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David Forest: Uranium Could Get Really Expensive Fast

Tom welcomes commodities expert and researcher David Forest to the show. David is a writer for Casey Research and CEO of Ivor Exploration.

David discusses the super spike phenomena in commodities which happen at the end of other general bull markets. The phase that follows usually impacts energy prices and brings further economic issues. Energy commodities including coal are now doing quite well. The third phase is where the precious metals outperform.

Europe is blaming natural gas prices but they were already moving quite high before the Russia-Ukraine conflict. The reality is that Europe just doesn’t have enough energy to go around. Recently, markets have seen the first options trades for $300 oil.

Uranium is the only metal that has a hockey stick production cost curve. Most of it doesn’t cost much to produce in Canada and Kazakhstan. However, if more uranium needs to be produced it will need much higher prices for other projects to become economical. In this sense, the Sprott SPUT could be useful to help build new production with higher prices. It may help to smooth out prices for the long term.

Uranium is increasingly likely to become a strategic metal that governments will want to source close to home. We see this with rare earths and it didn’t need to be this way. We legislated production of these metals to zero and therefore mining migrated to China.

He discusses the growing trend of green electrification and the increasing need for copper. We also require grid storage battery solutions. We could even see partnerships between major manufacturers and resource companies wanting to secure metal supplies.

Time Stamp References:
0:00 – Introduction
0:45 – Green Energy Transition
4:05 – Natural Gas Supply
6:08 – Energy Metals
8:20 – Uranium SPUT
11:51 – Catalysts for Uranium
14:42 – Strategic Metals
17:24 – Inflation Protection
20:39 – Electrification & Copper
25:40 – E.V. Realities
29:18 – Manufacturer Partnerships
35:33 – Wrap Up

Guest Links:

David Forest is a geologist who has worked professionally in mining and petroleum over a 20-year career. He has also bridged his technical expertise into the finance and investment sector, originally joining Casey Research in 2004 when he founded the Casey Energy Speculator dedicated to finding high-potential investment opportunities in oil, natural gas, uranium, and renewables globally.

He has founded his own mineral exploration and development companies, raising over $80 million in equity financing from some of the most well-known resource investors in North America. His past successes include the development of a 10-million-ounce gold deposit in Colombia, as well as becoming the first to be granted a modern exploration license in the emerging economy of Myanmar, Southeast Asia. He also served as Managing Director of Notela Resource Advisors, an advisory firm analyzing and designing global investment opportunities in the natural resource sector.

Dave continues to travel extensively — particularly in Latin America and Asia — reviewing resource projects and investment opportunities. His recent visits included Brazil, Mongolia, Myanmar, China, Russia, Colombia, Peru, Nevada, Laos, Zambia, Madagascar, Indonesia, Portugal, and the Czech Republic.

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