 Day one of the mining industry, Toronto, Ontario. We are fortunate today to have one of the world's leading experts in the uranium industry come visit. Deverendawa. Thank you for having me. Oh, yes sir. I'm very good. Always nice to see you. Good to see you, Peter. The uranium industry has gone through some upheaval over the past 15, 20 years, but right now we have an interesting application in the United States under section 232. Yes. Generally, how does that affect the uranium industry? I think what's caused it to do is frozen it. It put uncertainty, as you know with any stock market, when you put uncertainty in, people know what to do. So I think the last year, there was great hope that once 232 was done, Ebers would be buying all these stocks. Right. But that didn't happen. And it didn't happen because the order's been pushed out. Not that it was denied, it's just been delayed. Because people are uncertain. So I had the wonderful chance of having a ball of wine with Tim Getzel. And I said to him, what's going on? And he says, well, when we go to buy, we can find uranium that's sneaking out of all spots. I don't know where they come from, but we get it. Right. But the one thing he noticed was the utilities, the inventories, the utilities are now putting a request because the inventories have dropped. Right. Chemical used to have 30 million pounds inventory. Now it's six. Right. They prefer to be 10. So the inventories are dropping. Is that a global phenomenon or just North American? It's everywhere. As you're seeing, you can't, every year you remember you're producing about 145, need about 185. So you've got a gap of 45 to 50 million pounds. How does that supply gap get filled? Well, SWU, which is underfeeding that Russians do. And then you've got, I think, backdooring. I think you could have, you know, I can be in one country, but I don't want anybody to know I'm selling it. So I sell it to my buddy at, you know, a bit of a small discount. He sells it and makes a bit of a spread. Right. So I think financial institutions are playing a nasty. Traders are playing a role. They're hiding the sellers and buyers. But at some point that has to even out. And you need new production. Absolutely. You need a higher uranium price. Absolutely. And if the 232 order is made, we run the risk of having two spot prices globally for uranium. One for US sourced. Possibly. One for external. But the only thing is that what they have said, what I saw the latest thing from Trump is that they're putting money aside. You know, basically it's $150 million. So if it's, they're going to buy, you know, six, eight million pounds a year. It also tells you that defense no longer has the uranium they've had. Because defense used to have so much uranium. But now they run the risk of these submarines running out of energy in the middle of the ocean. Exactly. So you don't know when it's going to turn. But one thing I've learned in our industry is when it turns, it happens so quickly, stocks double. They don't move up 5%. It's not like gold. Gold is like a storm on our prairie. You can see it coming. Right. When it comes to uranium, it happens overnight. Boom. Things are gone. And you just happen to have a uranium deposit, which can fill that supply gap. Down the road. But I think what's simple for uranium investors today, there's only in my view five, six companies worth investing in. A couple in the U.S., I would say two or three in Canada. But I think those are the cream. Right. But you know what's going to happen? When I was in 2005, there was five companies. I went to 945 in literally a year. Yeah. Everybody that was doing... And now we're back to five again. Back to five again. So how was your deposit then different from everybody else's? Well, I believe the only two places in the world you can make money. You've got to be in Kazakhstan, ISL, which is working well. Right. Or being Canada. Because Canada's got jurisdiction. And the Athabasca produces about 14% of the world's production. Because they've got high... They're 2%. The average is about one or two. So you've got 10, 20 times the grade. You want to be in Canada of high grade, but you need to be large. Right. That's the given. Those are the given, but the thing what makes... It sets us apart, not better, but it sets us apart, is that our deposit is 50 meters from surface. And if you look at every deposit... Which is considered surface. Yeah. So if you look at the... Every deposit ever found in the basin that was close, that's mined out. But I can find you 10 deposits that are down deep, nobody's touching. Right. Because of technical risk. So the other thing would be is that we're actually not in the basin. We have no sandstone, which is like a milkshake on your deposit. So that's what sets it apart. It's big, it's in Canada, high grade. Sounds like it's easier to produce. Much easier. CGN, the Chinese government owns 20% of us. Okay. And they spend millions of dollars doing a due diligence on everything. They're very thorough. I think CGN is the mothership of our industry. They build reactors. They're secure. They process. They do it all. They're vertically integrated. Like Arriva used to be. Right. Now Arriva's kind of gone back to what they've done. They've got O'Rama, which is called Rano. They're kind of redoing it. Chemicals kind of got out of more of that. So they're really focused on the mining. And so I have a lot of time for Mr. Getzel and the guys at them at O'Rano. But it's really divided up. But I think CGN now is the mothership of our industry. I told you he was one of the world's experts on uranium. Thank you for coming to PDAC 2020. Dev Randawa, Fishing Uranium. Thank you for your time. Thank you, Peter.