Cap Raising on the cards, page-59

....I totally agree with the geo-political factors, hence my rationale for concluding that a Namibian source is not something western clients would want to rely on....especially producers with ~$50/lbs break even production costs/ sustainable business models etc.

...so where will the demand come from for Namibian uranium....China...India?....but China & India have already contracted future uranium supplies from the Kazaks at $29/lbs....and the Kazaks are already making millions selling it at $29/lbs...and still have plenty of spare capacity for all of the additional short/medium-term demand from the ~450 new nuclear power stations...

..so where will the US utilities source their uranium during the next contract cycle? My bet is Canada, next door....at zero political/ macro economic risk....hence Cameco, Denison etc. and from the few local producers like Energy Fuel etc. Far better investment opportunity for an Uranium Bull...and don't get me wrong I am...made a killing in 2004-2006 when I invested in Energy Fuels...~50X....

So my view is that most Western demand would stay away from Namibia with realities like this: https://www.namibian.com.na/196706/archive-read/China-investments-in-Namibia-at-N$40b

...my two cents...not here to try to convince anyone...