Candid interview with George Glasier, President & CEO of uranium developer, Western Uranium & Vanadium (CSE: WUC) Western Uranium & Vanadium is a relatively small junior miner, even amongst the few uranium juniors it would be considered small. But it does have a very vocal and outspoken CEO at the helm in the shape of George Glasier. Glasier was one of the founders of US uranium producer Energy Fuels back in the day. His new company, WUC, is focussed mainly on getting the Sunday Mine Complex back into production. They have 5 other projects of less consequence and certainly not in focus. We discuss how he hopes to do this in the current environment. And he talks openly in places (if you listen carefully!) about some of the challenges he is facing.
We don't envy any of the uranium CEOs at the moment. It's a tough market. However, we expect them to do as they say and say as they do. All too many say what it takes. It's important for shareholders to hold them to account.
The Sunday Complex, made up of 5 underground mines, is in Colorado. Previously owned and operated by Union Carbide and Denison Mines. WUC has been engaged in discussions since sept 2019 with the Colorado Division of Reclamation, Mining and Safety (CDRMS) over the renewal of the mining permits. Currently all permits are considered inactive. WUC believes it has now met the conditions set by the CDRMS and is set to attend a hearing on the 24th April 2020 to present its case. Glasier gives us his view on how that will go.
We also discuss their proprietary ablation technology, now called Kinetic Separation Technology. A lot of supporters of WUC see this revolutionary for the uranium space, so we dig down in the commercial reality of what it is, if and when it can contribute revenue and what it is worth on the balance sheet. Again WUC is waiting on a decision about how this is categorised by CDRMS and what type of licence it will required. For now it is parked up.
We ask how he can calculate the economics with only a NI43-101, and more importantly how he hope to get funded to get the mines in to production. Glasier also gives us his view on how he thinks that works.
A big part of the economics will depend on the ability of WUC to process their ore. Glasier says that Energy Fuels White Mesa Mill is perfectly positioned to process the WUC ore and the companies have spoken. We wait to see the outcome of those discussions.
And finally we ask Glasier what he meant in an interview recently about the US Govt buying uranium ore from WUC. He explains.
And a FREE 'Not A Mug' Crux Investor mug to the first person to guess the song name and artist featured in the title of this video! (One mug per person).
2:51 - PDAC Conference Observations
3:42 - Company Overview
4:47 - Licensing all 5 Mines: An Update. What Have They Been Spending Money On?
11:35 - Colorado as a Mining Jurisdiction: Problems with Locals?
14:22 - Studies Done and Further Plan of Actions: What's to Come from Western Uranium?
19:14, 52:48 - Getting Funded: What Can They Demonstrate to Potential Investors?
29:42 - Market Dynamics: What Price do They Need to be Profitable?
34:46 - The Mill: Promising Discussions with Energy Fuels and Other Companies?
41:42 - Opinions on Timings & Talks with Utilities for Contracts
47:52 - Vanadium and Uranium Cycles: How Will They Insert Themselves Meaningfully?
55:47 - Kinetic Separation Technology: What is it? Looking at Costs & Testing Results
1:11:08 - Drop in Share Price: What Can They do About it?
1:14:51 - Large Shareholding by Management and Remuneration Principles
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