Governments are reconsidering nuclear energy as a clean and reliable source, leading to a strong rebound in the nuclear energy sector, with 434 operational nuclear facilities globally and increased announcements for plant restarts and new builds. The resurgence in nuclear power has driven uranium prices to a 12-year high, with a nearly 40% increase since the beginning of the year, reaching $70 per pound.
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The favorable market conditions are opening doors for American uranium exploration firms like Kraken Energy Corp. (Ticker: UUSA.c or UUSAF for US investors). With this, UUSA.c closed up 16% on over 7x its average volume, putting it up 35% over the month
Kraken has been steadily progressing its uranium initiatives, such as pinpointing prospective drilling locations at the Garfield Hills Uranium Project and sharing positive soil sampling findings from the Apex Uranium Project earlier this year.
Peter Grandich recently interviewed Matt Trout, the CEO of Kraken Energy, where he discussed the current state of the uranium market and the company's progress.
Matt emphasizes the growing interest in uranium due to concerns about deficits and the need for energy security. Kraken Energy is positioned well in this market, with four high-grade uranium projects in the United States, aiming to establish domestic uranium production.
The interview highlights the strength of Kraken Energy's management team, which has extensive experience in uranium exploration, particularly in Canada's Athabasca Basin.
The company has received an update from the U.S. Forest Service and anticipates obtaining permits for drilling on its Apex property in Nevada in early 2024. They are also expanding their land holdings and conducting geophysical surveys to advance their projects further.
Matt acknowledges the increased interest in uranium, both from institutional and retail investors. He hints at upcoming press releases and suggests that the rest of the year could be exciting for Kraken Energy and the uranium market in general.
"Things are looking great right now, so a lot of optimism related to that speculation for how things are going to look tomorrow."
Watch here:
Posted on behalf of Kraken Energy Corp.