 Today I'm speaking with Curtis Moore of Energy Dules of Denver, Colorado, as America's premier uranium producers. Is that right, Curtis? That's correct. That's correct. We've been one of the largest producers of uranium in the United States for many years now. How much uranium have you produced in the most recent fiscal year or your most recent year? So we haven't actually put out our 2019 results yet. And actually, we're not producing a whole lot of uranium right now, simply because the price has been so low. Last year, we were mostly focused on vanadium production. We have a mill in southeast Utah, and so with the low price of uranium, and then earlier last year, we saw a nice little price spike in vanadium, we switched over to vanadium production. That's true. What is your capacity, though, with the mill for producing uranium for the U.S. market? Yeah, so we have three production facilities. We have the White Mesa Mill in southeast Utah that is operating today. We're actually back to producing a little bit of uranium right now. It has a capacity of about eight million pounds per year, but more kind of reasonable capacity. It's done four, four and a half million pounds in the past. So people shouldn't get too excited about that eight million pound number. We have a ISR facility, an in-situ recovery facility in Wyoming called the Nichols Ranch facility. It has a licensed capacity of about two million pounds per year. Again, more of an operating capacity probably closer to five or six hundred thousand pounds per year. And then we have the Alta Mesa in-situ facility down in south Texas, which has produced over a million pounds per year in years past. So nobody has as much capacity as we have. Well, and I have a question to ask you. The USTS in its commodity minerals index covers things that most of many people have never heard of, but they don't cover uranium. Why? Well, you know, I think that uranium has not necessarily been on the government's, you know, watch list, I guess you could say until recently. Really, and it was just when President Trump came into office that he issued this critical minerals list. And I think there was finally a recognition that uranium is critical, not just a, you know, US national security, but also US energy security. And again, uranium was one of the, I think it was 30 or 35 minerals on that list. Also, vanadium, which again, we're one of the major producers of vanadium in the United States. So two of the minerals on that list are produced by energy fuels. The interesting thing to me is that while we're all talking about critical materials and what we're going to do in the future and blah, blah, blah, in the meantime, it's not just President Trump, but this administration has issued a 10-year buy for the national, actually the national defense reserve of uranium for $1.5 billion, up to $150 million a year. And as far as I can tell, your company is operating the only producing mill in the United States. Well, so my thing is that I also understand that your mill can take feedstocks not just from your own deposits. So you have basically created what other metal industries dream of, which is a one-stop shop. And I think that's a wonderful idea, because in the event that, for example, US needed an urgent supply of uranium for some reason, you would be to go to a company. So it seems to me very likely that the US federal government will be looking at your company and making sure that you're still there. I also want to congratulate you because I read the list of names of those companies that had raised your most recent financing, and I was very impressed. There are some major mining finance people. Well, thank you. And I think your observations are very well taken. Yes, we do have the only conventional uranium mill in the United States. No, I will caution you that it's not the only uranium production facility in the United States. There is in situ production out there that doesn't require a conventional mill. However, if somebody has a conventional mine, where you have a mine that's an underground mine or an open pit mine along those lines, you have to come to the White Mesa Mill if you want to get that ore processed. Now in situ facilities, there's only a few of those around the United States as well. We hold two of them, Altamesa and Nichols Ranch. Altamesa in Texas and Nichols Ranch up in Wyoming. And besides those three facilities, there might be another two or three facilities that your energy has a very good facility up in Wyoming as well. I've got to tip my hat to them as well, Lost Creek. But really, those are the only facilities that are operating in the United States today. There's some other facilities that could come online, potentially with some capital and whatnot. But the universe of uranium production in the United States is quite small. And I think you are exactly correct to point out that we think that energy fields should be one of the prime companies to supply that new U.S. uranium reserve simply because we have operating facilities in all this capacity. And can you tell the listeners here, what percentage of the U.S. requirement for uranium yearly is actually produced in the U.S.? Last year, the U.S. produced 172,000 pounds of uranium. The U.S. consumes about 47 million pounds of uranium per year. So we're talking about a third of one percent. It's kind of ridiculous. A rounding error. Yes. It's not enough to supply one nuclear reactor. That's scary to me as an American. And I think the administration has worked that out. And I have to tell you that notwithstanding politics, which people talk about too much in the United States, there's an attitude in, for example, that I know of in the defense and energy departments, that these changes are permanent. Like, I've quite frankly set flat out to people in both of those departments. So if this president isn't reelected and President Sanders decides that we should not mine uranium, what are you going to do? They said, no, no, no. This is a permanent change. We recognize the need for these materials. And quite frankly, when the list of critical materials was put out, you know, so there were 34 or 35, that's fine. They didn't prioritize them, did they? Well, they're prioritizing them in Washington. I could tell you that uranium was very near the top. And since you are an actual producer, you're very near at the top of the list also there. So I did not know a lot about your company until recently, now I'm definitely following it. And it's sort of, let me ask you a couple of questions about uranium in general. Okay, the United, the world gets its uranium from Kazakhstan, Australia, Canada, and a little tiny bit from the US and other places. What percentage of American imports are from Canada today? You know, I don't have the exact numbers in front of me right now. I will say that the latest numbers that I had from 2018, I actually don't think that the 2019 numbers are coming out for a couple of months. In 2018, I believe the number was close to 40% of uranium imports into the United States came from Kazakhstan, Russia, and Uzbekistan. Again, countries that, you know, at best, they're geopolitical rivals of the United States. But I'll also say just in reference to Canada and Australia, sorry to interrupt there, but, you know, production in Canada is dropping, production in Australia is dropping, production in the United States is dropping. And so, you know, and also when you add in China, who's basically buying Africa right now, you just see that the whole world, the free market, is being sort of dominated by these state-owned enterprises in Russia and China. And the free market, the United States, Canada and Australia, is really struggling to compete against that. And so that's, you know, explained some of the recent actions that our country has done to really raise the awareness in the administration about the importance of uranium. One of the things that has amazed me in the last few months is the recognition in the governments that I'm familiar with, such as the United States and Canada, that it may be necessary to support these critical metal industries. And I think that when you look at the one and a half billion dollar allocation for uranium, for example, that's not exactly, that is literally a subsidy. And so that's a very good first step towards supporting the industry. And I think you're in the exact right place. Can you tell us the current price of uranium today, right now? Yeah, right now it's about $25 per pound, which you know what, is below almost everybody's cost of production if you include everything. So it's not a sustainable cost, but you know, we've been saying that for many, many years now, and the price hasn't really risen. And again, we've just seen much more influence from the state-owned, heavily subsidized industries from, you know, Russia, China, and elsewhere that are kind of flooding the market and collapsing the market. And it's having a real national security impact on countries like the United States. And so I think that, yeah, this action that the Trump administration is proposing in their budget. And again, I would also agree that this is not just a Trump initiative. This is coming from the Department of Defense, the Department of Energy, we understand. This is a priority for the United States. So even if there is another president, it should carry on. It's sort of, people don't realize this, but the United States Department of Energy manages our uranium deposits, even though the Department of Defense and Energy, of course, are the principle beneficiaries. So I'm conversant with both those departments, and I do work for both of them. And I know that uranium is a hot topic. So I'm going to be watching your company very closely, because I think you're ready for a takeoff. And by the way, I have to say, I've always known that the Canadian was associated with uranium, but I didn't realize you could produce as much as you fellows have produced. Are you producing the Canadian as a by-product uranium or a separate or by-product? It's a by-product of uranium production. So there's some deposits on the Colorado-Utah border that have both uranium and vanadium in them, the Urvan mineral belt and whatnot. And so the White Mesa Mill is designed to recover vanadium as a by-product. So it's not our main business. Look, vanadium is a really tough mineral. If you think uranium is a tough mineral to build a business around, vanadium is extremely tough due to its volatility. But every time you produce vanadium, you're setting aside and tailing a great deal of uranium compared to the vanadium. Well, yeah. I mean, the vanadium grades are much higher in those deposits. I mean, it's about five or six to one vanadium to uranium grades. And historically, the recoveries of vanadium were not great at the mill, even though we've significantly improved them just in the last year. We've actually made some huge strides in our vanadium production, not just in a recovery standpoint, but also purities. And so that's what we did is we were actually recovering vanadium that was not recovered in previous milling campaigns. We were reprocessing our tailings. And we produced, again, we haven't put out our financials for 2019 yet, but we produced a lot of vanadium last year, a very high-purity product. And actually, we have it sitting in inventory right now because prices went down a little bit. So we're hoping the price goes up again. And we did, again, stop vanadium production just a couple of months ago, but we can easily bring it back. Besides the vanadium's use in steel, I think we have still not yet seen what is coming in the way of vanadium batteries, vanadium-fueled batteries. And that could be a huge business in stationary storage. So I think you're positioned very well for that. And quite frankly, as we all know, there aren't too many vanadium producers in the market. No, there's not. I mean, not just vanadium, but uranium. There's not a lot of proven producers of those, right? And so in the market. No, thank you for this interview. And I'm going to be following your company. Hopefully, we'll see you again soon. Absolutely. Really nice chatting with you.