Justin Huhn – Part 6 Of Nuclear Fuels Demand And Supply Factors – Pro Tips On Investing In Uranium Stocks

Justin Huhn – Part 6 Of Nuclear Fuels Demand And Supply Factors – Pro Tips On Investing In Uranium Stocks

Justin Huhn, Founder and Publisher of the Uranium Insider, joins me for yet another very comprehensive macro update on the supply and demand fundamentals for uranium and the nuclear fuel sector.  Justin provides some boots-on-the-ground feedback, after just recently attending the  WNFM 52nd Annual Meeting and International Conference on Nuclear Fuel in Scottsdale, Arizona. We discuss primary versus secondary demand, how the longer-term contracting cycle is setting up with utility companies, different bottlenecks in the nuclear fuel cycle, and how he is positioning in the uranium equities that feed the front-end of that supply chain.   * This is a longer-format discussion building upon our prior conversations throughout 2024 and 2025, because even more key macro news and company developments continue to be announced in the nuclear and uranium sector.   We start off reviewing the Primary Demand drivers for uranium from the existing global fleet of nuclear reactors, which is augmented by the many reactor life extensions and restarts, as well as all the new reactors coming online over the next decade that are under construction or planned.  The investing case for uranium bulls is compelling even with conservative modeling on this primary demand out for the next 5-10 years.   Next we layer on the various aspects of Secondary Demand that are harder to model,  but will definitely have an additive effect on overall global uranium demand:   * Financial demand from entities like the Sprott Physical Uranium Trust, Yellowcake, hedge funds, institutional buyers, etc… * Sovereign stockpiles and strategic reserves * Utility companies inventory stockpiles * Small Modular Reactors (SMRs) demand * Military demand   Next we transition over the supply side of the equation focusing on the uranium mining companies. We’ve seen a flurry of news the last couple years out of the U308 producers, many of which have been struggling to ramp up production. * Justin unpacks his outlook on mined supply from Kazatomprom, the largest uranium swing producer in Kazakhstan, the slow ramp up of Uzbekistan production, missed guidance last year from Canadian senior uranium producer Cameco (CCO.V) (CCJ), and the slow but steady ramp up of US producers. * Each country and the producing entities have had a series of setbacks and challenges to hit their annual guidance, which has kept supply and inventories tight.     Next we point out that large development projects in the Athabasca Basin of Canada, like the Phoenix Project held by Denison Mines (TSX: DML) (NYSE: DNN), and in specific the importance of the Arrow Project from NexGen Energy (TSX: NXE) (NYSE: NXE), seeing their production timelines get pushed back to 2030 or later. There is very little new supply coming online globally, with the exception of some smaller production out of the US, Namibia, and Australian producers. All of this points to a much more constrained output from global uranium producers, even in face of growing uranium demand.   Justin weighs in on the importance of seeing more developers and explorers move their projects forward, and that the exploration stocks in particular have been left for dead by investors and represent compelling value propositions in this current environment.   Wrapping up we discuss the utility and diversification with some of the sector ETFs like (URA), (URNM), (URNJ), and (NUKZ), and the interesting potential buy-the-dip moment in the nuclear stocks, while the markets are quiet with less speculative participation.   Click here to visit the Uranium Insider website. [https://www.uraniuminsider.com/]     For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ [https://kereport.substack.com/] Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ [https://excelsiorprosperity.substack.com/]     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

AbraSilver Resource – Key Takeaways From Definitive Feasibility Study and Future Value Drivers Progressing Forward With The Development Of Diablillos

John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joins me to review the news out June 22nd, announcing the updated project economics in the Definitive Feasibility Study (“DFS) on the Company’s wholly owned Diablillos property in Argentina.  We look at the multiple value levers the company has to pull on for a rerating to higher once the upcoming Phase 2 economics study incorporates the heap leach or higher throughput rates, in addition to all exploration and resource expansion potential and even just the upside present if rerated higher to peer comparable metrics.   In May the company released an updated Mineral Resource Estimate (“MRE”), which demonstrated significant growth across the Project, with Measured & Indicated (“M&I”) resources now totaling 232 million tonnes (“Mt”), containing approximately 248 million ounces (“Moz”) of silver and 2.54 Moz of gold (454 Moz silver-equivalent “AgEq”). For the first time ever, the DFS released this week includes the Project reserves as proven and probable ounces. * Increased Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t Ag Eq, containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq), estimated from an open pit optimized using metal prices of $29.50/oz Ag and $2,800/oz Au.   The DFS positions Diablillos as one of the world's premier undeveloped silver-gold projects, based on a stand-alone 9,000 tonnes per day (“tpd”) processing operation that delivers robust economics, high early production levels and low operating costs.   DFS Study Highlights: * After-tax NPV5% of $3.0 billion (CAD$ 4.2 billion), 41.9% IRR and 1.7-year payback at base-case metal prices. * At spot prices1, after-tax NPV5% increases to $4.8 billion (CAD$6.7 billion) with an IRR of 56.5% and payback of 1.4 years. * Average annual production of 20 Moz silver equivalent (“AgEq”) during the first five years of full mine production, comprised of 14 Moz Ag and 89 koz Au; * Average life-of-mine (“LOM”) annual production of 10 Moz AgEq, comprised of 5.9 Moz Ag and 62 koz Au over a 25-year life of mine (“LOM”). * Low All-in Sustaining Cash Costs (“AISC”)2 of $20/oz AgEq over the LOM – positioning Diablillos among the lowest-cost primary silver projects globally.  * Initial capital expenditures of $722 million (including $98 million contingency) with subsequent sustaining capital of $520 million funded through operating cash flow.  * Compelling after-tax NPV-to-Capex ratio of 4.2x, highlighting the Project’s robust project economics and strong value generation potential. * Increased Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t Ag Eq, containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq), estimated from an open pit optimized using metal prices of $29.50/oz Ag and $2,800/oz Au. * First production targeted before year-end 2029, subject to a final investment decision (“FID”) expected in Q2 2027. * Multiple opportunities exist to further enhance Project value beyond the DFS, including: * A Phase 2 heap leach expansion to process lower grade mineralized material that would provide incremental gold and silver production, with results from a Preliminary Economic Assessment (the “Heap Leach PEA”) expected before the end of June 2026; * Potential future plant throughput expansion to increase annual silver and gold production; and * Continued exploration success across the broader Diablillos district * Enhanced TSF incorporates a downstream waste rock buttress design, to eliminate credible failure risk while reducing haulage costs and dust generation. * Grid power connection planned in Year 3, reducing both operating costs and carbon emissions.    * The Compnay has already received approval of the Environmental Impact Assessment (EIA)  {“Declaración de Impacto Ambiental” or “DIA”} from the Government of Salta Province in Argentina, and should have the final permit approved from the Catamarca Province imminently.   Click here to visit the AbraSilver website and read over the most recent news releases. [https://abrasilver.com/news-releases/]      If you have any follow up questions for John regarding at AbraSilver, then please email them into me at Shad@kereport.com [Shad@kereport.com].   * In full disclosure, Shad is a shareholder of AbraSilver Resource Corp at the time of this recording and may choose to buy or sell more shares at any time.     For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ [https://kereport.substack.com/] Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ [https://excelsiorprosperity.substack.com/]     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Craig Hemke – Unusual Intra-day Swings In Gold and Silver Since Last Week In This Post-war and Post-Fed Meeting Environment

In this Daily Editorial, Craig Hemke, Founder and Publisher of the TF Metals Report, joins me to analyze the unusual intra-day swings in the precious metals market ever since the signing of the US/Iran MOU ending the war, and since Kevin Warsh chaired his first FED meeting and addressed the markets last week.   In this episode, we cover:   * Technical Levels to Watch:   * * Craig comments on the break-down in gold and silver below the 200-day moving average, resulting in weakening pricing momentum. * This is creating the potential for gold to dip below it’s double bottom around $4,100 and silver to retest or dip below its double bottom around $61.   * Even if gold breaks below $4,000 into the mid $3,000s or if Silver breaks $61 and heads down to the $54 support level from last falls “double-top,” Craig points out that still would not invalidate the larger bull market trend of the last few years. * He points out we may need that last capitulation move this summer to wash out any remaining weak hands, and to then base and bring in the new buyers that cause shorts to cover and begin a new upleg. * We review again the very low “open interest” levels on the COT report, and how this lower level of market participation can cause unusual intra-day price swings in both directions.   * Kevin Warsh’s First Fed Meeting and Press Conference:   * * We contrasted the outlook and approach Kevin Warsh outlined last week versus the approach to data collection and forecasting that his predecessor Jerome Powell had taken. * The markets took Warsh’s comments "this committee will deliver price stability,"  to be a hawkish hold, since he indicated focusing on the higher inflation readings. * The Fed funds futures are now anticipating 1-2 rate hikes this year versus the initially market anticipated rate cuts, coming into this year.   * The Macroeconomic Fundamentals Haven’t Changed:   * * Sovereign debt remains at record levels and most nations can not endure interest rates that go up to drastically. * Throughout history, central banks have opted for printing more money and driving interest rates meaningfully lower, to inflate their way out of economic challenges, and to pay off higher interest debt with lower-rate debt.  * Even if we see some initial hawkish rate hikes, Craigs doesn’t anticipate that we’d have long to wait after that before monetary policy adjusts course in the opposite direction, in a more dovish playbook. * Overall, central banks continue to add gold to their balance sheets versus adding more US or foreign treasuries. * We also noted that many individuals and financial institutions have been rotating some of their bond holdings into the precious metals complex. * All that really changed over the last few months was the black swan of a war in the Middle East; and now that it appears to be winding down, we'll see if the prior pre-war trends reassert themselves over the fullness of time.   Click here to visit Craig’s website – TF Metals Report – https://www.tfmetalsreport.com/ [https://www.tfmetalsreport.com/]   For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ [https://kereport.substack.com/] Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ [https://excelsiorprosperity.substack.com/]     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Weekend Show - Jeff Christian & Dan Steffens - A New Reality for Asset Prices?

In this weekend’s show, we take a step back from the daily price grinds to examine the massive, structural shifts occurring across the metals and energy markets. From re-valued investor psychology to geopolitical choke points, the big picture is anything but quiet.    * Segment 1 & 2 - Jeff Christian, managing partner at the CPM Group, kicks off the show to discuss structural changes and evolving investor psychology within the precious metals market. He highlights how robust investment demand is driving a long-term upward revaluation of assets like gold and silver, which he expects will lead to higher average prices despite short-term corrections.  * Click here to visit the CPM Group website to learn more about the firm - https://cpmgroup.com/ [https://cpmgroup.com/]   * Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, discusses the current volatility in the energy sector, highlighting the critical decline in domestic and global oil inventories despite recent diplomatic developments. He also provides an outlook on the financial resilience of upstream companies, emphasizing the strong dividend yields and growth potential within the oil services and natural gas markets.  * Click here to visit the Energy Prospectus Group website for more energy market and stock analysis - http://www.energyprospectus.com/ [http://www.energyprospectus.com/]   If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast [https://rebrand.ly/KER-Podcast]), YouTube channel [https://www.youtube.com/@theKEReport], and follow us on X [https://x.com/TheKEReport] for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!   For more market commentary & interview summaries, subscribe to our Substacks: * The KE Report: https://kereport.substack.com/ [https://kereport.substack.com/] * Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ [https://excelsiorprosperity.substack.com/]   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Power Metallic Mines – Fully-Funded Exploration At Nisk Project, High-Tech Surveys Inform Targeting, Upcoming MRE, and New JV In Saudi Arabia

Terry Lynch, CEO of Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1), joins me for another exploration update catching us up on multiple news releases from the Lion Zone as part of their fully funded 100,000-meter drill program at the polymetallic NISK Project in Quebec.  We also discuss all the pending results still at the assay lab, other key regional exploration targets of interest for 2026 drilling, and the various technology being deployed behind their drill targeting.  Additionally, we touch upon their new JV in Saudi Arabia.   We start off with a financial update where the Company announced on June 10, 2026 the closing of its previously announced "best efforts" private placement for aggregate gross proceeds of C$28,228,750, which includes a lead order from Eric Sprott.    This capital provides the company with the ability to execute on a fully-funded exploration program on multiple targets on the ongoing six-rig drill program focused on expanding the mineralized around the Lion Zone both stepping out looking for other broad mineralized zones, and also testing at depth for the potential “Elephant Zone,” as well as at Lion West and the Tiger Deep Zone.  Terry highlighted some of the surprising gold intercept values when testing Lion Deep that will get some follow-up work. Additionally, new polymetallic targets are being tested in fan holes at the Hydro Fold-Hinge Zone, which will utilize borehole EM technology.    Additional assays from its winter 2026 drill program continue to come in with all assay results expected by mid-June for adding to the MRE. * New drill results include 10.30m @ 4.04% CuEq and 4.07m @ 8.73% CuEq, with metallurgical testing confirming strong recovery potential from disseminated low-grade zones. Building on the recent Muon Tomography program launched on May 13, the Company is deploying three advanced geophysical surveys to accelerate the hunt for deeper high-grade Ni-Cu-PGE mineralization. Power Metallic is planning an Ambient Noise Tomography (ANT) survey on the Nisk Far West target, completing a gravity survey over the Lion area, and completing a superconducting quantum magnetometer SQUIDs survey over the Lion area. These state-of-the-art techniques will sharpen targeting for the Lion Zone extensions and new discoveries across the expanding property, leveraging Power Metallic's significant 2025 land acquisitions.   One of the larger upcoming Company milestones will be completing the work building towards an initial NI-43-101 Mineral Resource Estimate (MRE) on the Lion Zone and an update of the Nisk Ni-Cu-Pd deposit MRE with completion and reporting of estimates by the end of July. This MRE will form the basis for a Preliminary Economic Assessment (PEA) to begin immediately following the completion of the MRE.   On May 19, 2026, Power Metallic announced that it entered into a strategic alliance and joint venture framework agreement with Amaar United Mining Company ("Amaar Mining"), a Saudi Arabian company affiliated with Amaar Holding, to jointly pursue mining license opportunities in the Kingdom of Saudi Arabia. * The agreement marks the next step in Power Metallic's expansion strategy in Saudi Arabia following the Company's award of the Jabal Baudan exploration license in the Jabal Sayid Mineralized Belt. * Under the agreement, Power Metallic and Amaar Mining intend to cooperate in future Saudi mining license auction rounds and other mutually agreed opportunities, combining Power Metallic's technical, geological, and exploration capabilities with Amaar Mining's local strategic presence, coordination capacity, and regulatory interface experience in the Kingdom.   Click here to follow the latest news from Power Metallic Mines [https://www.powermetallic.com/news/]     For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ [https://kereport.substack.com/] Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ [https://excelsiorprosperity.substack.com/]     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.