Jordan Trimble: Uranium Exploration and Opportunity in the Athabasca Basin
Jordan tells us about his history at Bayfield and their exploration success proving up a small resource in Ontario which was subsequently sold to New Gold. He is currently CEO of Skyharbour which is focused on early stage uranium exploration in the Athabasca region. He has built an excellent team of people including geologists, and has helped structure their initial deals and projects.
He is familiar with the mining sector in general, and likes the contrarian method of viewing markets. He has taken advantage of the depressed uranium sector, which for him created an excellent opportunity to acquire projects at a discount. They have worked with a number of industry leaders like Rick Rule and Marin Katusa.
The uranium price needs to reach over $60 for production to increase. Demand is improving for uranium as there are over fifty reactors coming online in the next three years with hundreds of new one’s planned. These reactors are much more modern, larger, safer and will need more uranium than existing reactors. The developing world needs clean energy to improve their air pollution issues.
Jordan discusses the Athabasca basin which has some of the highest grade deposits in the world and how there are new discoveries. New exploration techniques have helped find these deposits and there has been a recent change in the thinking regarding the geology of the basin.
Kazakistan is a large producer, with low costs, and there has been a lot of extra supply keeping the spot price low. KazAtomProm is looking at setting up a Swiss marketing intermediary, which will allow them to better time their sales, instead of just relying on the spot market.