that PEA done? It was only 2014. Fairly recent. Yeah, yeah, it was. And but, you know, those, there were a whole bunch of things that we didn't anticipate as being relatively high cost that sort of hit us out of out of left field. We've now concentrated on those, you know, you talk about the key management. One of the guys on the board that's just come on Dave Marsh used to work for Paladin Energy, built their similar plant in Namibia. Right. One of the only guys to have built a modern uranium-producing plant and he came on to our board on a slavery basis. None of our board members get any salary or anything. They've all given up on that until the company is in better shape. Good. So we'll come back and visit in about six months, I guess. See the progress. Absolutely. I mean, we're starting with that work now. So as of January, we'll have a flow of press releases out there. And, you know, I mean, the attitude that we took was before this change in the uranium market, we said, okay, we're close to bottoming. We can't time it exactly. And what we've got to do is we can't do anything about the international price. So what we can do is control our costs and find ways of driving those costs down. And fortunately, I mean, you know, the vanadium price has, the vanadium market has changed fundamentally and the price has doubled, tripled over the last year or so. And I think, so that's taken the lead and I think uranium is coming in behind it. So we're in an incredibly good place. So that's it for today with Investor Intel and U308 Corp. The uranium market's on the move. Thank you for your time.