'Where's the Fuel Coming From?' - The Race to Secure URANIUM as Big Tech ALL IN
The episode highlights U.S. nuclear fuel vulnerability. Domestic uranium fell from roughly 50 million pounds a year in the 1980s to negligible output, leaving the country about 95% reliant on foreign supply and prompting DPA initiatives to rebuild the fuel cycle. State permitting and community acceptance—especially in New Mexico—are bottlenecks even as labs push ISR toward an 'ISR 2.0' and companies like Verdera assemble large resources and proprietary data. Corporate PPAs from mega‑tech and SMR demand are exposing upstream constraints: spot prices near $85–$100, domestic supply around 10% of demand, and uranium equities remain volatile.
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Read the Full SummaryKey Takeaways
The U.S. is critically reliant on foreign uranium after domestic production fell from ~50 million pounds/year in the 1980s to negligible levels, leaving roughly 95% import dependence even though nearly 20% of U.S. electricity is nuclear; that vulnerability and legislated military requirements for domestic-sourced uranium have driven DOE actions (including a Defense Production Act Nuclear Fuel Cycle Consortium and DPA contracts) to rebuild parts of the fuel cycle.
Scaling a U.S. production revival will be state-driven: ISR-friendly 'agreement' states like Texas and Wyoming permit faster development, while New Mexico—home to roughly half a billion historic pounds (and which the state says could hold 'another half a billion')—must streamline permitting and has convened a wide-ranging 'Nuclear in New Mexico' conference to address legacy harms and advance projects.
Technical progress toward 'ISR 2.0' at national labs (Los Alamos, Sandia) is advancing deployable in-situ recovery methods, but limited public and community understanding means outreach will be required to translate that work into projects; Verdera’s West Largo is described as ISR‑amenable with an NI 43‑101 underway and a scoping study at Ambrosia Lake is testing historic stope leaching and central processing options.
GEO-POLITICS
“I want to start things off with the US, highlighting the need for domestic uranium enrichment and fuel cycle security as well…”—
“There there are needs to deal with refurbishing and rejuvenating nuclear subs. And this can't come from foreign sources…”—
TECHNOLOGY
“And, you know, it we came away with there's an implied agreement that yes, nuclear in New Mexico is important, and it's important to talk and agree on how we…”—
MARKETS
“Now here we are with Three Mile Island actually getting restarted, which I want to touch on next because we've seen this trend of the mega tech companies, Meta, Google…”—
“Well, the uranium price has been pretty boring for the past year. I think, you know, it accelerated and then it just kind of petered off a little bit…”—
“If we look at the URNM ETF as a proxy proxy for the sector, we're actually slightly down year-to-date.”—
Introduction
Host frames the episode around US nuclear fuel security, asking how critical domestic uranium supply is and realistic timelines for ramping production.
US Push for Nuclear and Uranium
Guest traces the collapse of US uranium production from ~50 million pounds in the 1980s to near zero, arguing federal action and public acceptance are driving a push to rebuild the fuel cycle.
Three Mile Island Restart
Discussion of Three Mile Island’s restart and tech‑company PPAs highlights how data‑center demand and regulatory waivers are accelerating interest in reactor restarts and fuel sourcing.
Uranium and Defense
Speakers review the DOE Defense Production Act initiative to secure the nuclear fuel chain and stress military requirements legally mandate domestically sourced uranium.
Sentiment in Uranium Sector
They analyze investor sentiment: uranium equities remain volatile and underappreciated despite spot prices near $85–$100 and a large domestic supply shortfall.
43-101 For West Largo Project
Verdera initiated a 43‑101 for West Largo, expecting completion by year‑end, aiming to update historic ISR‑amenable resources and plan peripheral drilling to potentially expand resources.
New Mexico Uranium Database
Verdera describes owning extensive proprietary New Mexico uranium datasets and warehouses — including Kermac E and private Union Carbide data — positioning it as a unique data owner.
Without New Mexico, No Nuclear Renaissance
Recap of the 'Nuclear in New Mexico' conference: stakeholders, tribes, utilities and labs agreed New Mexico is essential to any US nuclear renaissance, emphasizing community engagement and ISR education.
What is Verdera's Endgame?
Verdera’s strategy is to advance projects through development, remain open to joint ventures or acquisition, and partner with production specialists like Encore rather than build a production crew.
Final Words on Verdera Energy
Final pitch: Verdera holds ~88 million historic pounds in New Mexico, ranking it among the largest US‑focused resource holders and a speculative investment at its modest market cap.
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