Capital 10x ran into Michael Collins, CEO of Nuclear Fuels (CSE: NF) (OTCQX: NFUNF), at the Prospectors and Developers Conference (PDAC) in Toronto last week.
In this must watch interview, Michael discusses the history of uranium in America, the current opportunity to replace Russian supply and why Nuclear Fuels has the financial backing and the unique geology needed to build a 15 million pound uranium resource.
Who Is Nuclear Fuels?
Nuclear Fuels is a uranium explorer with a large land package in the three best US states for uranium exploration and development. Wyoming, Utah and Arizona are all agreement states meaning the state, not the federal government handles permitting. This distinction significantly speeds up permitting and decreases startup timelines and costs.
Arizona also possesses the highest grade uranium deposits in the US, giving Nuclear Fuels great optionality for when the government warms up to uranium exploration and development once again.
Nuclear Fuels Asset Footprint
Nuclear Fuels current focus is the Kaycee project in Wyoming. Kaycee has over 3800 historic drill holes on the property and Nuclear Fuels is the first company to properly analyze these results.
With this high quality data in hand, management is currently working through a 600 drill hole program in 2024 that will lead to potentially large increases in resource.
Kaycee Project Map and Historical Intercepts
The Powder River Basin (PRB) where Kaycee is located, possesses unique geology that makes it one of the most interesting areas to explore for uranium in North America.
The PRB has not one by three formations believed to hold uranium mineralization. Kaycee sits on an area where two of three zones can be reached with one drill hole, potentially leading to superior economics under in-situ recovery.
Few other deposits in the US have the same superior characteristics.
With uranium supply in America at decade lows, at the same time government officials acknowledge the risks of relying on Russia for a majority of US uranium supply, the opportunity for domestic explorers is at a key inflection point.
Nuclear Fuels looks to be an explorer with a straightforward path, and most importantly financial backing, to becoming a major US producer of uranium.
USA Has a Mismatch Between Domestic Supply and Demand
