Ann: Toro Energy secures A$12 million Funding , page-18

Yes Johno the U spot price is quite poor, however most U is sold on long term contracts. The contract price is significantly higher than the spot price, so I think you'll find not to many people getting caught up with the spot price.

There is also new reactor's coming online in the next few years, the agreement between the US and Russia on nuclear disarmament (which converts nukes into fuel for reactors) ending, and Japan bringing reactor's back online.

There have been predictions of uranium shortages in 2014-15. There is pretty good reason to be confident in higher U prices long term.