 All right. Now, if you look on YouTube, if you look everywhere, if you listen to Uranium miners and anybody related to the industry, there is a perfect storm coming into the Uranium market. Uranium prices will spike, but then if you look at the real prices, they are very low. So there is a bullish thesis as we saw in the video, but there has to be another bearish thesis if not Uranium prices would be already extremely high. So let's see what is a different perspective on the Uranium market. Now, if I look at the US Energy Information Administration, they are much more conservative with their forecasts on nuclear. We can see here nuclear being relatively flat as a contributor to global energy. Bloomberg sees a significant increase only from 2025 onwards and then from 2030 a decline in the actual contribution of nuclear energy as the old generators are phased out. Further, the energy transition outlook season increase over the next five years as probably the Japanese reactors restart, but then decrease again over the long term. So we have already three institutions that tell me that nuclear will be used less and less. Further, all those predictions, forecasts are futile. This is a nice picture from Clean Technica about forecasts. It was forecast that we would reach 0.45 gigawatts of solar power on the grid by 2035. In November 2013, we reached 7.11 gigawatts. So that's how predictions in the energy market are extremely volatile and have to be taken into account as a risk. Further, the world nuclear report from 2012 is painful to read if you are a nuclear bull, uranium bull. A thing that the bulls forget to mention is that much of the current production, nuclear energy production is getting old. Lifetime of a generator is usually 40 years and most of them were built in the 1980s. So as I am, so are the generators approaching 40 years, which leads to them being phased out. And you can see how without the new generators coming up, slowly, slowly nuclear energy will not be produced. In the 1980s, there were about 200 generators on average in construction. Now we are only at 50, which is 25% of what was the case long, long time ago. So really, either production, either construction of generators ramps up or demand for uranium actually goes down. Also, as I said, the age distribution of operating nuclear reactors is pretty much skewed on old, old, old, old, and you need a lot of investments to replace them. And there is more and more investment going on in the solar industry. This is the 40 year lifetime projection from 2012. But still look at the negative net increase in the number of generators with what's going on and with what is really planned for now. So there you have a bearish thesis, there you have what value investors might look at. And then you see, okay, uranium is not such in a big perfect storm. If these generators, reactors start getting out of the market. Further, on supply and demand, if uranium prices really go up, projects like the one from next gen energy could again shake the markets. We are talking about 21% of global supply at extremely low cost, somewhere about $11 per pound coming onto the market. So there you have your contracts, there you have your long term contracts. We know that they can produce very, very cheaply. We know that there is plenty of supply that can be produced very, very cheaply. And as I said in the bullish thesis, there are 72 million pounds that have been cut. Those pounds can be easily brought back to the market. And then you have again a disaster for uranium prices. Furderach has a nice uranium supply surplus deficit that shows that assuming long term cuts, the 72 million cuts, there will be a deficit in the market. But if there is a deficit, if prices go higher, then I think those cuts will be reverted and there will be new supply. So it's not really sure that there will be a deficit. Because if Kazatom decides to ramp up production at 35 to prevent other players to enter the market, the balance might not go to 50, but might stay at 35 or 40. And a lot of projects might not be that profitable at $30 per pound, as they would be at 50, what everybody expects, in this case the RO works project from next gen. Now looking at the cost curve, it looks like a hockey stick. And yes, if there is demand that is higher than supply, then the last marginal pound of uranium trade that sets the price, which could easily push uranium prices above 100. But at 170 million pounds, I see here the marginal price being below 40, especially if there is new introduction, if there is more production, etc. So it isn't really that much of a positive picture from a bearish perspective, of course. Also, as I said, the RO project adds what 15-17% at a very, very low cost to the market. So we have seen in the other video the bullish thesis and now the bearish thesis. And this is the reason why the prices are subdued. But this still doesn't mean a lot. Now we have to compare the bullish thesis, the reward, the bearish thesis, the risk to what is priced into the stocks that we can invest in. And that is what I will discuss in the next video talking about uranium stocks.