Brandon Munro: The Spark Uranium Needed to Set It Alight
Tom welcomes Brandon Munro, CEO of Bannerman Energy to discuss the increasing activity in the uranium space.
He explains how his background as a lawyer gave him a peek inside of mergers during the last uranium boom. He’s a regular speaker at the World Nuclear Association and co-chairs a panel called the Nuclear Fuel Demand Working Group. They put together an annual report that includes forecasting future global fuel demand. This gives him keen insight into the sector.
In late April Sprott Asset Management decided to acquire Uranium Participation Corp. This sector has functioned without effective price discovery for many years. Sprott is rapidly changing how the market operates.
Sprott’s SPUT has been buying uranium and they are acheiving price discovery. They are pulling in additional inventory and price is now appreciating due to the limited supply.
He explains the advantages that Sprotts Fund brings to the uranium market creating a virtuous cycle. SPUT was able to raise a lot of funds very quickly and this has attracted other players to the markets including the utilities. Other investors are starting to take notice.
SPUT will likely have a needed disruptive effect on the sector. He outlines some possible scenarios for the sector as a result. Should the broader investment market become attracted to the space it could do very well.
Brandon discusses the prices that will be necessary to bring on additional mines and production. Most projects will need significantly higher pricing than where we are at now. Today, that’s likely to be the eighty dollar range.
He explains Small Modular Reactor technology and the benefits this tech could bring to the market.
0:00 – Introduction
0:46 – Brandons Background
3:18 – Sprott SPUT Fund
9:19 – Bear Market Case
11:40 – A New Uranium Cycle
18:24 – Projecting Impact
22:07 – SPUT U.S. Listing?
27:25 – Synthetic Instrument
29:18 – Demand Working Group
29:59 – Supply & Consumption
34:17 – Carry Trades
40:28 – Contract Pricing
48:41 – Alt. Reactors
57:08 – Opinions Shifting
59:40 – Reactor Shutdowns?
1:01:47 – Profit Taking?
1:03:40 – Wrap Up
Talking Points From This Week’s Episode
- Brandon’s backgound and insights into the uranium industry.
- Sprotts acquistion of Uranium Particpation and the impact of the SPUT ETF.
- What price will bring development and new mines online.
- SMR Reactor tech and the ESG benefits of nuclear energy.
UNECE Report: https://tinyurl.com/29nrkchs
Brandon Munro is CEO of Bannerman Energy, an ASX listed uranium development company that is focused on the large-scale and advanced Etango-8 uranium project in Namibia.
Brandon is an expert on uranium mining and the nuclear fuel cycle.
Brandon has over 20 years’ experience as a resources executive and lawyer, with qualifications in law, quantitative economics, finance and governance. His various industry roles include Chair of the World Nuclear Association’s Nuclear Fuel Demand working group, which is responsible for forecasting global uranium demand scenarios to 2040. He is former Governance Advisor to the Namibian Uranium Association and Strategic Advisor to the Namibian Chamber of Mines. Brandon has held various voluntary board and committee roles in conservation, education and the arts.
As a uranium sector thought leader and author, Brandon is a respected voice in the nuclear energy sector and is a contributing expert to the United Nations Economic Commission for Europe.