In short: His own company (CEO; management view). Every primary project is joint-ventured with a major and Purepoint operates: a ~100,000 ha 50/50 district with IsoEnergy next to the 45% Hurricane deposit (new Nova zone, up to 8% U), Smart Lake 27% with Cameco, Hook Lake 21% with Cameco and Orano. On a $3M program it pays $1.5M and gets a 10% operator fee back, so net cost is $1.2M — "I'd rather own 27% of a deposit than 100% of some blank real estate."
Purepoint is a small uranium exploration company working in the Athabasca Basin of northern Saskatchewan, and Frostad is its CEO — so this is the company describing itself. Explorers don't produce anything yet; they spend money drilling in the hope of finding a deposit big enough to become a mine, which is why they can multiply in value or go to zero.
Purepoint's twist is that it rarely explores alone. Its main projects are joint ventures with much bigger companies — Cameco, Orano and IsoEnergy — and Purepoint runs the work. That means partners pay a big share of the drilling bills, so Purepoint has to sell fewer new shares (less "dilution" of existing owners), and it earns a management fee for running the programs: on a $3 million season it pays $1.5 million and gets $300,000 back. The partners also act as a check — they only fund targets that could become very large mines (100–150 million pounds), and when one prospect looked too small they walked away. The newest hope is the "Nova zone" next to IsoEnergy's ultra-high-grade Hurricane deposit, where early holes hit up to 8% uranium.
15:14We actually got together, put our projects on the table and wrapped them all up and now it's this big district, and that's where we've recently discovered our Nova zone where we were hitting over 8% in uranium. In that case, it's a 50/50 partnership. So we can go out and spend $3 million, which we're in the process of doing right now this summer.
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