 Welcome back to Investor Intel. Coronavirus has two hours in it, but today we're going to be talking about the triple R deposit owned by Fish and Uranium. Here to educate us, Devereux endow it one of the legends of the Uranium industry. Well, thanks for having me Peter. It's always a pleasure to talk about triple R and what an amazing job our team has done technically. But unfortunately, people have always been very focused on spot price and that's the biggest change between you and I chatting in March. Right, so you and I chatted in early March at the Binding Show, which seems like a lifetime ago. And you said this was going to be the year for Uranium. And boy, have you been right. Well, you know, it's math, but unfortunately, there's a math side to our business, but it also seems to be kicked the can down the road that we've got from utilities. What the virus has done. And in some ways, you feel like you feel bad, you're the backup quarterback and the guy breaks his leg, now you get your chance and you win a Super Bowl like Kurt Warner did. So you don't want to try to make light of what's happening with the virus, but what it did was it showed the, I would argue, a very short term and some would say poor strategy of counting on the spot market to provide. That's what I believe the Western utilities, that strategy has been exposed. And we're relying upon foreign powers as well. Exactly. Sooner or later, you've got to do yourself, but when I got in the business, you know, Peter, spot was only like 10-15% of the market. That's it. People were disciplined, long-term plan ahead, then suddenly you've got last year, 50% of the business was virtually, I argue more because some of the Kazak contracts are written away. It's really a spot, not really long-term. So when you suddenly take off Cedar, cut back Kazak, it really, it showed how thin the spot market was. And as a result, small change like these, these stocks have exploded, you know, and also it's kind of hard. And the spot price for Uranium has gone up as well, hasn't it? Very significantly, you know, we hit 3,150, we're only 23, 24, not that long ago. So it's up, you know, 40, 50%. But that's the spot, what's happening long-term? Yeah, the spot, like I said, they always used to have a spot in the long-term and then the long-term was always generally higher than the spot. And, but it was always, people never talk too much about the spot because chemicals in the world don't trade on spot. They look at long-term contracts, right? Right. So, but now Western utilities have been counting heavily now on the spot price. And suddenly that's, that product sitting, the market's gone. So now what do they do? What are we looking at on the supply side? Well, what I understand is about 54% of the monthly supply has been, you know, taken out, whether it's 14 millions here, 18 million here, Kazaks, I don't know whatever numbers they have, but the bottom line is, I think the number is roughly 54% of the spot price has been removed. So the, what have you got? You've got a 50% increase in the price of uranium roughly, right? So, so then how, how does the triple R deposit fit into that broader macro picture? Well, I think when we, when the Chinese invested us, they always looked at it out in the middle of the 2020, 24, 25. So for us, really it's access to capital. You know, since we've talked we were able to secure about $14 million credit facility from Sprott. And that was very important because it gave us three, you know, three more years to run. We have four or five years to pay it back. So that really helped. And I always believed if we would do that, we would better position to get equity. And that's what we're seeing the last couple of days, we've seen some good interest from broker firms saying, Hey, it looks like uranium, you know, trade is on, you know, and money is very sadly today, it moves like from here to there and there. So money has no conscience. It goes where it's loved. And unfortunately, it's always looking for, you know, that quick return and from pot to here to there. So if there's such a thing as a winner in this isolation crisis time, it would be gold, obviously from the printing of money and then uranium, because it just showed you how thin that market was that you're truly living on. And obviously, fish and price has gone up in correlation with the price of uranium? Absolutely. We got crushed down with, and then as you know, it's all about computers these days. So when the spot trade, people just hit bids and it's went all the way down. And we're able to, I think we were closed yesterday at 30 cents and we were in the 15s not that long ago. So for it's kind of odd that a week of stock would double. But I think this shows you how much volatility there is out there. And we as a company have to manage that. And that's what we're trying to do. What do we see in the future for the uranium market? Well, it all depends on how long these mines are shut down. I was hoping to have a chat with a couple of industry leaders this morning, but they're tied up on a call. One particular one from Saskatoon. And you'll get their view, but really it comes down to the longer example. Cigar Lake is not online. Longer takes to bring it back on. Right. Yeah, you just don't open and close a mine overnight. Yeah, it's not a coal mine. It's not a coal mine. Pull the canary out in the way you go. But so I think that's a very big piece. But it's also a bit of a lesson. Don't you think that if I was running a company and I'm producing uranium making profits by my stocks trade in the 1150, and now I've stopped producing and my stock is almost 14, it just tells you how screwed up, I think, or where this industry is. Yeah, the junior mining industry generally right now is bizarre. It is. You make more money with your pen than you do drilling. Absolutely. It's sad. And people say when the drills are going to go and I'm going, oh, we tried that, putting out results and nobody cared about our results. I think there's a certain point where people say, hey, it got enough pounds. Triple R ticks the boxes. No other deposit does replace Canada. More importantly, we're in Saskatchewan where they're pro mining, pro business. They've had lots of, you know, they've had 60, 70 years of my uranium mining, so it's not my backyard. So we're in the right jurisdiction. And it's the only shallow deposit 50 meters on the surface. That's high grade over 100 million pounds. So it ticks all the boxes. And now that we, the risk of funding is out of the way, it puts us in the best way. I think the stock has performed well, is that we've taken, we've got to be risked, given ourselves a bit of a runway going ahead. Whenever I have a uranium question, you're the guy I turn to, whether it's here on social media, privately by email, I thank you for all the time that you take to educate celebs like me. Well, you know, I'm not, I still, when I, when I talk to, you know, really smart guys, you know, Tim Getzels, you know, people like that, you know, you really find out what you don't know. And, but you know, the end of the day, this industry, we need energy. It's not something we need, but I, and I believe uranium is a big part to have that clean energy available. It's the only energy with base load and green out leaving the footprint. So, you know, I think it has to be part of what, if we want a cleaner energy source, it has to be a part of it. So for me, it's, it's more than just, you know, a business. I think it's a true answer. When you, I mean, it's funny how well, you know, people always talk about Sweden, but one thing is they get their power from there. France gets their power. They get, they need growth, but they need to see growth. Well, I think if you're time today, just like all the time you take online to help me, and we'll check in again in a couple of months, we'll see how things are then. Might be a week. Who knows? I think, I think this last week was the longest year I've had. You know, yeah, it is. It's just bizarre times, you know, stocks are doubling, people raising money, and virtually nothing happened the last two, three years. So we've had more activity in the last month in uranium industry, I would say in the last four years, almost. If you take 232 out, which was like a Seinfeld show about nothing, it's, you take that event out, it's been very boring. Now suddenly, we've seen some excitement. So it's, it's, it's a good time to wake up and, and see what's going on. Because if these closures continue, the uranium price will go up. The one, the penny I'm waiting to drop is Olympic Dam. They're about 500 kilometers from the Adelaide Airport. And if that ever shuts down, because Olympic Dam, their uranium is all bi-product, they don't care what it costs to get it, they just dump it on the spot price. They have no conscious about it. So, and that, that's one of the reasons I think the spot price hasn't done well. So those kinds of things happen, we could be having another chat in a week. Well, maybe we should plan on that rather than a couple of months. You're the expert. I'm happy to. Okay. Have a great day. Stay safe. Thank you.