Contents
1. The Uranium Industry…Part of the Solution 2
Recommendations and Investment Strategy 2
Highlights of This Report 3
Structure of the Report 3
2. Nuclear Industry Overview 5
Industry Highlights 5
Demand for Uranium Is Driven by Nuclear Power Generation 5
Uranium Supply – Production Has Fallen Short of Consumption 12
Secondary Sources of Supply 13
Uranium Mining – Conventional Methods and ISL 14
Uranium Production – Concentrated by Country, Company, and Mine 15
The Uranium Market – Small, No Terminal Market, and Opaque 18
3. Uranium Market Outlook 20
Uranium Supply 21
Uranium Demand 24
Cameco Corporation 27
A Unique Company with Unique Assets 27
Denison Mines Corp. 53
Potential Growth, but Reflected in Share Price 53