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			<h1>Presentation Run Through - GoviEx</h1>
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					    <p style="">Matthew Gordon, <br>Ptolemy Capital</p>
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					<div class="description"><p>Matthew Gordon sits down with GoviEx Uranium (TSX-V: GXU) CEO Daniel Major to discuss their January 2019 Investor Presentation. They run through the team, the financials and also their current catalogue of projects in Africa.</p></div>
					
									
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																				<a class="tag-style" href="/participant-search?part=10">#Daniel Major </a>				
										
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				<p>Good morning. We're here with Daniel Major of Goviex Uranium, listed on the TSX Venture Exchange in Canada.<br />
<br />
Good morning Daniel. Thanks for joining us, I think you're going to take us through your most recent PowerPoint presentation. So, over to you<br />
<br />
Yeah, absolutely. I think, just kind of a background and the first page really of our presentation kind of sets out what this is all about. It’s a Uranium company. What is different is a developed Uranium company and it’s all in Africa. So, really that is the bits you're looking at really of Goviex Uranium.<br />
<br />
We went into Africa simply because Africa is being one of the major Uranium producing regions for a long time. I mean Niger started producing Uranium in 1971. It’s producing about 8% of the world Uranium. Since then a third of the light bulbs in Paris are driven by Niger Uranium. So, you know that kind of gives you a context and the importance of the thing.<br />
<br />
The other thing we like about being in Africa is that permitting pragmatism that sits in Africa. When you’ve got countries where 60% to 70% of their exports every year are commodities. They drive commodities. If you’ve got countries where commodities of only 5% of GDP, less impact, So, for example, in Niger we got our project permitted in six months. We also, have a fully permitted project in Zambia. Now that’s important because, if you're looking at some of our competitors in North America and the like, that can take you 6-10 years for permitting.<br />
<br />
Now. If you believe in the cycle of the Uranium market, which we're seeing at the moment, where we're seeing improvement in price, we can go through that a bit later in the presentation, you want the companies who can turn that into cash flow. You want their projects turned to cash flow.<br />
<br />
You know, and also, in the last cycle, the companies that were getting taken out were the companies that were at the end of their debt cycle. They were ready to build. The guys who wanted to the off-take we're taking them out at that point, So, being able to permit, have a pipeline of projects. That’s what Goviex is all about.<br />
<br />
So, we’ve got three projects.<br />
<br />
One in Niger, next to the infrastructure called Madaouela: well, it’s where all of that Uranium came from Niger.<br />
<br />
The second project is in Zambia, Mutanga already permitted.<br />
<br />
And then the third project is in Mali. Sort of late stage exploration play.<br />
<br />
All of those have got the technical studies done on them. Two of them are public in the cases of Madaouela and Mutanga. Whereas, in the case of Falea, they have gone to PFS, but it was never published, but we at least have all the technical information. So, it just shows you the depth of money, that’s being spent on these projects and the questions that has been asked on it.<br />
<br />
So, the plan for us, is all about putting firstly, Madaouela into production and then following it with the Matanga.<br />
<br />
Thank you for that. So, when we get into the PowerPoint itself, yeah alright,<br />
<br />
So, key points very large mineral Resource. We’ve got over 260Mlbs of Uranium in the ground which makes it one of the largest from a Resource holding point of view. We turned our drill rigs off in Niger in 2013. What I’m really saying to you there is: we could more than double the Resource size. We just didn't bother drilling in, because Niger, for example, which is 100Mlbs of its own, which about a 100Mlbs, measured and indicated. If you can't make a 100Mlbs work, why make it 200Mlbs? No point? So, we effectively saved investors’ money by just not continuing to drill.<br />
<br />
So, we have it. In Niger 21 year mine life, in Zambia a 11 years mine life, there you already know they're already scalable with a lot of upside.<br />
<br />
As I said, you really got the two projects. That permitting absolutely means, when the price recovers, which we can see it happening now, we're able to action it. We're not going to be sitting here, trying to permit projects. And we’ve already seen in this market what goes wrong if you have not got the permits.<br />
<br />
So you’re fully permitted?<br />
<br />
Totally permitted.<br />
<br />
No more licences or premises outstanding?<br />
<br />
We’ve got it all them and we’ve seen in this market in London market what happens if you don't get all your permits - and you start, you know notably Berkeley which unfortunately for them didn't have what they needed, at the end of the day and you pay the price<br />
<br />
And so, in terms of timing what are you waiting for?<br />
<br />
What we set ourselves out as a strategy which you know, 1. we’ve already got the PFS. 2. We need to finish the final FS. 3. We don't need the permits, because they're done already. 4. We need the debt. 5. We need the offtake.<br />
So, what we’ve actually started to do is move all of them together, because the legal bit… all the FS at the same time, So, moving of that on Madaouela, moving the FS forward already slowly, waiting for price to continue because you know price has moved up to just under $29 as we speak today. We see that going higher. We need contract prices for this project at about $50. There’s, normally a $10 difference between spot and term, there isn't at the moment.<br />
<br />
So, what are you saying, saying you're in a bit of a dip in terms of the prices?<br />
<br />
We’re coming out of the dip. The Uranium price troughed at about $17 a pound right beginning of last year, it was just over $20.<br />
<br />
What’s causing these cycles?<br />
<br />
Now you going into a big longer to conversation. If you look at the big picture in about 2004, let’s go back to step you back even further. Up until 1985, the market was supplied from 1985 through to 2011 the Uranium market was at a supply deficit, massive supply deficit.<br />
<br />
What was feeding it was the surplus that have been built up by the Russian and the American governments prior to that, and they were basically feeding it into the market. In 2004 it was very clear that you needed to put more production into place. There was a sort of steady ramp up. Unfortunately, what happened in 2006 is the famous Cigar Lake flood. So, that’s all the Uranium price in 2007 jump all the way to $130 dollars a pound plus simply because over 10% of the market had just gone offline.<br />
<br />
It was an extraordinary situation.<br />
<br />
It was an extraordinary situation. So, - and this is an industry - that’s affected by extraordinary situations, So the price comes down and we’re talking spot. Contract comes, went up to about $75-$80 and just plowed on. In 2011, of course, we were still ramping forward. Nuclear demand was growing around the world. The supply was struggling now to keep up and between 2007, because that price peak and who hasn't known a whole bunch of new projects for coming on stream steadily Cigar Lake coming back as well. The Kazakhs have been ramping up at the same time because they could, with their ISR projects and the whole bunch of different projects, and, of course, in 2011 Fukushima happened.<br />
<br />
I remember it well.<br />
<br />
So Fukushima basically took out 16 % of the world’s demand within two years. Columns those Japanese stuff disappeared. The Germans started shutting down their reactors at the same time and you then ended up with spare capacity all over the place, particularly in the enrichment side as well. So, you had all this underfeeding material coming through as well and just went into big surplus. The governments were continuing to sell, particularly the American government was trying to cover environmental liabilities of the past and he’s put price pressure on all the way down.<br />
<br />
Projects were being shut down. The problem you got in our industry, of course, is that we have two prices. We have term contracts and spot contracts, So, between 2006 and 2011, a lot of the mining companies have got themselves a long-term contracts driven by those high prices at the time, So, they were selling even though the prices were falling. They were still selling up here and we had to go through that pay. Basically, easing that, out of the way that put more pressure on So, it was a degree of elasticity you would normally expect to move through quicker but that didn’t. That has now changed a lot. So, what you’ve seen is a lot of production shutdowns. You know we're jumping forward onto the supply side of this, but does that<br />
<br />
I mean it is clearly a strategic mineral and heavily politically influenced, and by that I mean, apart from the situation you just described, do you see any pressure from some of the global activity at the moment with regards to supply and demand.<br />
<br />
Oh no. I mean the one thing about Uranium is there’s a lot of it around, right? It’s a common mineral. Okay, the problem is getting it economically produced, although, you can have a lot. A lot of this is not actually worth digging out of the ground. Yeah and it just stays where it is.<br />
<br />
The big drivers of course, are the security issues for people like the Chinese, who don't actually have any real domestic production. Think they have got to produce about a million a year. They need considerably more than that. Now and are ramping up demand for it. They’ve got the fastest, build rate out our reactors. You know it’s exponential if it would be almost doubling up every five,<br />
<br />
So, now I don't. There are minor issues in the US. We can come back to that as well. Let’s figure out the section 252 stuff going on.<br />
<br />
Okay, fantastic and again yourself, touched upon countries like Germany and perhaps even France looking to de-nuclearize but you're, seeing a lot of demand elsewhere in the world I guess the Japanese coming back online, to a degree, slowly. Okay, and you mentioned a phrase here, which I want to understand. ‘You have got a world class sponsor group’ and I’ve seen yeah, Denison and Cameco, and Ivanhoe are know well known established names. What’s their actual involvement in you?<br />
<br />
They all came in as various …Cameco was actually the first yearshare holder. The biggest shareholder of the company back in 2008. They came in because Tim Getaloo runs Cameco and I used to run the Arriva mines next door. So, that’s why they invested in early.<br />
<br />
So was that option money?<br />
<br />
It was at the time. They effectively stopped putting any new money in since then, but I think very much it’s going to be you know where we see ourselves with our competitors and the sponsors particularly is that they won't make a decision of their next step and, logically so, until we effectively make that big final financial decision. Because it makes it doesn't change their game until the decision that we make to effectively become a producer.<br />
<br />
And you say ‘that final decision’. You're talking about at least some kind of exit or getting in to production?<br />
<br />
Are we ready to go into production we need this amount of money? Do you now want to be play the final game? Do you want to be a part of the production scheme that’s going forward? Because you know ‘why do anything before that?’<br />
<br />
Okay, but let’s start going through the presentation. Let’s go to page 4, it gives some information about where you are operating. –<br />
<br />
These are mining countries.<br />
<br />
What tell us a bit about those in terms of being things like mining code and yeah, rule of law, etc.<br />
<br />
Yes, Niger is a very interesting one. It’s mining code hasn't really changed in a very long time. They’ve amended it a couple of times, but it’s really just tidy ups. Hasn't really changed since 2006. The nice thing about the Nigerian mining code is a tax code is built into the mining code.<br />
<br />
Is that, based on UK, French?<br />
<br />
No, it’s French law right! Okay, it’s French law. Like most of West Africa, you get a free, carry for the government, 10% turn at this case,<br />
<br />
and I know this potentially optionality for more.<br />
<br />
They can buy more but it’s done at fair market value right they go again, and so, that is fine, but I think the key is their fact that that tax code has already built in there. So, a lot of countries that you see around the world where mining companies are struggling with them is because the tax codes just keep changing the whole time.<br />
<br />
Well, you look in East Africa.<br />
<br />
Or people are negotiating separate tax codes like you’ve got in the Congo and then why is that guy got such a good deal when this party was in at that party etc.<br />
<br />
So, there’s no retrospective action expected here. There’s some sort of consistency and application of law…<br />
<br />
No, they actually don't like you negotiating.<br />
<br />
We mentioned the political.<br />
<br />
We're here where the Sahel. Nice and sunny.<br />
<br />
I always get asked the Niger question by which I mean the security issue. I think that’s the you know, look Niger, we're in an interesting part of the world, but I think the one thing that you have to take out of this meeting really is that Niger is actually an incredibly quiet place. The murder rate I discovered this the other day is actually lower than the murder rate in the US per hundred thousand.<br />
<br />
I’m not sure what to think about that.<br />
<br />
Well, I know, actually you are more likely, in the same article I was reading, you are more likely to get kidnapped in Europe than you are in Niger.<br />
<br />
I’m absolutely stunned.<br />
<br />
Yes, so, this is perception you see absolutely people’s perception. This is a dangerous place and that’s it’s not. You know it is a very strong, secular Muslim country. It is very Western looking in its approach. That works very strongly with its neighbours Chad and Cameroon to basically police the Sahel. The actions of Chad, Cameroon and Niger were very strong against Boko Haram where Nigeria couldn't deal with it itself. They’ve been very strong and supporting Mali as well. And it’s issues Niger is a very quiet place to operate.<br />
<br />
That’s very comforting.<br />
<br />
Yeah, that’s right and I’m very comfortable going there I mean, and you have got to be sensible. I mean there are risks. You know you're in that part of the world. There are risk you could you’ve got to be sensible and pragmatic about the way you handle it.<br />
<br />
If you know they are, you can mitigate exactly manage.<br />
<br />
One of the things we have done very strongly, as well as a company, and the founder Govind Friedland, before I joined the company in 2009, what he did is institute a 100% Nigerian employment strategy that we have there. So, I don't have any expats working there.<br />
<br />
Other than occasionally we have senior guys like myself or the chief geo go in review what’s going on, make sure everybody’s happy. We commit to that kind of approach<br />
<br />
Is that the extent of the CSR activity there?<br />
<br />
I know we do lots of things. We’ve said: we’ve gave a million dollars years ago to Famine Relief. We’ve done a whole village which got destroyed by floods We provide water boreholes. So, in all of our … education for girls in Niger is another strong thing for us as well  In Zambia we do different things. We do what they need.<br />
<br />
So, you know big Resources as I said about 260 million pounds. One of the keys for us is that most of our Resource is actually the Measured & Indicated, So, we’ve actually spent a lot of money upgrading this Resource. So, if you're, looking at your peer groups, you know some of them got big Resources, but a lot of it is still Inferred. That’s one. You’ve got to drill seven more holes to get to a measured from what you had as an inferred in us. So, there’s a lot of money still to be spent to not gain anything other than reduced risk. So, you know that that is also, key of where we stand as a company that a lot money has already been invested here.<br />
<br />
What Sort of quantum are we talking about?<br />
<br />
Well, we’ve spent in this company today the whole package, including a lot of USD$250M whilst it’s trading at USD$50M valuation. So a lot of sunk capital.<br />
<br />
That’s interesting and that’s all gone in the ground?<br />
<br />
Most of it all gone underground. All the technical work that’s gone in, all the drilling, that’s being done.<br />
<br />
I’m thinking of your burn rate, which again I think a touch upon later, is it’s quite low. Basically, have you been hunkering down in 2018?<br />
<br />
We’ve hunkered down to a degree. So, far point you know, there’s no point in spending money on drilling when we have big Resources right, So, the focus for us hasn't been very much. What can we do to make sure that these project are ready for the cycle terms?<br />
<br />
So, that’s what you want…your hunkering down to a degree, your saying. ‘well, let’s wait for the market to come back the prices to pick up…’<br />
<br />
It’s waiting, but it’s getting ready at the same time. So, I’m not just sitting there, you know, with my feet on the desk? No, we're doing things like you know, what can I do to the process route that changes fundamentally enough to bring my operating cost down? What can I change to the mining process? What can I change to the power supply and doing the studies that are needed to be done now, so, that, when we're ready to go. You know, we’ve already got a USD$25 cash cost. I’m not satisfied with that. It’s got to come down.<br />
<br />
So, you're looking at optimizing?<br />
<br />
I see what can we do about the debt? You know there’s no point of running into the market with the project and say well I’ve got no money. We're already working with the debt providers to start structuring that debt. So, that way, if and when the market turns, as I say we feel that’s what is happening now. Now we already have guys. You know debt, guys, aren't fast-moving. They're not going to write a check on Friday because you talked them on Monday. You know it’s a nine-month process. Then, you’ve got to work through that stage.<br />
<br />
So, where are you in that process? So, your beginning it?<br />
<br />
We’ve already got expressions of interest from a number of debtproviders.<br />
<br />
And indicative terms?<br />
<br />
We are not at addictive terms. If you go through the debt pathfinding process now, So, we're going to get the M&A support done. Okay, then we'll get the indicative terms, So, they came out, but the fact is - and you probably understand this yourself - debt, guys work differently from equity, guys debt, guys won't, allow you to use their name. until you’ve been through the credit committee. So, once you kind of get<br />
<br />
Slightly more cautious,<br />
<br />
Yes, they will understand that they’ve done the review of you, they're comfortable to be associated with you. So, that’s going to be a big step forward for us is where we can come out and say these are the banks we’ve got, expressions of interest runners number got to go to the next step,<br />
<br />
Actually, let’s go to page five.<br />
<br />
Yeah really this just highlights the size of our Resource relative to our peer group.<br />
<br />
But that’s you're, including Measured, Indicated and Inferred. What about the others, is that, on a Measured basis.<br />
<br />
No, they're on everything.<br />
<br />
It’s a like for, like. Actually, that is quite impressive,<br />
<br />
And, as I said, we could easily go a lot bigger just by turning our rigs back on.<br />
<br />
but as you say no point.<br />
<br />
It’s like a big Resource anyway So, what’s the point? Okay, all right, supply and demand. I mean really, if you’re investing in a Uranium company, you got to get this under your belt first.<br />
<br />
So, help us understand this.<br />
<br />
You don't you don't like looking at supply demand... Let me put it really simple. Fukushima happened in 2011, sharp decline in demand coming through. Had a knock-on effect, as you have a ramp up and supply coming through deal the demand side first. Total nuclear generation of energy is now where it was in 2011. So, we’ve got that back up.<br />
<br />
Okay right, we have got 9 of the 50 reactors in Japan turned back on. Their problem they’ve, indicated that 20% of their total generation should be from nuclear, which gives you about thirty.<br />
<br />
So, there’s a written into law or that’s written email or that’s what they want to do.<br />
<br />
Okay, So, to get from 9 and you’ve got to get to 30, So, there’s a whole bunch of restarts.<br />
<br />
What’s that equate to what’s 20 percent equal and what’s the Japanese market….?<br />
<br />
Well, that’s a going to have another that 50. Therefore, that current is about 5. Of their 50 that originally my 30 have to restart. I can only at 9. So, they're going to be about 10% of world demand. So, you got to go through those stages. Still they expect that to happen. I think this year we probably won't see very many, more restart, probably one two towards the end, just because they’ve got to go through the changes that need to be made to those reactors by law and then expect them to continue through.<br />
<br />
So, it’s a slow process. Yeah, but they are coming back.<br />
<br />
China continues with this very strong growth. I mean two years ago they were down under 2% of total generation was nuclear they’re now about 4 %. Their target, as well as 20%. Okay, So, strong growth coming out there. Well, the Chinese have done very well, though, is follow the French model from the past, which is standardization, just standardize? What you do just because it<br />
<br />
Cookie cutter.<br />
<br />
Don't change it, keeping it keeping and they are basically as well domesticizing their process slightly. So, they're taking the best technologies as they are best to do and coming up with their own designs.<br />
<br />
And that was one of the problems that happened after Fukushima, as well, as ther Chinese stopped their phase 3 developments for a period of time. Well, they did a full safety review themselves of their own designs before they went forward. So, you know, then that has been a change.<br />
<br />
If you look at other parts of world. Europe as a whole is pro-nuclear. Obviously, the Germanic state, Switzerland, Germany, are struggling with it. France have got a currently a strategy of going from 75% down to 50%. They seem to keep kicking it down the road.<br />
<br />
And the US, which is the biggest fleet out there over the 440 reactors, just under 100 of the reactors in the US. That is the one that probably is the most at risk at the moment, because the price risk. It’s fighting against cheap gas more than anything else right. But what you are already seeing is a reality coming in the US that if you want to remain in clean energy, you have got to keep you nuclear fleet and you’ve got to give them the credits. The same credits that the renewables are getting, or an equivalent, has got to be given to the nuclear fleets stay afloat.<br />
<br />
You can't because what you’ve seen in every country that’s got rid of its nuclear fleet and tried to replace it that the carbon emissions have actually gone up. So, you look at California, you look at Germany…. Interestingly in Europe. Just as an aside, if you look at the relationship between renewable energy and power price, there’s a direct correlation. Those with the highest amount of renewables in Europe, have the highest power costs in Europe.<br />
<br />
But what do you expect to happen? I think, the expectation that’s going to come down, surely.<br />
<br />
To a degree. But what you’ve seeing is that the capacity is starting to is flattening off. The vast amount of money has been spent in Europe and in California, and their basically plateauing out of what they can actually get in. The problem you’ve got here is… look in the middle of the sunny day you have a lot of energy and you sell it out cheap. In the middle of December, you’ve got nothing. But the problem is you that, because it’s a pricing structure problem, which is, who fills up the gap when there’s no sun. Who fills up the gap where there’s no wind.<br />
<br />
That’s the eternal argument, but it’s consistency of power supply, and nuclear unit can tickbox.<br />
<br />
And it’s clean at the same time.<br />
<br />
It’s clean at the same time. But obviously there’s a big imperception issues which is why Germany’s doing what it’s doing and potentially France doing similar. Potentially, potentially, you know vote winning is important. But do you think you know renewable and nuclear mutually exclusive?<br />
<br />
No! I think that you need to be together. I think that is there. I mean the best model. Is the Swedish model.<br />
<br />
Which is what?<br />
<br />
Which is 50 % nuclear, 50 % renewable, because they're growing hydro, So, they actually have a 100% clean energy?<br />
<br />
But things like coal power fire stations. They’ve got a really bad rap, but you know some countries phasing them out, some countries ramping up. What’s your view and all that?<br />
<br />
If anyone wants to meet the demands going forward of the Paris Accords, etc, it’s very clear and is interesting. One of things that occurred last year is that the WNA was actually invited in with United Nations Energy Council. The first time nuclear as been involved in the World Bank policy process which has never been allowed.<br />
<br />
Why is that?<br />
<br />
Simply because the World Bank and the IFC s have had a complete embargo on talking to anybody related to the nuclear and Uranium industry because of the sections of the bomb etc. There’s a difference between the bomb and nuclear generation.<br />
<br />
The supply side is very different. So, what you had is a gradual closure of the very high-cost mines. Those that were not supportive, buying contracts, contracts that coming off, which is also, the key which is shown on the next slide and you’ve now got to a point where the big producers (Kazakh and Cameco) have eventually pulled down the production to a point in our supply deficit, secondary supply,<br />
<br />
And that’s what? To help get the price they want in the market.<br />
<br />
That is, that at the current price of under $30 nothing’s economic. Just, you know, from a long-term development point of view.<br />
<br />
The other problem that you’ve got in the next 10 years, is that about 20 % of world supply will disappear anyway. Simply because those are old mines that are coming to the end of their life. So, the two mines next door to us and is yet you don't close up as a big project in Kazakhstan closing up. There’s Rossing Uranium closed up around that time period as well their existing deposits. And then even Cigar Lake was actually 2028. It’s gone,<br />
<br />
So, the problem that you’ve got is that you need a much higher price to support the continued development of projects.<br />
<br />
So, Cameco’s made it very clear with their shutdown at MacArthur River, which is 80Mlbs per year at 180M market. They say: look this isn't coming back on stream, probably the best mine in the world. It’s like it’s not coming back on the stream until we see prices with a high four in front of them. We need them back where we can contract. And you got to remember if you're contracting into those levels and that’s because you're committing to sell to somebody ten years from now.<br />
<br />
That’s it so, you'll know that that’s the price you need to clear putting capital in the ground, that’s there to make sure it gets delivered. So, you know when we seeing that it’s telling you that the metal price has going to be a lot higher, that mine will stay out of production until they're comfortable they get their contracts.<br />
<br />
At that point you know, and that’s why I’m pulling my cost down as much as I can, because I’m targeting the same place. So, we’ve got to make our project worked in a similar range.<br />
<br />
I guess he’s saying the basic markets going to find its price. It’s going to be managed by some of the big boys to be sure that it works.<br />
<br />
And Kazakhs have become basically become the OPEC of our own district and they can. They're much more flexible, but they’ve got a price demand….<br />
<br />
I mean, like I say, like OPEC or unlike OPEC - is that a formal arrangement.<br />
<br />
It’s not forma statement. It’s a statement from them that they are now value, not volume, driven got it. They made it very clear, and they are list listed here.<br />
<br />
So, if I look to 2035 on current forecasts, there’s a significant supply gap.<br />
<br />
Yes, anyway, I guess I forgot. It needs price to fill it and we did an analysis which basically said you need about $60.<br />
<br />
Clearly, the demand would suggest that the price would have to come on top, because it’s not it’s not a commodity you can do without. Renewable is not going to fill the gap. Gas isn't going to fill the gap all right.<br />
<br />
And that’s one of the other issues which is just covered by this chart on the right on slide 7, is about 80% of all the material bought is actually on contract. Okay. Now the problem you also, have coming on here is that the contract market is coming to its end. What they contracted back in there, those 2006-2011 period. Those contracts are unwinding. So, if you're, a utility, you're like where am I going to get my metal from, I need to contract. This is what Cameco is saying is: I will contract but not at this price? I needed up here.<br />
<br />
Okay, now you use a phrase here, which I want to understand. ‘The future uncovered utility requirements’.<br />
<br />
That’s the guys without contract. Not covered by contract.<br />
<br />
And this is the problem the industry has is about 40Mlbs is traded in the spot market. About 180Mlbs is consumed every year.<br />
<br />
In weight, not GBP.<br />
<br />
Weight. About 50% of that spot contract to trade is between traders. Just back and forwards: it never actually gets used by anybody.<br />
<br />
It’s just a paper trade.<br />
<br />
So, that shows you the problem that these guys with their contracts have. If you're sitting out here contracting all of this material, you know 160Mlbs, and you want to find your material and you don't have a contract. You only have a very small pond to go swim in. The problem that’s happening now is that this year, Cameco, who shut their mine, which is contracted, I’ve got to find that contract somewhere else they get.<br />
<br />
So, they have to somehow make it up.<br />
<br />
15Mlbs of contracted material that we’ve bought out of the market and the market Is only 20Mlbs?<br />
<br />
So, there’s a big hand going into the spot market looking at material. There are utilities that buy from the spot market all the time - US utilities particularly do that.<br />
<br />
But they prefer not it because they need certainty.<br />
<br />
Some like to play that way, some like the certainty of a contract, but the problem is going to be… and what Cameco is effectively is doing is picking up inventory that’s out there and they're finding out where the ceiling of that pricing is on the inventory and just keep pushing it out.<br />
<br />
Saying right take some more; who’s the next guy who wants to sell some material to us and what’s their price tag, and so, Cameco is just going to keep moving that …securing their metal. They're holding the market and supply deficit and they're eating the inventory at the same time. So, it’s a double play on both sides.<br />
<br />
Double play, but they are in control of the pricing.<br />
<br />
Definitely. So, where we sit in all of this, which is kind of covered by side 8, effectively when the price recovers, we'll bring in the first project. We'll bring in Madaouela. Well, it’s about 2.7Mlbs per annum. We're assuming that we would be able to go into construction by the end of this year. That’s our assumption!<br />
<br />
If we start this today.<br />
<br />
If we start today getting on with our… We’ve already were moving this process. It has already started the final Feasibility study.<br />
<br />
We’re already dealing with the debt.<br />
<br />
We're assuming that the price that we need to be able to off-take Contract for our project will be achievable within the next 12 months.<br />
<br />
If that is the case, then we will make the call at the end of this year to go into construction. Okay, it’s price driven. Once that’s gone, I mean, then we can bring Matanga in after that. We wouldn't try and build two mines at the same time.<br />
<br />
Okay<br />
<br />
And then we have Falea which is sitting out there as well.<br />
<br />
It’s an option. In terms of order of play, that’s a sort of third arm to your story here, but how much effort time, money etc is being spent on that (Falea).<br />
<br />
That’s had $50M spent on it. It’s got an PFS, internal PFS that year to date - and it’s got 30Mlbs of Uranium in the ground. It’s got a very interesting silver / copper, credit that comes with it. 70g/t Ag silver. It needs to be expanded out from a drilling perspective.<br />
<br />
But that’s in the background of the moment. You’re doing things sequentially,<br />
<br />
Doing sequentially down through this okay, as it makes a little bit more sense.<br />
<br />
Well, let’s get into the first project.<br />
<br />
The first one is the cornerstone really. This is Madaouela. It’s next to all the infrastructure in Niger. So, it’s next to the Arriva Mines, power is there, roads there, waters there, people are there. They’ve been mining since 1970. Once all the skill sets are there.<br />
<br />
Right? Okay, how many people do you employ?<br />
<br />
We'll be looking about 500?<br />
<br />
Ah so a significant employer locally.<br />
<br />
It starts at 21 years.<br />
<br />
Life of mine starts at 21 years.<br />
<br />
Yeah could be substantially bigger. We start with an open pit for the first 7 to 8 years. Then we go underground.<br />
<br />
So, what’s that do on the IRR, then, assuming initially it’s going to be very profitable?<br />
<br />
Well, they actually the average out the underground is very easy. Once we go in. It’s a room and pillar operation, 100 meters below the surface in the flat lying body. So, this isn't it’s not one of these under the ore bodies…..<br />
<br />
It’s not 1:16.<br />
<br />
You know this is you know just right, basically, mining out a river. You know the main underground ore body is 7km long by 3km wide: It’s vast. About 1.5m thick so we just mine it out.<br />
<br />
We start with the open pit, but because we’ve got so, much exploration upside. All we'll do is when we start the mine, just turn the rigs back on again and start looking for the next open pit, yeah.<br />
<br />
And growing it.<br />
<br />
That’s probably to the South of us, because that’s the way the structures work.<br />
<br />
But as you say:’ let’s: let’s do what we know. There’s enough money to be made there…’<br />
<br />
And then once we're making cash, we can start turning the rigs off and redesign everything. For example in the PFS, what we’ve assumed, you start with the open pit and the underground. Actually the way the all body works is. Actually, you can access the underground from the open pit. So, if you could find a second open pit, you'd start the second open pit up and they need to redevelop you're underground together with your open pit.<br />
<br />
That helps the economics…<br />
<br />
Absolutely. So, we’ve got a cash cost here about $25 a pound, capital at $360. So, what we're doing in the moment, which is kind of covered on the next slide, page 10, is actually going through that optimization process. So, things like under the current PFS, we assumed that we were going to build the process plant on top of the underground because most of the volume comes out at the underground. Why not move the process plant to the open pit which is 10K South. Start there. Deal with it later in the future, because this is all… the FS is all about optimizing the debt period, not 21 years, because the 21 years is going to change considerably for us. Because we can go a drill ,.. we’re relooking the process through design – anything we can do to change that. Working on bringing in Solar hybrid power rather than off-grid power, because it’s a lot cheaper, those kind of things.<br />
<br />
We’re looking at the debt structuring. So the Medea Capital guys. These are the ex-SocGen team that did Paladin, they did Makuja River, they did it Extract. So, these are the guys that did most of the debt financing for Uranium projects in the last time. Inland Loki guys actually the same guys same SocGen team, which is why we are using them.<br />
<br />
In just in terms of the, you know you have sort of touched on it earlier, but with regards to timing around the off-take.<br />
<br />
What we look into bring that together with the debt, I mean the whole rationale reason the do. Is nobody’s going to come without the off-take. And the off-take guys aren’t going to come without the debt. And nobody will come about the equity,<br />
<br />
But you don't need to deal with the equity until later in the game, because it’s the shortest path at the end of the day. Once you can show that the debt guys are moving towards where they're happy.<br />
<br />
What’s the total?<br />
<br />
Looking at $360M capital. That’s about $240m will be debt, so $220-$240. So, the rest is that balance of equity.<br />
<br />
And you're seeking the equity where?<br />
<br />
That will decide when we get closer to the time. So, is that going to be a strategic off-taker.<br />
<br />
But if I look at some of your shareholders.<br />
<br />
Who knows. I’m looking … I don't know until we get further down the track and go and approach the existing shareholders say, do you want to play this or there’s some of the Chinese guys want to come in. Niger has a strong relationship with the Saudi Arabia.<br />
<br />
It’s unknown.<br />
<br />
I mean these guys are all looking for supply. Who knows? Honestly, once you get the debt in place, like ask any question that a lot of people get confused on. They'll get the dilution effect today on today’s share price? Well, I’m not raising it on today, I will be looking to raise equity a point when Uranium price is up where we need it and I can show you I’ve got the debt.<br />
<br />
Others other than off you're already sitting there, and it’s like you're coming in protected already on it, it’s a bunch of catalysts which should have an effect on activity in Some way very long, exactly great okay. So, let’s, let’s look at the second project. What’s a very simple project: yeah no tiger in Zambia, yes, is a very simple open bit of each operation right. One of the things is interesting about this one. It has much lower grades than in Zack, but not a lower recovery rates, certainly because heap leach operation, okay other than the tangley job Alexis 11. You know very low c$apital yeah there. The all-in cost of these two projects is identical: okay, they're about $36-37 a pound. writers are almost exactly the same.<br />
<br />
The difference is this project in Zambia has an asset consumption of only about 10kgs of time right, let’s not mean less. How much acid, for every time a rock relay will consume and that’s a great visit.<br />
<br />
That’s quite good news.<br />
<br />
Yeah is seventy okay, it is quite yes, yes, it’s ten percent, more costs, excellence and the other difference in Zambian. I’m in the copper belt country. There’s a lot of copper season credits coming up. We don't get any corporate rates, because we're going to cover, but what we will do is to massive and a lot of it and it’s a very, very low strip ratios. Well this thing starts with a one-to-one strip ratio. All the infrastructure is there. Where it is long now again, 11 year, like mine.<br />
<br />
We have three purposes based on three projects here, suppose it’s and then two deposits about 30-40 case out the right yeah we own, The permit mine permit between all the right on work. The trench work says: please drill me right: this can be expanded a lot.<br />
<br />
So, while it starts its 11 years, which is more than sensible for a project, this thing could go up to 20 years, but you're going to start spending too much money on that until you’ve got project number one well underway until the market moves up as well. We’ve all see once the market moves along and the metal prices can we’ve got to start moving all our projects a lot.<br />
<br />
Our biggest driver, of course, is going to be moving Madaouela. First because of the main driver. This one needs to get going as well to be ready then when we want to get started. It’s ready to go as well. Actually thank you, us a very, very simple project.<br />
<br />
So, here’s the section which I’d you like to get into some level of detail because I think it’s the difference between success and failure. You know I’ve seen great teams make very ordinary projects be successful. You know and I’ve seen very ordinary teams, make great projects fail. So, tell us a bit about yourself, what you do and what each of the team members does and how they contribute to creating value.<br />
<br />
Absolutely I'll say one thing I run with our team is still very small at the moment. We keep it that way, because you'll have to keep your cost down and I don't need to have a whole team of engineering. One of the benefits you have a go because I’m actually an engineer my background, So, I’m a mining engineer from Campbell School of Mines. Okay, when it was in Campbell, I’ve been in this industry over 30 years now to say So, ice. My first job was actually working across in Uranium right. I think I started production in open-pit production. I went it’s the planning department there, So, I went through that whole process of combining it yeah and then I work to the northern Transvaal, which is now called Combe. Erlanger or Something yeah - and I was the chief mining engineer for the first open, Platinum Mine. I was there when it was a field when we started out from scratch. Nothing’s changed over the years in Africa, Some good, Some bad. I think. Okay, it’s accurate. I think still going through his troubles. You know figuring out where it wants to go forward, but you know there’s. I think the one thing about Africa is just so much opportunity. Still. You know, I read an interesting article several months ago just showing how the North American continent Gold companies, particularly were staying in the safe environments, are struggling to keep their Resources build them.<br />
<br />
Well, you look at the African companies, like Rangel, etc. Yeah resources just growing all the time, they're having to take a risk. I'd agree with that they can get fined the material they want by taking those risks. Yeah and that’s one of the things we're out because I went into the Platinum industry for a while as well right, So, I did that until we got that mine up and we came in substantially under budget, I was partly because we redesigned the mine. I redesigned the mine to make it work bad.<br />
<br />
So, your focus since they are around optimization,<br />
<br />
Absolutely I mean come in a mansion yeah. I enjoyed the engineering side of it, So, I did that night works as a consultant on my own Sonic company, with a friend of mine, doing mine design for other people right at that point, because the guy was working with I’ve been working with for a very Long time I kind of said, look I’ve going to be a big boy and work by myself. So, I went to work for JCI and I was doing MLM projects worked for them JC. I then died at the time I was there. There was an empowerment deal that just went wrong. The wrong people were brought in to do an empowerment deal and it collapsed very quickly as a company,<br />
<br />
So, I then went to work for HSBC right as a planner man that I was a rated platinum analyst. I was taught through within ten months, taking that job off. Why? Because I looked at things in a very different way over to the financing - I’m not accountant, but it was. You know. I guess he had bits on the ground yeah and I understood what kind of they brought me over to do the mining houses.<br />
<br />
So, I was then part of a global world number one global team here at HSBC they went to JP Morgan, So, that was really useful because it kind of showed you how the money side of this works. You could be an engineer, and you folks ate as an engineer on this that and the other did you actually don't understand how the marketing that’s kind of a distant point?<br />
<br />
Actually, because again, the number of junior mines that we’ve invested into. Certainly, you find teams that are either very technical in terms of on the ground, with a very financial or they're, completely promotional, but very few genes can afford to have all those skill sets in her. So, I guess, having exposure to both your ads and mining directly on your base on the grounds must be in QC benefit.<br />
<br />
Well, it does, and you know we were talking before as well. Having been an analyst for the big mining houses, you come once you get into the junior side. You suddenly realise the importance of market cap and the trigger, which is housing, retail versus funds, very different. You have to talk to the market that you deal with and understand that market that you're dealing with there’s no point in talking to you know Blackrock when you're a $50M mktcap absolute, it’s not well, and likewise, I don't like you it’s. I think quite interesting when you see management, things have come from, say a Rio Tinto only experience with no junior experience expecting it to be exactly the same, and even myself So, having invested in Some institutional side and then come down to junior money. It’s a very different what it is, So, I get that analyst work for seven years and then I decided to make a real job. So, I work when you work in Russia for Oleg Deripaska. I went to join his basic element group and I was running eight percent of the world’s firmly and there’s Some very, very old mines there, and then I took on the timber business, which was really hard. I did that until 2009 and then I went into the exploration business in South America wasn't Raziel and it could opens. Then I did underground gold mining in Canada and in Peru. So, I kind of cut my teeth on underground mining. Okay, I was spending really tough, tough project that one I was spending eight weeks on site literally underground. Who are you learning from your successes or your failures? I was learning from the failures at the end of the day, it was a my one thing I learned is that restarts are really tough things do and when you have come into a project, that’s already struggling yep. You have got to work, damn hard to try and make it work, and that one was just interesting. We came to just a lot to drive, that’s good insight. Yeah you’ve got to battle it out, but you’ve got to commit to battling it. You know don't and don't as a CIO expect Someone else to you could go to yourself yeah and there are times that you actually have to spend time underground and they're, not managing this remotely from 12,000 miles. Yeah. Oh, you damn couldn't agree, you know and do it So, that’s kind of my background. So, this opportunity came out. I was like yeah, you know and a lot of the work that we do. I spend a lot of time even now, scouring through technical magazines and things looking for ideas. You know I’m looking I mean even now, I’m doing Something down with the guys in call a new gravity system to saying how can we apply that to what we’ve got I’ve had consultants always say to me, you know, but it’s not proven in the world. Unlike guys, if I’m just going to use proven technology, the only difference between me and every other project is Mike right name, a story you have got to reach outside and see. Unless you are willing to take that chance, you won't differentiate it. Have you ever seen that approach work for you in terms of looking for this edge as well yeah, I mean it. Just simple things can change it, though, but unless you're actually going to look for it, I mean we sit on this project. I wrote like I talked about that: oh we were started. We were looking at high acid consumption. We were looking at when the original design started. The guys were assuming we were going to grind it and then just do a straight acid leech. I said why I got a truck stuff 2,000kms to get yet. Why do I want truck steel balls, there’s a really expensive things to transport for the real value. So, we took this and we bought in we’ve done a lot of work on radiometric, Sorting, you'd be proven now to work, but we look, more importantly than all of the Uranium is actually trapped in the cement that holds the Sound together. So, a lot of our focus is on upgrading this or So, how can you get that Uranium out of that cement because you can screen the sand away and throw it away? I don't understand anyone any acid tanks, if I can avoid it and that’s where all our process design is being looking at, which is what’s now looking at gravity because once you break the cement apart yeah, the density of your cement is about two to two point. Six kg q Tom cube, but if you look at uranium, is like eight right, So, I’ve got a massive density difference. we're not done all the work to break it. Why not look at that? So, this is the kind of thing you got it, Something that you try you like now just, but if you don't try, but you know again, you're looking to shave costs, although spec and not just shave courses to make it more robust right as well in What way what’s near you’ve got? I meant this project is in the middle of Sahara, Desert right. Okay, it’s got a project, that’s robust and works in the environment. You are in and will fulfil the requirements that you need in that place So, make it robust. So, who supports you technically that So, technically the key guy is a guy. Actually, it works for us, okay, we're going to Rob, Bow, Wow. Okay, a lot of background in the industry he’s consulted, for it would be like the Cossacks yeah on their IPO. He does a lot of work in higher, So, he’s worked for most of the Uranium companies at one stage or another yeah middle, So, multi commodity and a long history and background okay. So, I use his background a lot chicky because he complements me by being more of a chemist metallo just on the wall of the mining engineer. Okay, I know enough to be where’s the whiskey’s, based here in Cardiff right, oh yeah, So, I travels around the world right. Okay, Jerome is my chief geologist, as you can see from here. A very long history in Uranium across the world knows its industry background backwards from an exploration and geology point of view, So, I’ve got a really key<br />
<br />
. I dare ya to take this forward and once he was his actual practical, hands-on approach to this as he was, he basically he’s actually Marissa surprisingly he’s currently in this year, So, he’s actively I’m in this project not sitting doing it. No, no! No! I’m a computer spring, no, no Kate! Another comes on. We are, he goes to all of the assets all of the time right - and this is how we tend to operate - is that he will go in it'll. Sit down with the team come up with a plan on the ground work with them, but leave them to get on with it. We said what the samosas brief that’s his beef right. I need either save because increased productivity. What was his new, So, yes, Pierre is actually on the inspiration side right and that’s really where I need him to know. Tell me what to do next on these projects right exploration, wise. What can I do to get my best bang for the buck going forward? I understand go to next: that’s really pure geology, okay, Rob’s! Really on the technical side on the project process side. You know what do we do from that right, okay and then I notice a very strong experienced or boards you have any starting with. Obviously Mr Friedman I'll see the name says it all. Yeah said the robber geologist he’s the founder of the company I’m So, you know he saw that opportunity Brian up front. Yeah he’s always: you got very strong contacts out there in the industry as well and in the investment industry geological engineer, yeah, but also, a very well established businessman. Yeah made money for a lot of people, Absolutely. Okay, then, we’ve got David, Kate, CEO, Dennison, very pragmatic, visible member exceeding bright and an accountant as well. So, So, that’s over their arse. It makes a shareholder. Is he fairly active here? What do you dip in and out as much um? What I would say with David is that you know when we have board issues to deal with he’s very active. You know he will he’s one of those guys particularly was accounting background. You know he’s not only audit committee yeah, but he will thoroughly read all the documentation and give you comments on it. So, very strong, Tony Evan NT, was appointed by Ivan Howell to the board. His background is legal, but he’s also, predominate us a lot of work. Fundraising out in the market as well, not from Kobe X but for his own, So, he gives us a lot of flavour about where we should be looking for the longer term strategy right to take forward yeah. That brings a different insight to it. Okay, Matthew, let’s yeah is a lawyer, So, we use his legal skills when we need them. Accommodation and stuff yeah. Chris Wallace is dead. He’s a debt finance here my background: he joined the company after you know she would become an investor himself, So, he was introduced and is a very pragmatic yeah, the guy from governance as well for exams and governance and how we operate been while the South almost Goes without saying it mother Southeast I mean, but for those who don't know he’s the finder, a semaphore God yeah best develop golf companies at the time. Yeah has an incredible contact range across West Africa. I bet I know that is the key. It is now in all our gold and wind Eagle, which is, is any Giovanni’s come to earth alive, which does fertilizers as well? Okay, yes, I mean whenever we need to do with African governments, that was I'll go to Matt and if he’s not here, you know Somebody who knows Somebody who can make sure that we're talking to the right people at the right level.<br />
<br />
that’s understand the government contact of course oh it’s key I mean you know and a lot of the things that you know the we have learned Some sticky you know and we I force on my team the whole time and the way we did change things is art you know when we took on Some of the assets from other people the Canadian company like to deal with the government stuff no guys yeah you deal with it yeah you know you and Zambia should be in the minds ministries office all the time yeah I greatly don't go in and see them just say hi just tell them presence on the ground I think I got it to that a long way you are the whole time to not it I do not want to hear that the mines ministry doesn't know where we are in our project ya know doesn't work I Absolutely agree with that and we have had Some bitter experience last year of company we’ve arrested empty he didn't do that yes and regretted its how Absolutely we didn't both in all of our countries yeah it’s exactly the face of go V X in Africa is actually the local cause yeah my job is to make sure that everything’s control yeah I turn on when I need to turn up yeah and then wrong a handSome again yeah well no known are well known yeah I mean what I notice here though is that you’ve got a finance guy a lawyer another lawyer a finance guy and accountant and bruster it’s very much about how your business should be run because it says to me you believe that technically you are where you need to be between gogans yourself yeah and then don't forget memoir has a royalty company yeah the gold mining company yeah certainly brings enough understanding of how to the company yeah himself in the industry right you know the next stage for us is going to be about building that technical - you - well I guess that’s my question here is you know obviously you're at the state you're at now but to me forward and if you're going to get into production I guess there will be changes in terms of the board yep w-will see Chinese exhaust everywhere and we'll have to build up a technical team right it’s not just a technical team logistics procurement all of the Yang’s but I don't need them now I don't why do you want to keep the cost down oh I get it but you you're aware actually oh that’s going to go on the line and it will probably be here other because I think it just makes sense there’s no point in trying to set up a whole mining team now Vancouver yeah the projects are hearing it begs the question I think I know the answer mister friedlin friedlin with the answer why your TSX and not all name yes no we were on the CSE we Venice embassy originally as because of cheap option sure when we first did it and then actually when we did the transaction with Dennison we actually reviewed both sides right the tea the aim basically was going to   cost us half a million pounds yep and it cost us $11,000 to get to the tssb did it yes that’s interesting it wasn't cost you don't know no the tier 6 to be approached ups and say if you remember the CSE follows the same rule as at exp I know same set of rules and they said you're already doing all of the stuff you need to do all the public displays in fact they go to a monthly report yeah on the CSE which you don't have to do anywhere else yeah quarterly financial reporting owner and So, it was a case of do we want to spend half a million pounds yeah or $11,000 yeah I think we know the answer to it So, literally So, let’s get into Some of the numbers around the business thank you very much So, obviously know who Some of the main shareholders yeah I mean again basic question in terms of that is about 50/50 retail and institutional from where alph cheese pretty evenly spare spread your and the US and Canada you know I’ve got a lot of European retail I’ve got a lot of European we raised quite a lot of money when we doing our fundraisers out of Europe when I say Europe where we Germany Germany, Switzerland Scandinavia okay London and London yeah Absolutely all of those and So, and then you know we actually what is interesting is quite an interesting insight us we in 2016 2017 I got an oTCQB listing and I got the DTC eligibility issues dealt with okay that’s important from a foreign us point of view because it saw the disclosure for those that don't understand why what they're doing nobody it allows a lot more brokers to access the information and then trade your stock by doing that also, made this crest compliant So, we can actually go to people’s Isis in the UK yep So, what is interesting is that we also, trade a lot of volume now through the oTCQB probably bout 25% of our shares trade on the oTCQB So, it’s not a dead exchange which shows how many people are actually trading on the US market for us that’s interesting yeah So, we're fairly liquid So, he said it covers you in America no one<br />
<br />
So, market cap today sitting about CAN$56M. We got a just over CAN$1M of cash.<br />
<br />
What’s your burn rate? How long is that going to last?<br />
<br />
We’ve got 2.8 million dollars to be paid back to us this year which will all be paid back by June as well So, that pull back by a company called Linkwood. We did the transaction last year which saw us remove an USD$810M loan yeah for USD$4.5M and it was a Uranium linked loan So, we took it out and off So, they good for that So, they yesterday go through ok we’ve confirmed the repayment and So, when was that for Sorry Wednesday it'll all be paid back my dough is done in tranches starting in February okay first three equitable transfers the answer and almost yeah okay interesting there’s a press release on it yeah that’s right okay well we'll just check that out thank you sure he got a bunch of warrants and when we any warrants coming yeah she jumped for a little way to page 25 physics a slightly I get asked for ok Solicitous let’s talk through Some of these yeah that means the interesting munch it’s got a whole bunch of warrants dude this year by the 10th of June they have a call on them if the share price remains of over 20 cents Canadian for more well sin if there’s a please is that there’s greater than 24 cents 20 cents and yeah what is this one the physically attracted the ones to be interested in obviously the one little piece of war yeah because I should just those wants the first ring just the first three go stag So, they are in the money they're kind of on the edge of them yeah actually they're out of the money as of today because the US share prices about 11 - 12 cents drops okay yeah it felt we had a bit of a hammering up So, now is a great time to buy go BX suppose walk into a hammering why no particular reason the whole pocket got hammered So, most of the Uranium stocks got dumped over Christmas it’s a good time to barter great touch of pipe yeah okay, those warrants potentially coming through which is a little bit less they were really right okay, assuming they get exercised So, we'll wait and see got it got it okay So, we'll watching those as well at the same time but that provide that kind of it explains that yeah and then the rest of our on stop we try and keep them quite So, updated and we try and happen with escalating prices on them So, that in full force people to run a record So, what you're saying on this base is that you're not looking to go back to the market raise any money okay fine we obviously well as we move forward if I’m sure gets stronger them and we're going to need to be more aggressive on where we are on the project surely there’s no addition and the moment no don't plan to live okay and we’ve talked that Some of the catalyst events coming through So, I mean really let’s get the other slight that you know really the final slide in this discussion is like fifteen which is again you know that that’s the key story for me from a value point of view which is what I’ve tried to do on this slide is really just show there are two groups here and that’s where we are different than the chart on the left-hand side is that producers yep the chart on the right-hand side is the developers right Kobe X is sitting is an undervalued developer and So, right now yep there’s many reaso,ns for Some of that you could argue Jay next James efficient czar all that not hydrate North American stocks the difference between us and them I would argue as I’m permitted you know as they Sort of say to people you can own a Ferrari or you can own a Ford Mondeo this sport Monday it will take you shopping this Ferrari will stay in its garage and won't do anything for a very long period of time that is the reality of where you are this is potential to be a cash generator right the other thing I would say while we don't develop this company and we're not developing this company to go take out story we're here to be a builder okay but you never know in the world when things happen interesting in the last cycle the three biggest transactions all happened to be in Africa well all this was 1.2 billion dollars for a company with 100M lbs of Uranium ground which is Tanzania she’s makuta River Uranium one and stone the other two were 2.2 a USD$2.4Bn transactions. The companies about ourselves So, what’s happening here I mean in terms of a multiple on share price I mean people are achieving what well at that time they were the sector was different back in 2011-12 So, I’m not angry things mate but this in company but if we go half the value from where we are now that’s a big step up the point I’m really making is don't be afraid of Africa the reason those transactions took place as me as the guys who came after those projects was from the Chinese and the Russians and the French wanted to control supply they can control supply out of the African projects they can own a hundred percent of them in Canada there’s the forty nine percent rule you can't get more than 45 yeah So, that’s why they came to these projects they were more concerned about getting their hands on physical Uranium supply yeah and we're seeing that to continuing CNN sees recent transactions by crossing Uranium at the end of its life okay So, seems like we're here again you're saying you don't keep your on the price correct the other point that I would make is I’m one of the few companies that can go from the right-hand side to the left-hand side in this cycle most of these guys five years from now we'll still be developers go VX is probably going to be a producer and that has a natural rewrite coming with it at the same time okay So, that is the difference between us and obviously and there is you know this has been done before paladin did in the last cycle they ran from between 2005 and 2007 from 7 cents to 7 dollars what did they do got two mines in Africa okay right and maybe just the last couple of slides here yeah I’m a great believer of tell people there to tell you get momentum again I mean really big fat So, the story is stronghold a base with you know out there but not necessarily active for them it could be but it shows you the kind of assets that we’ve got that these are the kind of companies that got involved So, with the right names sure okay got it we’ve got experience management done that bad over the place we’ve got a really big Resource okay we got potential a lot of exploration upside yeah we’ve got those mine permits with your keys if the market is recovering the ability to turn that into cash flow build minds and get that rewrite coming through from it mm-hmm those are your big trip triggers here we're running through the presentation any it'd be great if you can also, highlight where you think you're creating real value for investors I mean where you're talking about being undervalued okay in terms of the developer you have So, even a rear a desert producer you the market is depressed you’ve taken a bit recently along with a lot of other people yeah So, you would argue that share prices it’s less than it should be yeah but what are you doing to create incremental value in 2014 part of its doing what I’m doing here today it’s all about getting exposure for the company and explaining the story to people the rest of it is again is what we’ve done there which is you know that ability to have value to the project’s themselves my job ultimately is to be able to make sure that when this market recovers this company’s ready to build its assets right that’s what my job is and the ways to do that is effectively bring down the incentive price that I need to get this thing built you know this project cannot be a project than these $50. Let’s make it a $45 price to get this project going that’s what adds value because if you can get this project up and running and I can get the cost down lower than the $25 and I’m running and at that price we don't care what happens after that because this is a long-term project that’s going for 21 years to start with how’s the cash generation too broad I do risk this company generating cash flow going forward that’s how we add value here is basically turning these assets into producing mines okay<br />
<br />
So, again one of our question in terms of the audience you're talking to today, it’s a retail bursty audience to find out worth spammy officers me what would what do you want them to go away thinking about Goviex and indeed yourself?<br />
<br />
You know I think the things you’ve got to go our way as an investor to think about is one do you believe the market yeah okay if you live either in you believe in Uranium stir get your head behind that and why yes different now yep and why we see the growth going forward knowing that get behind understand that Cameco story that’s the keys what’s driving this market at the moment to start with quite different because that wasn't there before from a Goviex point of view you can see we're a private company here that has got a massive Resource. We’ve got projects but more importantly than permitted projects yep that means a lot in our industry if it’s going to take you six years to a permitted project, think of the dilution those companies are still going to go through for the next six years they're not do anything and then they'll start the construction phase after that. So, you're probably talking 10 years before some of those companies ever see the light of day.<br />
<br />
Don't be a scared of Africa. Africa is a great place to operate isn't right Matic it understands what it’s doing it’s out to create wealth as a conSo,nant<br />
<br />
So, and there’s 54 countries in Africa So, don't cover the whole of Africa with a paintbrush that makes it from our technical team and myself you know we’ve been doing this for a long time and we’ve done it before we know what we're doing out there<br />
<br />
That’s good thanks very much for that recap on your story. We look forward hearing more in the coming weeks and months and we will hope to see you soon. Thank you Jeff.<br />
<br />
Thanks again</p>		
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