TER: Uranerz already has a sales contract with major nuclear utilities. Does this give it an advantage in the market?
CB: Yes, it derisks the project substantially. One of the keys to remember in the energy-metals business is that securing an offtake agreement is essential to getting into production. These markets are very different from precious metals, which do not have the same variety of industrial uses. These metals are mined to be used rather than stored. Uranerz does have a leg up on the competition because it actually has two sales contracts in place, one with Exelon Corp. and one with another U.S.-based operator. These are five-year deals with set pricing structures, so both the company and investors can forecast cash flow with a heightened degree of certainty. That is a huge derisking milestone for the company.