Thread by @quakes99, Cameco $CCO #Uranium Presentation about to get underway. Here are the [...]

Cameco $CCO #Uranium Presentation about to get underway.

https://abs.twimg.com/emoji/v2/... draggable="false" alt="💻" title="Personal computer" aria-label="Emoji: Personal computer"> Here are the accompanying slides.

https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index"> Link to webcast is here: https://www.veracast.com/webcasts/bofa/metalsmining2020/id13211172271.cfm#/player/html5/speed/a8">https://www.veracast.com/webcasts/... https://twitter.com/quakes99/status/1260563596326481921">https://twitter.com/quakes99/...

Cameco $CCO #Uranium Presentation about to get underway. https://abs.twimg.com/emoji/v2/... draggable=

Here are the accompanying slides.https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index"> Link to webcast is here: https://www.veracast.com/webcasts/... https://twitter.com/quakes99/..." title="Cameco $CCO #Uranium Presentation about to get underway. https://abs.twimg.com/emoji/v2/... draggable="false" alt="💻" title="Personal computer" aria-label="Emoji: Personal computer"> Here are the accompanying slides.https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index"> Link to webcast is here: https://www.veracast.com/webcasts/... https://twitter.com/quakes99/...">

Today& #39;s Cameco $CCO #Uranium presentation by Grant Isaac was primarily restating material covered in Q1 2020 Conference Call, though there were a few interesting comments that I will summarize... /2

2) Recovery from #COVID19 supply disruptions will be similar to broad economic recovery& #39;s business resumption = When & how fast? Public Health issues control both the "when" & rate of production recovery under stricter operating guidelines... will be slow & measured, not fast../3

3) #COVID19 #Uranium disruptions highlight geopolitical & geologic Supply Risks that existed prior to the pandemic + ability of #U3O8 producing nations & miners to respond & recover given both health issues & economic challenges, adding a new risk factor to future supply... /4

4) State-owned #uranium producers are facing increasing risks in terms of ability to deliver to Western #nuclear utilities given rising concerns, as underscored by Section 232, NFWG report, Russia Suspension Agreement, etc. Market evolving to favour commercial suppliers ../5

5) #COVID19 is accelerating destocking by both #nuclear utilities to meet current fuel demands & by Spot sellers, further tightening the Spot market so that it will be even tighter when utilities begin their restocking cycle. No producer urge now to quickly sign contracts …/6

6) #COVID19 issues for #nuclear utilities have been delaying their return to Spot & Term markets. This is pushing back their restocking so that purchasing demand is being concentrated into the 2nd half of the year when market will be even tighter = good situation for $CCO …/7

7) Kazatomprom will resume their production back to 20% below subsoil agreement level prior to #COVID19 cuts but that will require wellfields development & will depend on Health & Safety in same way as Cameco& #39;s Cigar. More value to KAP to ramp up slowly, keeping prices higher../8

8) Global supply disruptions may now interfere with #Russia& #39;s ability to offer fuel with its #nuclear builds. They have insufficient supply to meet those kinds of commitments so will be forced to enter into term contracts with commercial suppliers (with added trade risks) …/9

9) Lastly, NFWG outcome does not yet provide commercial incentive for Cameco to consider restarting US #uranium production. Still too much uncertainty, though new Strategic Reserve adds to #U3O8 Bull case by increasing net global demand. Hope you found this useful. Cheers!

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