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$52.00/lb U3O8

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Feature Insight: Updated July 3, 2009

Overview of Uranium Price, Supply, and Demand

U308 $52.00/lb (Effective: June 29, 2009 price is changed -$3.00 from last weeks survey): International supply shortages of uranium, along with escalating nuclear programs in nations such as India and China. According to the World Nuclear Association there are official plans in the works worldwide for 388 new reactors (either under construction, planned, or proposed). Click to see NYMEX Uranium Futures => Uranium Futures - NYMEX

Uranium/Nuclear focused ETFs: Market Vectors Nuclear Energy (NLR), Barclays iShares Global Nuclear Energy (NUCL) and PowerShares Global Nuclear Energy (PKN)

Special Situation Advisory

Valuation Commentary

BonTerra will have 650,000 oz gold resource & potential to advance 100% owned Red Mountain/Willoughby claim group towards 3,000,000+oz target

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Demand Side: Governments worldwide struggle for solutions to control green house gas emissions and produce affordable energy; nuclear power is the cleanest, least expensive and most secure source of electricity. There are currently 436 operational nuclear reactors world wide and that number is expected to grow significantly within the next decade.

May 12 Eureka over uranium? Sides dig in over mineral - Denver Post

436 Active Reactors (as of Q2 09)

Table of World Nuclear Reactors 2007-2009 & Uranium Requirements <= Source; World Nuclear Assoc.

	NUCLEAR ELECTRICITY GENERATION 2007		REACTORS OPERABLE January 2008		REACTORS UNDER CONSTRUCTION January 2008		REACTORS PLANNED January 2008		REACTORS PROPOSED January 2008		URANIUM REQUIRED 2008
	billion kWh	% e	No.	MWe	No.	MWe	No.	MWe	No.	MWe	tonnes U
Argentina	6.8	6.2	2	935	1	692	1	740	1	740	123
Armenia	2.3	39.4	1	376	0	0	0	0	1	1000	51
Bangladesh	0	0	0	0	0	0	0	0	2	2000	0
Belarus	0	0	0	0	0	0	2	2000	2	2000	0
Belgium	43.4	53.8	7	5728	0	0	0	0	0	0	1002
Brazil	14.0	3.1	2	1901	0	0	1	1245	4	4000	308
Bulgaria	14.7	32.9	2	1906	0	0	2	1900	0	0	260
Canada	88.6	14.8	18	12652	2	1500	3	3300	6	6600	1670
China	65.3	2.2	11	8587	12	12100	33	35320	80	94000	2010
Czech Republic	25.0	25.0	6	3472	0	0	0	0	2	3400	610
Egypt	0	0	0	0	0	0	1	1000	1	1000	0
Finland	22.0	29.7	4	2696	1	1600	0	0	1	1000	446
France	418.3	76.2	59	63473	1	1630	1	1630	1	1630	10569
Germany	140.9	28.3	17	20339	0	0	0	0	0	0	3398
Hungary	14.0	37.2	4	1826	0	0	0	0	2	2000	274
India	13.2	2.0	17	3779	6	2976	10	9760	15	11200	961
Indonesia	0	0	0	0	0	0	2	2000	4	4000	0
Iran	0	0	0	0	1	915	2	1900	1	300	143
Israel	0	0	0	0	0	0	0	0	1	1200	0
Italy	0	0	0	0	0	0	0	0	10	17000	0
Japan	240.5	24.9	53	46236	2	2285	13	17915	1	1300	8388
Kazakhstan	0	0	0	0	0	0	2	600	2	600	0
Korea DPR (North)	0	0	0	0	0	0	1	950	0	0	0
Korea RO (South)	144.3	35.6	20	17716	5	5350	7	9450	0	0	3444
Lithuania	9.1	72.9	1	1185	0	0	0	0	2	3400	0
Mexico	9.4	4.0	2	1310	0	0	0	0	2	2000	242
Netherlands	3.9	3.8	1	485	0	0	0	0	0	0	97
Pakistan	1.7	1.19	2	400	1	300	2	600	2	2000	65
Poland	0	0	0	0	0	0	0	0	5	10000	0
Romania	7.1	17.5	2	1310	0	0	2	1310	1	655	174
Russia	152.1	16.9	31	21743	8	5980	8	9360	28	25880	3537
Slovakia	15.5	56.4	4	1688	2	840	0	0	1	1200	251
Slovenia	6.0	41.7	1	696	0	0	0	0	1	1000	137
South Africa	12.7	5.3	2	1842	0	0	3	3565	24	4000	303
Spain	56.4	18.3	8	7448	0	0	0	0	0	0	1398
Sweden	61.3	42	10	9016	0	0	0	0	0	0	1395
Switzerland	26.3	39.2	5	3237	0	0	0	0	3	4000	531
Thailand	0	0	0	0	0	0	2	2000	4	4000	0
Turkey	0	0	0	0	0	0	2	2400	1	1200	0
Ukraine	84.3	47.4	15	13168	0	0	2	1900	20	27000	1977
UAE	0	0	0	0	0	0	3	4500	11	15500	0
United Kingdom	52.5	13.5	19	11035	0	0	0	0	6	9600	2059
USA	809.0	19.7	104	101119	1	1180	11	13800	20	26000	18867
Vietnam	0	0	0	0	0	0	2	2000	8	8000	0
WORLD**	2608	15	436	372,220	45	39,948	112	131,145	276	299,405	65,405
	billion kWh	% e	No.	MWe	No.	MWe	No.	MWe	No.	MWe	tonnes U
	NUCLEAR ELECTRICITY GENERATION 2007		REACTORS OPERATING		REACTORS BUILDING		ON ORDER or PLANNED		PROPOSED		URANIUM REQUIRED

Sources & Ledger:

Operating = Connected to the grid;
Building/Construction = first concrete for reactor poured, or major refurbishment under way;
Planned = Approvals, funding or major commitment in place, mostly expected in operation within 8 years, or construction well advanced but suspended indefinitely;
Proposed = clear intention or proposal but still without firm commitment. Planned and Proposed are generally gross MWe;
TWh = Terawatt-hours (billion kilowatt-hours), MWe = Megawatt net (electrical as distinct from thermal), kWh = kilowatt-hour.

64,615 tU = 76,200 t U3O8

** The world total includes 6 reactors operating on Taiwan with a combined capacity of 4916 MWe, which generated a total of 40.8 billion kWh in 2008 (accounting for 17.1% of Taiwan's total electricity generation). Taiwan has two reactors under construction with a combined capacity of 2600 MWe. U demand of 831t is expected in 2009.

Coming Soon - feature article content upgrade: Check back here to see details on a junior uranium exploration company that has a high probability to richly reward investors.

Market Price of U3O8 (Yellowcake)

Uranium Miner conducts a weekly review of several major uranium suppliers, auctions, and brokerages to ascertain the market price of U3O8 per pound in US dollars.

Current Price: Effective June 29, 2009 the market price of U₃O₈ is US $52.00/lb.* (Price changed -$3.00 since last survey a week ago). Click to see NYMEX Uranium Futures => Uranium Futures - NYMEX

* Considerations in determining spot price of Uranium: Data from recently completed transactions, data from pending transactions, firm bids to buy or borrow, firm offers to sell or lend, prices purchasers have expressed a willingness to pay but for which we are not aware of firm bids to buy, and prices sellers have expressed a willingness to accept but for which we are not aware of firm offers to sell. (Considerations not used in determining spot price: prices associated with deliveries under old or renegotiated contracts, or other than arm's-length transactions, charges for transportation other than that customarily provided by suppliers, and prices of services or materials delivered under long-term contracts with primary suppliers).

Recent selected writings on factors affecting price:

Jun 22 Uranium Rises to Seven-Month High as Energy Commodities Gain - Bloomberg

Apr 27 Uranium Rises for a Second Week on Speculation About ETF Buying - Bloomberg

Apr 20 Uranium Rises First Time in Six Months on Output Cut, Purchases - Bloomberg

Mar 17 No Signs of Improvements for Uranium - FNArena

Mar 11 Cameco CEO sees uranium supply crunch and M&A - CFrench

Mar 11 Uranium’s supply/demand fundamentals positive going forward - Louie Paquette

Mar 6 Russia nuclear chief sees uranium price rise in '09 - Reuters

Jan 28 Uranium Tumbles Below US$50 - Filapek

Dec 22 Uranium Declines as Investors Sell, Utilities Delay Purchases - Bloomberg

Nov 24 Uranium Price, Trading Rise for Fourth Week as Output Curbed - Bloomberg

Nov 18 Spot uranium rises to US$53 per lb - MiningJ

Nov 11 Recent closure of the Dominion mine in South Africa has restricted supply, allowing uranium oxide prices to firm up - Mineweb

Oct 20 When is the Uranium Price Going Up? - Ridley

Oct 13 Uranium Falls to January 2006 Level as Utilities Seek Bargains - Bloomberg

Oct 8 JPMorgan Cuts Uranium Price Forecasts, Citing Crisis - Bloomberg

Oct 1 Uranium prices fall again as credit crunch bites - MineWeb

Sep 23 Chaotic Markets See Spot Uranium slide - FN Arena of Trade Tech

Sep 18 First Uranium Sees Contract Prices as Much as $90 - Bloomberg

Sep 12 Trade Tech Spot Price Commentary - Co News

Sep 2 August Flat For Uranium - FN Arena

Aug 20 US$64.50 It Is For Spot Uranium - FN24

Aug 13 Uranium spot price flat; producers and explorers down, Uranium futures continue to paint a bright picture - StkH

July 28 Uranium price trending higher - StkH

July 15 Spot uranium price climbs with Nufcor raising cash - Reuters

July 11 Uranium price set for two-year recovery - MiningMX

July 11 Uranium price set for comeback - Fin24

July 4 Pluses and minuses for uranium prices - IBTimes

June 23 Uranium to Fetch $90 as Indian Reactors Drive Demand - Bloomberg

June 18 Spot uranium falls – again - $Web

May 20 Uranium Price Slump Unlikely to Extend Further - RI

May 6 Spot Uranium Bottoming? - FNArena

Apr 23 Uranium falls further, but demand expected to remain constant - FP

Apr 15 Spot uranium price falls to $68/lb - Reuters

Apr 14 Uranium Falls to 16-Month Low on Surplus Supply, TradeTech Says - Bloomberg

Apr 8 Spot Price Remains Unchanged - No Transactions or Demand - FNArena

Apr 4 Real uranium price should be $120/lb, Wits prof tells conference - Creamer

Mar 25 Uranium price could hit $US105/lb by September - MineWeb

Mar 25 Spot Uranium Remains at US$74/lb - FN24

Mar 10 ‘Equivalent’ uranium price should be $120/lb, Wits prof tells conference - MiningW

Mar 6 Uranium Price Review - FN24

Mar 5 Spot the uranium price in "sweet Spot" - $Web

Mar 4 Near-term uranium prices expected to weaken - FP

Feb 28 Denison Mines says uranium price near bottom - Reuters

Feb 19 Spot Uranium Stays at US$75/lb - FN24

Feb 4 Uranium prices seen "choppy" on low output - Reuters

Feb 1 Uranium demand will stay high, says miner - SMH

Feb 1 Energy Resources says realized uranium price to rise - MktW

Jan 29 Uranium Drops to Three-Month Low as Supply Expands - Bloomberg

Jan 29 Uranium stocks suffer . . . again - MoneyWeb

Jan 22 Strong demand to boost spot uranium price in 2008 - Reuters

Jan 21 Uranium Price Drops 6% as Trading Volume Dwindles - Bloomberg

Jan 17 $90/lb-$100/lb uranium price outlook, says researcher - MiningW

Dec 10 Salman Partners says uranium may hit $200/lb threshold in 2008 - MineWeb

Nov 29 Uranium at $150/lb within a year - MiningMX on Uranium One CEO

Nov 19 Spot U3O8 remains at US$93/lb - FNArena

Nov 8 Uranium shows signs of further strength as prices climb above US$90 - NP

Nov 7 Spot uranium up to $90/lb this week, seen higher - Reuters

Nov 4 TradeTech Uranium Price Continues to Strengthen - Trade Tech

Oct 29 Uranium prices climb again as speculators and hedge funds renew interest - NatPost

Oct 29 Speculators aid uranium price - SMH

Oct 25 Financial players may be key to uranium spot price resurgence - NP

Oct 25 Uranium prices hit bottom: Analyst - NP

Historical Values (in USD):

Jun 09 $52.00
May 09 $50.00
Apr 09 $42.00
Mar 09 $42.00
Feb 09 $45.00
Jan 09 $50.00
Dec 08 $53.00
Nov 08 $55.00
Oct 08 $45.00
Sep 08 $55.55
Aug 08 $64.50
July 08 $64.50
June 08 $59.00
May 08 $60.00
Apr 08 $65.00
Mar 08 $71.00
Feb 08 $73.00
Jan 08 $78.00
Dec 07 $90.00
Nov 07 $93.00
Oct 07 $84.00
Sep 07 $85.00
Aug 07 $90.00
Jul 07 $120.00
Jun 07 $138.00
May 07 $133.00
Apr 07 $113.00
Mar 07 $95.00
Feb 07 $85.00
Jan 07 $75.00
Dec 06 $72.00
Nov 06 $63.00
Oct 06 $60.00
Sep 06 $54.00
Aug 06 $48.50
Jul 06 $47.25
Jun 06 $45.50
May 06 $43.00
Apr 06 $41.50
Mar 06 $40.50
Feb 06 $38.25
Jan 06 $37.50
Dec 05 $36.25
Nov 05 $34.50
Oct 05 $33.00
Sep 05 $31.00
Aug 05 $30.20
July 05 $29.50
Jun 05 $29.00
May 05 $29.00
Apr 05 $24.00
Mar 05 $22.50
Feb 05 $21.80
Jan. 05 $21.00
Dec. 04 $20.70
Nov. 04 $20.50
Oct. 04 $19.90
Aug. 04 $19.25
Jan 04 $15.50
Jan 03 $10.30
Jan 02 $9.60

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