In short: His only uranium holding: an 11 Mlb historic resource in New Mexico that Kerr-McGee was about to mine in the 1970s at far lower uranium prices, just drilled with results pending. He backs director Blake Steele, who permitted Azarga's Dewey Burdock ISR and sold the company to enCore — "one of my big wins." "An interesting US-based early stage uranium company."
North Shore holds a uranium project in New Mexico that Kerr-McGee — a serious operator — had actually started building a mine on in the 1970s before uranium prices collapsed and the work stopped. About 11 million pounds of historic resource sits there. The pitch is that an asset good enough to nearly mine at 1970s uranium prices is a very different animal at today's prices. The company has just finished drilling to validate that old data; results are pending.
The macro backdrop he lays out is the reason he owns any uranium at all: nuclear power supplies roughly 22% of America's electricity, but the US mines only about 2% of the uranium that feeds it. The rest comes from Russia, Kazakhstan, Africa and Canada — a supply chain that only looks safe until it doesn't. A domestic pound of uranium is therefore worth more to Washington than a foreign one.
As with everything here, he's really betting the person: director Blake Steele took Azarga's Dewey Burdock project through permitting and sold the company to enCore Energy, which Phillips calls one of his big wins. He is a shareholder and describes it as early stage and high risk.
22:25I only have one small uranium company that I'm a shareholder in called Northshore Uranium, which has a historic asset in New Mexico that they just finished drilling. They should have drill results out, but again, that was drilled by Ker McGee. They're actually going to put that into production in the 70s when uranium was a lot lower.
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