Cameron Gleeson

the ability to do that all the time, you know, it's just not likely to hit that.

You also, you might use batteries to try and firm that up.

So when you have peak generation, you can store some of that energy.

But nuclear is something which, you know, you typically run a nuclear power plant at nearly 100% utilization.

The supply of the commodity uranium, you can store basically your fuel stock on site, you know, for more than a year if you want.

You actually don't use very much uranium and you can fit

basically a year's worth of uranium for a nuclear power plant in a semi-trailer container for that year.

So the certainty of being able to provide that power is really key.

So we certainly see that Google, Microsoft, Amazon have all made moves

into nuclear and to secure nuclear supply.

And they're willing to pay a premium for that.

That's creating demand for uranium in the US and also the extension of nuclear power plant lives in the US.

But it's probably worth noting that the story right here right now in terms of uranium is probably more likely to come from the emerging markets.

China in particular is on track to build about 37 nuclear power plants by the end of this decade, which is huge.

These power plants are huge.

And, you know, they're also a massive consumer of energy because they're building out AI.

Other countries along that vein would be South Korea and the like.

So the story within this decade, and it does revolve around AI, will be more oriented to EM.

the growth of nuclear in the States is going to be more 2030.

But that potential is clearly there, and we've started to see the government start to support the spending on nuclear and the building out of the uranium enrichment supply chain there, because they want to ensure that they re-accelerate in nuclear.