The Long Term Thing

We're clearly in a long term bull market and we think this is going to last for many, many years. The way that utilities generally buy uranium is through long term contracts. On an annual basis, utilities will consume globally about 175 to 180 million pounds of uranium every single year. Untenable supply deficit means a doubling of the current price is necessary to incentivize marginal cost of production. We're going to need that uranium out of the ground and it's going to cost more than 50 bucks a pound to make it happen.