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David Talbot

Dundee Capital Markets

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Dundee Securities Senior Mining Analyst David Talbot worked for nine years as a geologist in the gold exploration industry in Northern Ontario. David joined Dundee's research department in May 2003 and in the summer of 2007, he took over the role of analyzing the fast-growing uranium sector. David is a member of the PDAC, the Society of Economic Geologists and graduated with distinction from the Univ. of Western Ontario, with an Honours B.Sc. degree in geology.




Recent Interviews

Uranium Supply Disruptions Spell Opportunity for Investors: David Talbot (2/20/14) A supply crisis is looming in the uranium industry, and today's uranium price, stagnant at an eight-year low, will shoot up quickly when restarts of Japanese nuclear power plants bring back demand with a vengeance, David Talbot tells The Energy Report. Talbot, a geologist and senior mining analyst at Dundee Capital Markets, is excited about the potential of Canada's Athabasca Basin, the world's most prolific uranium source. But beyond the pounds in the ground, he sees money to be made in undervalued companies.

Top Ten Stocks for a Uranium Price Rebound: David Talbot (8/1/13) When it comes to uranium market sentiment, "it's all about Japan," says David Talbot, senior mining analyst at Dundee Capital Markets. With restart applications trickling in and reactor construction underway throughout the world, a turnaround looks less like an "if" and more like a "when." In the meantime, Talbot sees many investors sitting on the sidelines. In this interview with The Energy Report, Talbot discusses the catalysts that could trigger the next uranium boom and the companies that could make investors wish they had arrived at the party a little earlier.

2013 Should Be the Turnaround Year for Uranium: David Talbot (12/4/12) After two years of uncertainty, David Talbot tells The Energy Report why he expects 2013 to be the year that the balance in the uranium energy equation finally begins its tilt toward the demand side, with 2014 marking a probable supply shortfall. Talbot discusses which uranium producers, developers and explorers he expects to benefit most from the coming market turn.

Recent Quotes

"EFR is able to buy uranium at spot and sell into term contracts at twice the price." (8/14/14) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"We are highly confident that FCU can accelerate R780E zone expansion." (8/7/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"FCU's scintillometer results identify further uranium mineralization." (8/5/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"We believe FCU's outperformance could continue through the summer on drill results." (7/28/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"URZ is being derisked from both financial and technical viewpoints." (7/14/14) Uranerz Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"We like FCU's high-grade, near-surface depositŚit's open, and the team knows how to find more." (7/14/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"EFR entered into an agreement to sell some noncore assets for $2.05M." (7/3/14) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"Today's FCU assays provide a large bump to our PLS mineral inventory." (5/29/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

more comments

"FCU hit its thickest intercept ever at Patterson Lake South; it's a Buy." (4/22/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"The proposed consolidation of the Macusani plateau makes a lot of sense and provides tangible value for AAZ shareholders." (4/21/14) Azincourt Uranium Inc. - David Talbot, Dundee Capital Markets Moreá>

"Expect URZ stock to perform well as mining begins at Nichols Ranch." (4/16/14) Uranerz Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"The mineral inventory at FCU's PLS continues to rise." (4/14/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"FCU is expanding mineralization, filling gaps and growing laterally." (4/7/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"AAZ's five shallow deposits at Macusani host 35.6 Mlb U3O8." (4/2/14) Azincourt Uranium Inc. - David Talbot, Dundee Capital Markets Moreá>

"EFR's brownfields and near-term production assets are driving value." (3/31/14) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"FCU has hit another spectacular hole at PLS." (3/10/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"All of FCU's drilling efforts are currently being met with success." (3/5/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"FCU is one of our top picks." (2/25/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"EFR has an effective and acquisitive management team and massive expansion potential." (2/25/14) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"EFR is one of our favorite stocks in a low uranium price environment." (2/20/14) Energy Fuels Inc. - The Energy Report Interview with David Talbot Moreá>

"FCU's PLS has all the hallmarks of a great project." (2/20/14) Fission Uranium Corp. - The Energy Report Interview with David Talbot Moreá>

"UEX's new CEO, Roger Lemaitre, brings new depth to this company." (2/20/14) UEX Corp. - The Energy Report Interview with David Talbot Moreá>

"Newer companies like URZ look exciting to us." (2/20/14) Uranerz Energy Corp. - The Energy Report Interview with David Talbot Moreá>

"FCU's PLS discovery has quickly become one of the most exciting stories in the uranium sector." (2/3/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"We are upgrading UEX to a Buy rating; new CEO Roger Lemaitre changes everything." (2/3/14) UEX Corp. - David Talbot, Dundee Capital Markets Moreá>

"EFR has incredible leverage to the rising uranium price and its projects have massive potential." (2/3/14) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"Potentially the best hole ever at FCU's PLS kicks off winter drilling." (1/27/14) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"Only preoperational inspection remains before URZ's Nichols startup." (1/9/14) Uranerz Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"EFR looks cheap on every metric and is one of our favorite stocks." (12/18/13) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"High-grade mineralization remains wide open at the eastern end of FCU's PLS project." (12/18/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"URZ received the $20M state bond and hired Paul Goranson as president." (12/4/13) Uranerz Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"FCU's new spinout will have an excellent property portfolio and a top notch team at PLS." (12/2/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"EFR has potential to increase mid- to long-term production to the 3ľ5 Mlb range with its current suite of projects." (11/15/13) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"EFR looks cheap on essentially every metric; we rate it a Buy." (11/7/13) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"FCU's PLS could be the largest uranium deposit in the Athabasca Basin." (9/27/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"FCU discovered a fifth high-grade zone of mineralization at PLS." (9/23/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"FCU announced the best results in its history, and one of the best holes from the Athabasca Basin." (9/4/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"FCU's PLS is shaping up to be a world-class, high-grade uranium deposit." (9/3/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"Merging FCU and Alpha would position PLS for maximum auction offers." (8/26/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"FCU continues to prove that its PLS project has world-class potential." (8/15/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"FCU's significant new drill results were well received by the market." (8/12/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"EFR has huge leverage to uranium prices and is one of our top picks." (8/1/13) Energy Fuels Inc. - The Energy Report Interview with David Talbot Moreá>

"Very few companies in the sector are receiving as much attention as FCU." (8/1/13) Fission Uranium Corp. - The Energy Report Interview with David Talbot Moreá>

"STM's flagship Roca Honda project in New Mexico has some synergies that can really work with Energy Fuels." (8/1/13) Strathmore Minerals Corp. - The Energy Report Interview with David Talbot Moreá>

"URZ's processing arrangement with Cameco minimizes start-up risks and saves capital." (8/1/13) Uranerz Energy Corp. - The Energy Report Interview with David Talbot Moreá>

"FCU continues its impressive 100% hit rate at the R390E zone." (7/29/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"We are very encouraged to see such success so early into FCU's drill campaign." (7/18/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"We were impressed with many aspects of the site visit to URZ's Nichols Ranch." (7/15/13) Uranerz Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"We continue to recommend FCU with a Buy." (6/23/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"URZ is likely to become the fourth uranium producer in Wyoming shortly." (6/7/13) Uranerz Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"FCU's acquisitions provide an opportunity to find new early-stage projects with potential by a technical team with two high-grade discoveries under its belt." (6/3/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"EFR has strong leverage to rising uranium prices." (5/27/13) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"FCU's PLS may have surpassed 30 Mlb U3O8 in mineral inventory." (5/27/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"FCU continues to impress with positive exploration results at PLS." (5/17/13) Fission Uranium Corp. - David Talbot, Dundee Capital Markets Moreá>

"EFR's Q2/13 earnings were up and its sales prices were perhaps the best in the industry." (5/10/13) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"FIS shareholders will benefit as the PLS discovery evolves." (4/24/13) Fission Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"FIS is on to a massive discovery at Patterson Lake South." (4/22/13) Fission Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"Of the 46 holes FIS drilled, 80% encountered uranium mineralization." (4/15/13) Fission Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"We continue to recommend FIS with a Buy." (4/10/13) Fission Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"Four holes in FIS' R390E zone all intersected radioactivity and strike length was doubled." (4/3/13) Fission Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"URE is one of our preferred recommendations." (3/27/13) Ur-Energy Inc. - David Talbot, Dundee Capital Markets Moreá>

"FIS' exceptional results make it clear the company is on to a potentially massive mineralized system." (3/25/13) Fission Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"Stepouts have nearly tripled the strike length at FIS Patterson Lake South discovery zone." (3/19/13) Fission Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"FIS' zone R390E has the potential for high grades over significant widths and in multiple areas." (3/11/13) Fission Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"FIS is onto a potentially world-class, high-grade uranium discovery, showing incredible upside potential." (2/19/13) Fission Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"UWE's positive PEA validates further resource drilling." (2/15/13) U3O8 Corp. - David Talbot, Dundee Capital Markets Moreá>

"FIS is trading at a discount to its implied takeover valuation; we recommend it with a Buy rating." (2/12/13) Fission Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"LAM has announced many positive developments recently." (1/18/13) Laramide Resources Ltd. - David Talbot, Dundee Capital Markets Moreá>

"EFR's milling arrangement with LAM will earn risk-free revenues; it's win-win." (1/18/13) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"FIS' shareholders get premium takeover valuation without a takeover from the deal with DML." (1/16/13) Fission Energy Corp. - David Talbot, Dundee Precious Metals Inc. Moreá>

"LAM's Westmoreland is one of the world's best development projects." (1/9/13) Laramide Resources Ltd. - David Talbot, Dundee Capital Markets Moreá>

"EFR is a potential turnaround story with huge leverage to uranium prices." (12/18/12) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"LAM has outperformed its peers this year." (12/17/12) Laramide Resources Ltd. - David Talbot, Dundee Capital Markets Moreá>

"URE is a top pick in developer space." (12/17/12) Ur-Energy Inc. - David Talbot, Dundee Capital Markets Moreá>

"There is potential for resources to grow by three or fourfold at UWE's Berlin." (12/13/12) U3O8 Corp. - David Talbot, Dundee Capital Markets Moreá>

"We recommend FIS with a Buy rating." (12/5/12) Fission Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"URZ's receipt of its deep disposal well permit clears the way to production by mid-2013." (12/4/12) Uranerz Energy Corp. - The Energy Report Interview with David Talbot Moreá>

"URE's acquisition of Pathfinder Mines would bring another 15 Mlb of historic resources into development." (12/4/12) Ur-Energy Inc. - The Energy Report Interview with David Talbot Moreá>

"LAM has outperformed most of its peers over the past year." (12/4/12) Laramide Resources Ltd. - The Energy Report Interview with David Talbot Moreá>

"FIS has made a new high-grade discovery in the Athabasca Basin." (12/4/12) Fission Energy Corp. - The Energy Report Interview with David Talbot Moreá>

"Once uranium prices pick up, we expect EFR to benefit significantly." (12/4/12) Energy Fuels Inc. - The Energy Report Interview with David Talbot Moreá>

"URE remains one of our favorite, uranium developer stories." (11/13/12) Ur-Energy Inc. - David Talbot, Dundee Capital Markets Moreá>

"UWE is one of the better performers in the sector." (11/1/12) U3O8 Corp. - David Talbot, Dundee Capital Markets Moreá>

"LAM's La Sal is right in the pipeline, with potential for 2013 production." (10/26/12) Laramide Resources Ltd. - David Talbot, Dundee Capital Markets Moreá>

"URZ cleared the last of its permitting hurdles, paving the way for production at Nichols Ranch." (10/24/12) Uranerz Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"We expect LAM's deposit to grow significantly." (10/22/12) Laramide Resources Ltd. - David Talbot, Dundee Capital Markets Moreá>

"We recommend EFR as a Buy." (10/18/12) Energy Fuels Inc. - David Talbot, Dundee Capital Markets Moreá>

"UWE released very good news that is likely the first in a series that will provide upward momentum." (10/17/12) U3O8 Corp. - David Talbot, Dundee Capital Markets Moreá>

"UEC has one of the lowest cash costs in the industry." (10/15/12) Uranium Energy Corp. - David Talbot, Dundee Capital Markets Moreá>

"URE is one of our preferred recommendations." (10/9/12) Ur-Energy Inc. - David Talbot, Dundee Capital Markets Moreá>

"We still recommend ADV as our Top Pick in the sector, with a Buy." (9/25/12) Alderon Iron Ore Corp. - David Talbot, Dundee Capital Markets Moreá>

"UWE's Berlin holds potential for a doubling or more of resources." (9/21/12) U3O8 Corp. - David Talbot, Dundee Capital Markets Moreá>

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