Ann: Lake Johnston Lithium Project Update, page-7

STOCK......HEAD....... says

The US remains heavily reliant on Russian enriched uranium with utilities buying around a third of their requirements from Russia. Rosatom is also supplying 31% of enriched uranium and 21% of converted product to Europe.

There are also noises coming out of the White House that their longer-term objective is to ban the import of enriched uranium products from Russia.

With the US Nuclear Fuel Security Act of 2023 enacted earlier this year as well as National Defense Authorization Act which is authorised to purchase US$3.5bn over 10 years for nuclear fuel security, I can see another uranium boom, not dissimilar to the current lithium boom, just around the corner…

With over 90% of European utilities sourcing uranium from Kazakhstan (27%), Niger (25%), Canada (22%), and Russia (17%) I anticipate there will be a concerted effort to explore and develop uranium mines in stable jurisdictions which leaves Canada, Australia, and Namibia as the preferred destinations.