Scott Nolan

And so it's going to be one of these classic things where people predict that our reserves are at the limit and we're out.

And then technology actually is the answer of how you get much more out of the system than you ever thought you could.

So same thing happened in fracking, where we thought that the US did not have as much accessible fossil fuel as it did.

Fracking came around and figured out, wait, there's ways to extract this natural gas.

And not only is that good for energy cost or energy independence, but this natural gas has half the carbon emissions per unit of electricity than coal.

And so we should be doing this.

And so that's been the story the last decade or two.

Oil and gas, I think fossil fuels is still something like 80% of US power production.

So in terms of geopolitical power shifts, I think fossil fuels will still be really important for a long time, for decades.

So it's not going to be sudden, but I think on the margins, you're going to see countries like Kazakhstan potentially become more important as people think more and more about where are we getting our uranium.

Countries like Australia, Canada, Canada already mines a lot, so does Australia.

As they step up and decide how aggressive do we want to be on uranium production, on mining, I think it is up to many of the countries what their future is.

Will they be pro-nuclear?

Do they want to do not just mining, but other things in nuclear?

Do they want to have reactors?

It's a complicated playing field that's going to depend on production, how fast new reactors are built, which countries do that, what trade agreements are set up.

But it's absolutely like, over the next decade, it could be tectonic shifts in policy and in which countries are important and which ones become really the focal points for international negotiations.

How focused is Canada on that?

They have a great industry and they have great ore deposits.

And so there's a company in Canada called Cameco that does mining at a couple of these sites that are known to be really good and does a lot of production.