## 1. Mining https://www.macrovoices.com/1144-macrovoices-355-mark-nelson-understanding-all-things-nuclear [https://sprott.com/media/5847/sprott-physical-uranium-trust-investor-presentation-9302022.pdf](https://sprott.com/media/5847/sprott-physical-uranium-trust-investor-presentation-9302022.pdf) Uranium is mined in Kazakhstan, Canada, Australia and other countries. Uranium can be mined using underground/open pit mines or "in-situ" leaching (boreholes drilled into deposit and water/chemicals pumped into it and uranium ore separated) Uranium ore is usually processed onto YellowCake (more like yellow powder or may not even be yellow). Yellow cake contains various compositions of uranium oxide, unranyl hydroxide, sulfate,etc. Exploration - junior companies (high risk) Developers - found the ore but not mined yet Mining - more established companies - Kazatomprom - major uranium miner in Kazakhstan Pure Uranium plays - Sprott Physical Uranium Trust U-U.TO - YCA - yellow cake plc ## 2. Conversion Uranium needs to be converted into UO3 (powder) or UF6 (liquid) depending on reactor. UF6 is commonly used in centrifuges for light water reactors Cameco Corp is the main company that does conversion (ticker - CCJ) It also has investment stakes in companies like Westinghouse Nuclear and Silex ## 3. Enrichment Uranium enrichment is the process of concentrating or enriching the U235 isotope up to 5% for use as fuel in a conventional nuclear power reactor and up to 20% for emerging advanced Small Modular Reactors (SMRs). Russia(Rosatom) is mostly providing capacity for enrichment in the west - Urenco(Brit-german-dutch) and Orano(french) SWU - separative work unit - defines the effort required to enrich Uranium 40% of SWU capacity in the West but 70% of demand is in the west SIlex - global laser enrichment (maybe lower cost than centrifuge).potential concerns of proliferation. years away from reality Centrus - dont own the facilities but operate Russian owned facilities HALEU - High Assay Low enriched uranium - more than 5% less than 20% U-235 Enrich uranium is converted back into solid form and manufactured into fuel pellets/rods etc. ## 4. Reactors [https://www.energy.gov/sites/default/files/2020/05/f74/Advanced-Reactor-Types_Fact-Sheet_Draft_Hi-Res_R1.pdf](https://www.energy.gov/sites/default/files/2020/05/f74/Advanced-Reactor-Types_Fact-Sheet_Draft_Hi-Res_R1.pdf) Westinghouse was crucial player in the traditional nuclear space in the west. Filed for bankrupcy in 2017 due to cost over runs in Vogtle plant in Georgia Nuscale - SMR based on light water design (utah) X-energy - was awarded funding by DoE Terra power - Wyoming will run on HALEU (Russia delayed it 2 years) Bill Gates and Buffet own it. GE-Hitachi boiling water reactor in Ontario - Light water Reactors (traditional) - PWR (Pressurized Water Reactor) - BWR (Boiling Water Reactor) - Small Modular Reactor - Light Water Cooled - Molten Salt cooled - Molten metal (sodium) cooled - ... - Heavy Water Reactor - Fast breeder reactor