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0:00:02 – Announcer

Wall Street Unplugged looks beyond the regular headlines heard on mainstream financial media to bring you unscripted interviews and breaking commentary direct from Wall Street right to you on Main Street.

0:00:16 – Frank Curzio

How’s it going out there. December 18th. I’m Frank Curzio. This is the Wall Street Unplugged podcast. I’m going to hand it over to you guys and I’ll tell you what’s really moving these markets. So I have a great interview set up for you today.

This person is a 40-year vet of the uranium industry an industry that so many people are giving up on and I follow a lot of people in uranium and I have big followings on Twitter. It’s amazing. You can follow me on Twitter. I have Frank Curzio. I talk about uranium. I talk about so many other things. There’s diehards all day and they have these massive followings. It’s so amazing and really good people.

And over the past three weeks and I’m in these feeds the people that have been in this industry for the longest are about to give up. They’re like I can’t take it anymore. I own this. I’m watching everything else go up and I’m sick of this. I’m looking at the supply-demand balances and everything is supposed to be crazy for uranium. I held off for many, many years, but this whole capitulation and I get it because you’re looking at uranium prices have pulled back from $100 to $75, which is normal. It just went up tremendously in the 20s from a couple of years ago to $100. Every single trend that I’ve ever covered always does this. It takes a breather. So as uranium prices pull back, so do a lot of the stocks, and people are pissed because it’s not just a supply-demand. And, oh my God, it’s coming.

Now you have the regulation right, you have both sides Democrats, republicans, you have Trump presidency and all in trying to make this process of producing anything a lot quicker, less red tape. And then you throw in the biggest catalyst at all and that’s AI. I mean, you’re looking at hyperscalers, it’s the Microsofts, the Googles, the Amazons. They need energy. They have to lock it in. We have a major energy problem. I have no idea. I just covered this in my AI newsletter yesterday that went out to my subscribers. And just when you go over the fundamentals and you really look in depth of how much energy they need and they need it now and everything that they’re doing is we’re signing agreements of stuff and small nuclear reactors that are going to be available five, six, seven years from now and locking out all the energy production for Three Mile Island, again, something’s not going to start producing for another three, four, five years. But you throw all of this in and a dire need. You would think these stocks will be going up incredibly, but they’re not. They’re taking a breather and when you see the capitulation phase, it’s usually the best time to buy.

And when you listen to this interview from this person, I think you’re going to feel the same way. His name is Scott Melbye. Okay, he’s a CEO of Uranium Royalty. He’s been at Cameco. He’s been in major companies all over the world. He’s consulted for Russian companies. I mean, this guy lives and breathes. This is all he does.

You would probably be hard pressed to find someone that knows more about this industry than Scott. He went to Uranium Royalty, the only royalty plate in the uranium space that they built over the last five, six years. They were able to build this at a dirt cheap price when uranium really sucked. They’re sitting there where you’re going to see tons of these projects start producing, got the green light. They already have royalties over 20 royalties in place. Now, with Cameco, with Arano, some of the largest companies who have producing mines, they’re going to be generating tens of millions of free cash flow. So you’re going to see uranium ramp up incredibly for the first time since the 80s.

Since the 80s and this is coming, incredibly, for the first time since the 80s, since the 80s and this is coming. Not only that his son basically runs AI division for a large publicly traded social media company, so he’s very familiar with this industry. He’s been talking a lot to hyperscalers. If you have uranium exposure, this is a must listen interview and even if you don’t have exposure, it’s definitely going to change after you. Listen to Scott, and here’s my interview with him right now Scott Melby, how’s it going? Thank you so much for coming on Wall Street Unplugged.

0:04:10 – Scott Melbye

Hey Frank, it’s always a pleasure to be with you, and these are exciting times for uranium and nuclear power, so lots to unpack.

0:04:17 – Frank Curzio

I know lots to unpack. I want to start out with this For people that aren’t familiar with you you are a 40-year vet in this industry and we hear that term 30 years, 20 years, 40 years in the uranium industry. Going back, you talk about 70s. Oil crisis resulted in strong demand for uranium. I think a lot of the major oil companies were producing uranium at that time. The US was the largest uranium producer at the time, at 24%, and that happened until 1985, right, so everybody could read this. But you actually lived through this 1985, Three Mile Island, right. Production declined significantly and today US isn’t even on the map in terms of production. But, holy cow, when you look at what you lived through until now, tell me a little bit about that, Because the history that you have in this and the places that you worked is fascinating. I want people to really understand that because I’m fascinated when we talked offline of your experience in every place you worked.

0:05:14 – Scott Melbye

Well thanks, yeah, no, it’s. I feel incredibly fortunate and blessed to be in my 41st year in the uranium market, having started in the early 80s. In all places but New York City, I was trading uranium commodities for a German company at that time and you’re right, there was. You know this was a time where the US had been the leading uranium producer, was kind of ceding that title to Canada. But you know my history goes back even before that. I’m a second generation uranium miner, having gone on prospecting trips in Moab, Utah, with my dad and going out with prospectors and beat up old Jeeps and running a scintillometer over outcroppings in Utah. So I guess I’ve got uranium in my blood. But my career it’s been an amazing journey.

After being with the trading company in New York, I joined the Palo Verde Nuclear Station outside of Phoenix where I was the uranium fuel buyer the three-unit nuclear station west of Phoenix there. But then really began my main focus of my career, which has been on the uranium mining side. I joined Cameco at the time of the merger, the formation of Cameco in the late 80s, the merger of Saskatchewan Mining and Development and Eldorado. That formed Cameco. I went up to Saskatoon and spent the next 23 years with Cameco, including president of their global marketing subsidiary where we sold uranium to essentially every nuclear power station on the planet Then made a move to Uranium One, where I had the same global marketing position for a miner with significant US and Kazakh assets.

Of course that company was taken over by the Russians completely and that’s when I made my move to join Amir Adnani in helping build Uranium Energy Corp to be one of the fastest growing uranium companies in the world today and also be part of that founding team that saw a vision for royalty and streaming company in the uranium space and we founded and launched Uranium Royalty Company. So it’s been an amazing journey. And then I’ve had some kind of side gigs that were quite significant. I was a senior advisor to the CEO of Kazatomprom and helping them make their transition from state-owned to market-driven company. Not sure they’ve completely made that journey yet, but I also worked with Uranium Participation Corp and managed the uranium for that fund prior to being taken over by Sprott Physical Uranium Trust. So it’s been all uranium all the time for the past 41 years and I have to say this is the most exciting dynamics I’ve seen behind nuclear energy and uranium in that 41-year time span.

0:08:19 – Frank Curzio

You know, let’s talk about those dynamics. We always knew about the supply-demand balance, right, and we figured, you aren’t even prices are going to come up. Uh, you know, a lot higher. Eventually, it took a lot longer, right? Fukushima 2011, till you know what, 2022, 2023, we really started price prices starting going higher. Talk about the state of the uranium industry right now, because now you have this catalyst that’s data centers, and they’re dying for energy. So much so I want to bring this up. I’m going to show you. This is a report from Evacor, who I respect in the industry. So, evacor, this is September, this is recent. I have access to all these reports and stuff like that, and this is probably the most conservative. But they talk about the grid, right, the aging electrical infrastructure within the us. Uh, coinciding with loan growth calls for incremental, reliable generating assets.

It calls for it right now. They highlight it now like we need this right now, while we remain confident solar storage solutions, whatever is going to become viable. Uh, the reality is demand pull is here, so now, and needs a reliable, accessible fuel source. And they talk about a number 630 billion dollars like that’s a piece of the pie where everyone in this industry got a half a percent. Their market cap will go up, you know, exponentially right, a big three, four, ten times right. I mean that’s how big this is.

And now you have this catalyst that really came out of nowhere, say, for the last two years, really the last year. How has that changed the industry for you? Because this I never thought I’d see uranium as one of the top stories on CNBC. People talk about it all the time and, yes, it’s pulled back a little bit after this huge run up to $100 in prices in the mid-70s. But what does that mean for you? Are you getting to understand this market? Do you know this market AI? Do you have these guys coming to you, talking to you? Because we’re seeing all these deals being announced and it’s a really exciting time for uranium yeah, no, it’s, uh, it’s a game changer for nuclear energy and uranium.

0:10:08 – Scott Melbye

I mean, we had incredible catalysts. The green energy transition, you know, really brought us bipartisan support for nuclear power republicans and democrats, uh, both agreeing on the need for nuclear. We had the geopolitics with Russia, Ukraine obviously shining a highlight on reliable uranium sources from stable jurisdictions, and then we just had the supply and demand fundamentals the deficit that we’re in right now. But this need for new energy is profound and we should have seen it coming. The transition of society, homes and business, more electrification, more computerization of everything in society electric vehicles, data centers and now the AI demand on data centers. We need to build generating capacity in the United States again, and the only thing that we’ve been building since the early 2000s has been wind and solar based on the subsidies, and that’s not what we need right now. We don’t need something that runs 25% of the time, we need baseload. And so suddenly you have Microsoft basically paying Constellation to reopen Three Mile Island. You have Amazon trying to go behind the meter at Talent Energy and Susquehanna plant in Pennsylvania to buy the nuclear power electricity before it hits the grid. Those are the low hanging fruit. I mean, those are the you know, the trying to grab the existing nuclear power generation, but that’s limited, and so the next stage is really the building of small modular advanced reactors, and you’ve seen folks like Oracle wanting to build massive data centers with five gigawatts of nuclear power nested amongst these data farms.

It is changing everything, and you are right, I’m finding myself spending a lot more time with the tech folks. I just came back a couple of weeks ago from a nuclear energy event that was sponsored by Founders Fund and was just all hyperscalers, tech companies, venture capitalists in the tech world all learning about nuclear power, the fuel cycle, and one thing that’ll be interesting in the fuel cycle is if these tech companies Amazon, google, microsoft if the only thing standing between them and multi-trillion dollar market caps is energy, they’ll do anything in their power to get energy, and so that’s why we see them going so heavily into nuclear. But if they’re willing to go behind the meter to grab the electricity, how long will it be before they go behind the market to try to grab uranium conversion enrichment to secure the needs for and US government support in places like Ontario, Wyoming, Texas? But 2030 on, I believe the small modular and advanced reactors will revolutionize the way electricity is generated and distributed across the world, not just the United States.

0:13:24 – Frank Curzio

Yeah, it really is incredible when I just see the trend, you see the demand, and it’s coming from the biggest companies in the world with the deepest pockets, right. And I wanted to show you something because I found this chart amazing when I was looking at it. I mean, you know all this stuff already, but just bring everybody in here when I see, like, the shift in energy source generation this is from 1990 to 2023, and you’re looking at green, right? So green is nuclear and it’s chartier in case you’re not watching this if you’re listening to iTunes, but it’s 1990, it’s at a hundred 2005,. It’s still at the same level. 2023, it’s actually lower. And the question I want to ask you is this is going to go significantly higher.

How important is the political environment? Because we went for a pretty long time at after Fukushima, where you could say one side, both sides, very nervous about it. Then, all of a sudden, like a shift took place, even before AI. I think it happened maybe a little bit before AI really started picking up where, all of a sudden, nuclear was the worst freaking thing in the world. It’s going to kill everybody. And then quick shift, right, it’s politics, right. So they’ll say whatever they want. Who’s ever paid them in lobbying dollars? And all of a sudden, now especially you know Trump getting elected, talking uranium, both sides talking uranium. How important is that? Because now remember US and this is simple for people who understand uranium and follow for a long time but we were the largest producer. It’s not like we have to go find this stuff. We know where it is. What does this mean for the future? Going forward, Because it sounds like it’s really exciting times and you’re well positioned for this.

0:14:49 – Scott Melbye

Yeah, and your graph showed something that was interesting Nuclear power has comprised 20% of US electricity supply, 50% of the carbon free, but that’s even despite losing about 13 plants to early retirements. And that shows you that we’re basically operating, we’re running the existing plants at a higher capacity factor and extending the lifetimes of those units to maintain that. But we need to grow beyond that and you’re absolutely right. I think the big driver for bipartisan support for nuclear was the, you know and still is, the green energy transition, the need to have more carbon free energy. And I think the Biden administration was interesting. When they staffed the energy department when Biden began his first, his first and only term, it was full of wind, solar and electric vehicle people and very light on nuclear. It didn’t take long, probably two years into that term, that they realized they can’t get to where they want to be without nuclear in the mix. And so Democrats went 180 degrees the other way in supporting and you saw very positive policies. You know ADVANCE Act passing with bipartisan support that streamlines the licensing of new reactors. The production tax credit extended to nuclear power plants has really been an effective way for the utilities now to invest in those plants to run them at a higher capacity for a longer lifetime and also build new reactors. But we saw great bipartisan support for the fuel cycle.

There’s a realization that the American uranium conversion and enrichment industries need to be revitalized, especially in light of the geopolitics. With Russia’s second invasion of Ukraine we finally banned Russian imports two and a half years after that invasion. But you know, in just the last two months we’ve seen Putin cut us off with an embargo. We see kind of a rise in some Chinese exports to the United States of uranium, which is really ringing alarm bells up on the hill. Nobody wants to see that happen. We got off of a Russian addiction. We don’t need to jump into a Chinese dependency. So really we’re seeing this bipartisan support across the board, not just for the nuclear power plants but also in the fuel cycle. So we have a unique opportunity and we’re going to need that If we’re going to build and license new reactors in the United States. We can’t take, you know, 10 years to license and build these things.

A small modular reactor is really quite a simple machine and I think folks like Elon Musk would look at it and go, yeah, that’s pretty cool science, but I can land a rocket on a, on a, I can bring it back to earth and land it on a pad after a trip into space. I think he looks at the small modular advanced reactors and said we should be able to license and permit these in two years and they can be built in factories, shipped on site, to really meet this profound growth. But don’t rule out large reactors. I think some places like the Carolinas or Virginia is a great example 40% of their electricity is going to be consumed by data centers within the next three years. They need big reactors and so this is really a time for nuclear power to grow.

It’s one of the few things Republicans and Democrats actually agree on In a Trump administration. It’s going to be about energy dominance, and that means in the electricity sector, natural gas and nuclear will carry the load, and thank God, because we need a lot of energy suddenly in the United States and thank God we have a president now that wants to produce abundant energy, so much so that we’re dominant, we’re self-reliant uh from from foreign sources and we’re even able to export energy to allies in Europe and asia so I want to go to something he said earlier.

0:18:54 – Frank Curzio

When you talk about Amir Adnani, you started this company and I think it came up with the idea I know you’re with him at uec and this, I believe, is 2017 you correct me if I’m wrong on that and when?

At 2017, what were your thoughts? Because and I just want to put this perspective, guys because if you look at the uranium chart here yeah, by the way, it is selling off and people like, well, it’s selling off a little bit. I mean, listen, it went up tremendously to over 100. Even if you look here, guys, you see this pop sells off, pop sells. You know, this is just kind of like that period where I think it’s going to really skyrocket past 100 and I think a lot of people are betting on that and your position for it. But, yeah, for a mere 90 to launch this in 2017. I mean, uranium is below 20, right, and we’re talking about your company, uranium royalty. And when he first came to you, you know what were your thoughts on that? Because to me it’s like what are you insane? I mean, let’s just stay where we are, because you know, well, let’s. I could see that being a factor, because this is innovative. There’s wealthy companies across every sphere. People know them in gold, but not in uranium. Go ahead.

0:19:51 – Scott Melbye

There’s a common thread with. I think Amir’s success has been embracing the cyclicality of commodities. I mean companies are defined by what they do in the downturns and when the markets are at a very high place, it’s too late to build a company at that stage. So Amir has always looked at the bottoms of the market to acquire assets for $0.10 on the dollar, with the luxury of time, permit, license and build those companies up to where they can thrive when the markets come around. And the same philosophy was employed in URC, where we realized there’s no royalty and streaming company in our space.

The huge success of Franco, Nevada, Wheaton, precious, sandstorm, royal Gold, great vehicles for investors to get diversified peer exposure to commodity, great way for miners and developers to get project financing through royalties and streams that are non-dilutive. And so we set out to build the company. And that is the best time to build a company. Our initial portfolio of royalties were all acquired for less than 0.3 P to NAV, which is crazy when you think about it. But that’s the you know.

We built the company and since that time we’ve grown the portfolio to be 24 royalty interests on 21 projects in Africa, Canada, the United States and Europe. So, yeah, you’ve got to have a contrarian view when you take these steps. But we knew the uranium industry needed a royalty and streaming model and now that we’re fully up on our feet and firing on all cylinders, you know we’re out there looking to grow the portfolio and billions of dollars are going to need to be deployed to build the mines needed to close this structural deficit in the uranium market. You know there’ll be a lot of equity deals, there will be debt deals, but if we just capture a fraction of those billions in royalties and streaming financings, we’re growing this company dramatically in the coming years. It’s the right model in the right commodity at the right point in the cycle.

0:22:09 – Frank Curzio

Now to bring everyone in. Some people are familiar with royalty companies. You could look at Franco Nevada, you could look at Silver Wheaton. Even in the healthcare space, there’s never been one in uranium space. But the definition of the royalty companies, like you know. Explain that to someone who’s not familiar with it. Where you know, maybe they think it’s this whole company. You don’t really have a lot of employees, it’s more like a financing company. You don’t have to deal with all these costs. I mean, how significant is that in this market where that’s one of the biggest risks when it comes to especially mid-tier junior minors and things like that? Because if they miss the cost, the overruns that we’ve seen everybody.

No matter what they tell you. If someone tells you how much it’s going to cost, just add minimum 50 of that and add probably another two, three years to that timeline minimum, right? Nobody ever does it on time and on budget. It’s almost impossible. How important is that? That you’re structured as a royalty company compared to someone that’s actually, you know, trying to produce drilling and stuff like that?

0:23:00 – Scott Melbye

yeah, it’s. It’s a really beautiful model. And again, you know what, when I decided to invest my own money and first join as the chairman and ultimately become the CEO, I studied a lot of those successful royalty companies in the precious metals and base metal sector and it’s really wonderful. I mean, you don’t own the mines, you don’t have the workforce, you don’t have the landholding costs, you don’t have the mines, you don’t have the workforce, you don’t have the land holding costs, you don’t have the huge GNA overhead. We literally can run this company with six employees and we could double in size with the same six employees. Now what we do that’s very important is the six people we have have to be very experienced and we have folks with decades of uranium exploration, development, mining experience that you know. Our most important task is the due diligence. So what projects do we want to add to the portfolio and when we identify those, what’s the right price to pay for royalty or stream on that project? And so it really is a great model. If you have royalties that are based on gross revenue, you’re sheltered from that inflationary blow ups. Now you don’t want your projects to blow up so significantly. They don’t produce, but it’s one thing to take we take our share off the top line, not off the bottom line. Now we do have some royalties, like Cigar Lake, which is a net profit interest, the Millennium Project as well. But hopefully you know these can be very profitable projects that you know will generate significant cash flows off the bottom line.

But yeah, it’s an ideal model. It’s diversified exposure. But yeah, it’s an ideal model. It it diversified and spread across a number of projects. A lot of similarities to other. I mean you can invest directly in a uranium mining equity. You’re betting on that company’s ability to develop those mines and generate cash flows. We have some elements of that in a royalty model. We have physical uranium quite a significant holding of physical uranium which has aspects of the physical uranium trusts. But really the focus is generating cash flows under these royalties in the coming years generating cash flows under these royalties in the coming years.

0:25:48 – Frank Curzio

That’s what attracted me to this stock and your company is you run the risk of picking the wrong company. It happens to everyone. You’re saying, wow, ai is going to be amazing, but imagine if you picked Supermicro, which had accounting problems. Now it came all the way down compared to NVIDIA, right, so you could have the thesis right. And what I like about this, when I’m always looking at investors and teaching investors, it’s all about risk reward, right, it really is. You have to look at it from how much risk you want to take, and maybe, if you want to lose your full investment, the reward has to be definitely worth that, right? So it’s all about risk reward.

When I look at your company and you’re talking about these royalties, these are the companies. So there’s people that own UACs, people that own Cameco, people on Encore, orano these are large producers Paladin, western Uranium, sky Harbor, so you have all of these. It’s a bet on all of these and a lot of their projects, and not only that. Like you said, you have projects that are producing. Talk about a little bit.

I don’t want to get to the fundamentals yet because that’s such a big conversation in uranium. But the cash flows that you’re going to be generating pretty soon are significant Because now that you’re generating this, now that puts more money in your pocket and that’s so important when it comes to royalty companies, because you’re investment companies and now you have money to invest in further projects and it risks so many of these projects of why they’re doing this right. So you could say, well, if uranium goes to 200 prices, then it’s fine, but say, if it comes down lower, it takes longer for this to develop. These guys always want to lower their risk a little bit, right. Just like insurance companies have reinsurance, right, they unload some of that risk. How important and significant is this? Because you’re going to be I mean, the cash flows and that’s going to come in over the next few years is significant, isn’t it? I mean, it’s a game changer.

0:27:19 – Scott Melbye

So if we just went with the existing portfolio that we have in place today and I caution that there’s a million assumptions under these we’re only as good as the companies we’re invested in. So they need to hit their production targets. They need to ramp up as advertised. Uranium prices need to stay up, but under our current forecast we expect to be cash flowing just under 10 million Canadian by 2027, 30 million by 2030, and a full 50 million in annual cash flow by 2033. By 2033. And that’s not counting any of the gains that we have off of the uranium inventories that we hold or the new royalties that we’re pursuing right now. So, yeah, it’s a pretty significant, nice, healthy cash flow forecast in the coming years. You’re right that in the early years we want to reinvest cash that comes in the door into new royalties. Eventually, every good royalty company morphs into a dividend paying investment, but right now we’re solely focused on growth.

0:28:35 – Frank Curzio

Yeah, you guys trade in NASDAQ here and your stock is 217. What amazes me when I look at this chart is I mean, you can go back to 2021 here and you’re trading at these levels, right, similar levels to 2021. And when I go back and see if I could find this, when I look at the actual price of uranium back in 2021, you’re looking at the price of $25. We’re at $75, right, and you’re trading at the same level. Why is there such a disconnect? And you’ve seen a disconnect across the board, I think, with some uranium companies where you see it, it’s there it’s coming to demand.

And now people are like, yes, we waited so long for this, that’s Fukushima. And then we went up to $100, no-transcript. But why is that disconnect that you’re seeing in lots of uranium stocks?

0:29:32 – Scott Melbye

Well, this is. I mean. If there’s one big takeaway that your viewers should take from this interview is we’re in an incredible position right now where you’re correct Uranium price did go to $106. It’s now trading down at $75. Yet the fundamentals have never been better and that’s a wonderful opportunity. If this pullback in the spot price is impacting your favorite uranium companies, this is a great entry point to add to your positions or start new positions, because I don’t see this weakening in the spot price as a long-term element of our market.

It’s, frankly, very explainable by year-end trader selling that they needed to book cash flows by the end of December, and by the end of December no one frankly, with 41 years of experience in this business, no one should be selling uranium between Thanksgiving and Christmas. You should have your sales taken care of long before that, but that had a negative impact. And then another thing that I was on Capitol Hill last week talking to a number of senators and congressmen that are quite alarmed about this spike in Chinese enriched uranium exports to the United States. And those contracts are spitting off feed material that US utilities have given to the Chinese enrichment company in North America. In exchange, they’re getting enriched uranium coming in from China, that feed that the Chinese company is receiving in Canada and the United States. They’re dumping that, turning it to cash, and so you’re wondering why is there downward pressure? These are very explainable sales. Now it’s real. You can buy uranium today for $75 a pound, which isn’t bad, but it’s below where it’s been.

But my point is, with all the fundamentals of 50 million pounds supply deficit, nuclear power doubling in the next 15 years, if not tripling, mines that are coming online are not coming on very quickly. The ramp up, the production response has not been like you would see with other commodities like copper, silver, gold. This is a market that is characterized by scarcity. Going into 2025, I don’t think there’s any reason we won’t see $100 uranium prices. But right now we’re seeing this pullback influence all the uranium equities.

Uranium royalty is trading at probably 0.7 P to NAV right now. I haven’t looked at the latest numbers, but that’s a real entry point for a company that has a great portfolio of world-class assets, cash flow on the horizon and a big 2.7 million pound inventory of uranium. I mean, at some point earlier this year we had a flashing buy signal when our market cap was approaching the value of our physical uranium inventories and we had a lot of institutions pile in at that point. That’s a smart move. I mean, we were trading basically with a valuation that had our portfolio of royalties at zero value, and we know they’re worth quite a bit more than that today. So use this pullback in the spot price as an entry point for your uranium investments. I think it’s a once in a lifetime opportunity, given where we’re headed in the coming years.

0:33:09 – Frank Curzio

So let me get this. So how much do you have in uranium on inventory? Right now it’s 2.7 million, you said.

0:33:16 – Scott Melbye

That’s correct At an average cost of around $59 a pound. So it’s at a nice cost basis and that represents a very nice war chest for us. We don’t want to be another Sprott Physical Uranium Trust. If you want to invest in physical, that’s a good vehicle, but we do want to turn that uranium to cash as we identify royalty investments. So when we see a $20 million investment in a new royalty or stream, we’ll sell physical uranium, basically sell uranium in the drum to put it into uranium in the ground. It’s kind of a backwards thinking, but that’s what we’re doing.

0:33:57 – Frank Curzio

And it’s work, right? I mean, you guys know the market. You have 40 years experience with so many people that I brought up before. But I want to show the disconnect here which people need to understand. Okay, very simple, okay. So, when you look at the stop spot price right now 75 bucks right today. So the spot price is 75 bucks. Let’s bring up. And you said 2.7, right, so 2.7 million, yeah, right, 2.7 million times 75, right? This is how much you have in the balance 200, right? And I don’t know how much cash you have in the balance sheet right now. I don’t know if you it’s. So you know over 200, right? So you have, we keep very little cash.

0:34:25 – Scott Melbye

We’d like most of our cash to be in either physical uranium and we do have us some equity holdings, uh, namely in queens road capital but it’s mainly in physical uranium okay.

0:34:36 – Frank Curzio

So you look at your stock right here, and this is us that I just did, right, so 75. You look at your stock right here and this is US that I just did, right, so $75. You look at your market cap. I mean your market cap is $289, $290. And you have over, so this is a floor right here, right? So basically, you’re getting almost all your properties, all the royalties it doesn’t include the cash flows coming in.

I mean, this is a disconnect that you don’t see in many stocks and you’re talking about an industry that’s not depressed anymore. I mean, yeah, prices came down a little bit, which is normal. Right, it went up tremendously. Even NVIDIA is down 10% from its highs. Right, this is what happens. You got this, you know, just stabilization, this take your breath period, and you still have all the dynamics in place. You still have the supply demand dynamics in place. It looked fantastic. You have the AI demand that’s not going away anytime soon and when, where it is, and what were you saying? Talk about the actual evaluation of where you’re trading, where you know net asset value. I’m just want to make it easy for everybody, so I understand it and I want to get too analytical here, but talk about where you guys are trading compared to the industry, and I think you guys had that in your presentation as well yeah, we have, uh, four analysts covering us and if you take the industry analyst consensus, I think we’re trading at about 0.7 P to NAV.

0:35:43 – Scott Melbye

So that’s you know, for royalty companies typically trade at a premium to NAV. We have traded at a premium to NAV in the past. So, just if we get back to where you know we should be trading as a royalty company, it represents a very significant increase in the share price. I also think that uranium royalty if you track its share performance in 2021 and 2023, we’re measured in two peer groups we’re in the resource royalty and streaming sector and we’re in the uranium space.

In those years when uranium was really on a tear, we were the number one royalty and streaming company in the mining sector and we were top five, top 10 uranium equity. In 2022 and at the beginning of 2024, when uranium was pulling back a bit, we were trading below the median of at least the uranium equity, still trading quite well with royalty companies. And my point is we have a lot of beta to the story. So, if you believe that the uranium fundamentals are intact, nuclear power is growing, will grow in ways we have never seen before. As we go into this next cycle, I would expect URC to trade at the top of class in both those categories.

0:37:09 – Frank Curzio

So let me ask you a question. We have a person named Michael Saylor in Bitcoin and everybody said he’s actually crazy. I thought it was crazy in 2020 when he did it, and in 2021, 22. I mean, the guy was just it’s amazing, right, it’s incredible. And I said, well, it’s working because Bitcoin is going higher. But he saw an asset that’s going higher. I feel like I see an asset that’s, in my opinion, is going to go a lot higher. Right, it could take longer. I don’t know why it takes a year, maybe two years.

What he’s doing where it’s, it’s now. It’s outperforming bitcoin, right, so you have an assets going higher. It’s almost as if it’s making it more exciting. Where did you ever think about that? Because he’s raising money through that market great deals, you’re going to be generating lots of cash flow. So he has cash flow coming in through his software division, right, which he’s able to borrow off of on very favorable terms. I mean, have you ever thought about it? Because you’re doing it on a smaller scale. But if you see Iranian prices go higher and your experience of buying this and trading in the past, it seems like you could get more aggressive with that or not. And you know, I’m just asking because that look what it did for that company and again one of whatever, but and it was different as innovative. Yeah, I just feel like you guys are actually in that position to do something like that, especially uranium, yeah and, for us, the the physical uranium investments.

0:38:37 – Scott Melbye

We needed to do because, as you mentioned, off the top of the show here, that we launched went public in December of 2019. The concept was built in 2017. Of the initial royalties that we had in our portfolio, none were producing and none were cash flowing and, frankly, very few mines in the West were producing. There was a period of time where there was no uranium production in the United States and Canada, with Cigar Lake and MacArthur shut in. We needed to give something to those early investors, those early shareholders, you know, an incentive to be in with us off the bottom. So what we did is we invested in uranium physical uranium off the bottom. We made an initial investment almost 10% stake in Yellowcake PLC, which is the UK version of Sprott Physical, and that gave us rights to buy uranium from Kazatomprom, which we’ve done. We still have a few some purchase rights remaining under that, but then we really just went into the market and bought uranium at $20, $30, $40, $50 a pound and really gave those early investors a nice gain on the physical uranium asset and for us, we now have $300 million in cash and liquid assets While we’re waiting to deploy that cash into royalties?

We don’t. I mean, even if we could be earning 5 percent in a CD, which isn’t bad. I don’t think that’s why you’re investing in us. We want you to be invested in the physical commodity while we’re waiting to get into additional royalties, and so it’s been a perfect.

I would call it, though, a transitional strategy, because eventually, I mean, the magic sauce in the royalty business is investing in royalties and streams. That’s how Franco, Nevada, Wheaton, precious became, you know, multi-billion dollar companies, and that’s where we’re headed. So I think you know I’m not saying if we, you know I mean if the uranium price goes down much lower than 75,. I think you know I’m not saying if we, you know I mean if the uranium price goes down much lower than 75,. I think you know everyone should be loading up a truck and buying physical uranium.

But I think, over time, I think you’ll see us really monetizing physical uranium holdings and investing in royalties as our company kind of matures. We’re still at we’re not a newborn anymore, but we’re in our teen years. But maturity means, you know, you’re at steady state cash flow, and we’re beginning to see that. You know we’re receiving royalties under the MacArthur River royalty, which were paid out in physical uranium. We’ve got Paladin in production now. Langer Heinrich Lance’s Peninsula Mine should be in production in the new year and so we’re getting there. But we’re really in that transition phase right now and physical has been a great investment, huge gains.

0:41:28 – Frank Curzio

Yeah, huge gains, and I just found this too, which is in your presentation. You could find it on their site as well for your royalty, but it just shows like the royalty model compared to operating companies and how you get all these benefits Developing and sustaining capital costs, diversified portfolio. And this is the biggest deal, because if you just happen to pick the wrong one, there’s a lot of good ones, and usually if you see uranium go to 100, everything’s going to participate. But there’s a difference. Some participate much better ones, the ones that are better positioned and just to see what you guys have done when the market was so terrible and it’s a credit to you, it’s a credit to Amir. I see this all the time it’s easy to just tuck down and be like holy shit, it was a long time. We talk about uranium was worse than gold. Gold came back a couple of times in 2017, but uranium since Fukushima I mean holy cow. When you look at that whole, it’s 10 years of working your ass off and getting no results. That’s hard to do and that leads into the question when I talk to other people.

We start our consulting business and I’m going to be honest and this is an arrogant I could do this with a lot of people who offered to say hey, frank, you know, could you help us? And the reason why I chose you is because everybody that I spoke to I feel like they’re looking to get out of this industry. I feel like they’re looking to get out of this industry. I feel like they’re like, okay, now it came back. Okay, let’s get this company set up, let’s sell it, let’s get out of this industry. When I talk to you, I feel like you’re more energizing than you’ve ever been, like you’re having fun, you love this, you’re not going anywhere. I mean, that’s my sense of it and this is the person that I want to work with.

0:42:54 – Scott Melbye

Thanks for recognizing that, because it couldn’t be more true. You know we won’t name names, but you know some executives have been in this business a long time. They’re kind of looking for the exit door and the next stage of their life. Amir and I love this industry and we love these companies and if you think you like what you see so far, I mean we want to, you know, double, triple, quadruple the size of these companies in the coming years. And you know we went through the difficult years where we did plant the seeds, you know, and now I feel like those seeds we planted at the bottom of the market have grown into big, big trees and they’re beginning to produce fruit and this is exciting time. And but the growth, like you know, not just our companies but the industry, needs to grow dramatically if we’re going to meet this doubling or tripling of nuclear power. So you’re absolutely right, I’ve never had more fun doing what I’m doing right now.

But I’m excited for our investors, many of which have persevered alongside with us, hung in there, believed in the uranium nuclear thesis and now beginning to see really incredible gains. But I mean, listen, we’re in the second inning of this game and there’s so much more to come. Don’t be kind of fooled by this sort of head fake with the spot price. I think a lot of bigger institutions, generalists, may be overreacting to this. It won’t be long before a lot of these uranium equities are oversold and you should be piling in and adding to your positions, because there’s nothing in the fundamentals that would indicate that this uranium is going to new highs in spot and long-term pricing and we’re going to need a lot of uranium mines built to meet all that demand going forward.

0:44:48 – Frank Curzio

I know just trading at 0.7 times NAV with the cash and investments on the balance sheet, which is incredible which is the uranium and stuff and where you’re positioned right here and where the stock is. It’s all about where you’re going to buy the stock and if you believe uranium prices are going higher, I don’t know of a better name in the space that’s going to give you this much exposure at this price from a risk reward perspective. If you think uranium is going to go lower, you’re probably not going to own anything in the industry and that’s fine. But looking at where you guys are, the valuation, everything’s set up.

I guess my last question to you is and it’s very important is if investors are buying now and I see this with a lot of companies within the mining industry is they expect results? This is another reason why I love your company. But they expect results. They have one major project and they come out with results and since the industry was so bad, it’s kind of used as a liquidity event because everyone was in it so long and they’re like holy shit, let me just get out of it now or reduce some of my holdings With you where you are. You have so many shots on goal. What’s going to be going on with these things and investment? What’s the plan in the next three months, six months, nine months, 12 months? You went over it a little bit and said, hey, we’re just getting started, but what’s the plan for investors that are going to be buying this and what can they expect short term and also maybe a little bit in the long term?

0:45:54 – Scott Melbye

Well, the biggest thing that I can provide our shareholders and investors is to use this 41 years of experience and all these global relationships and really build the portfolio. If we have 24 royalties on 21 interest today, I want to have 30 royalties on 25, 26 projects by this time next year. And so I’m getting on the plane. I’m going to places like Perth, Adelaide. I’m headed to South Africa in the new year to really look at what’s investable in Africa, in Australia, and really be present in all these uranium jurisdictions.

And we’ve been very fortunate to add, the Millennium Project was our most recent acquisition, which is a star in Cameco’s pipeline of future mine developments in the Athabasca Basin. We have a 2% royalty on Rough Rider and UEC is really focused on developing that asset. Probably won’t be before 2030, but think about a 6 to 7 million pound a year mine producing at those levels in a $100, $150 uranium market. And we get 2%. We get 2% of the value of that production and we have no cash calls. We don’t get calls saying, ok, here’s this quarter’s capital development, cash calls, please send your check. We get all the benefits without the cost of development at this stage. So that just kind of gives you an idea of the royalty model, but for me, job number one is grow the portfolio, identify new royalty interests to invest in.

0:47:40 – Frank Curzio

Yeah, and this is great stuff and I appreciate it because I know you travel a lot a little bit under the weather and just so many different. It’s amazing because most people are home right now doing nothing and you’re like this is what we’re doing just to end the year. It’s really cool and that’s what people follow, right. They want to follow people that are passionate, people that love this. You’re not going anywhere. It it’s a lot of fun right now. And just to see where it is, this pullback you don’t see this. In an industry that’s growing secularly, you don’t really see a pullback like this, an opportunity like this, and that’s what’s really exciting. So I think investors are going to be excited, too, buying your stock at this price. So I want to say thank you so much for coming on Again. I know you’re busy and I look forward to updates and speaking to you soon.

0:48:17 – Scott Melbye

It’s going to be an amazing 2025. So thanks, frank, for having me on and excited for Uranium investors. This is your time, so excellent. Thank you.

0:48:36 – Frank Curzio

All right, thanks, man. We’re marketing consulting, for I told Scott this that I only work for CEOs that I believe in, that I can trust to work their asses off and also who are very passionate about what they do, and there’s a lot of companies like this that are really incredible, that are great operators. They just need their story told. And the most important thing for me, aside from all that stuff because we’re not working with any company because a lot of companies are willing to hand you a check and just get their stock price up it’s not about that. It’s about really working with good people, and the most important thing is buying these names when they’re at the right price, and when I look at this company, it’s trading at a 40% discount to the industry, meaning that the stock will have to write more than 70% to be trading in line with traditional royalty companies. There’s no royalty companies in this space. It’s original, it’s innovative. It should be trading at a premium, though. Why? Because look at the industry and look at uranium. It’s a secular, growing industry that’s taking a break.

We see this in every major trend going back for decades and decades. Nothing goes like this. You’ve seen NVIDIA pull back. Nvidia pulled back recently when we put it in DLNA, put it in our dollar stock club newsletter, when it pulled back around to 100. That wasn’t long ago. It went all the way up to 140. Now it’s 120 something. It’s like a 10% correction. This is what happens. I mean, you think it goes straight. It doesn’t always go straight up.

We saw 2022, look at AI companies pull back tremendously and boom, it was a huge buying opportunity. Okay, this is normal. But you know, dealing with AI and technology is a little different, because those pullbacks happen in a couple of months and you’re able to buy where uranium. It required a lot more patience. But forget about the past, because you’re looking at industry. It’s a secular, growing industry. I mean, if you’re looking at a company that has close to 80% of its market cap in cash and securities when counting its uranium holdings. So if you think uranium is going over 100, whatever, just like we said with Bitcoin, bitcoin’s going 100,000. We said this for the last two years. We said we don’t know. Everyone’s like it’s going to happen tomorrow?

It’s going to happen. It’s going to happen based on the limited supply. Same with uranium it’s going to go over 100. There’s massive, massive demand when it does. This company has these holdings and it’s positioned perfectly for this. Even if that was one year, two year, whatever, hey, it’s going to benefit tremendously. Not to mention its amazing royalty portfolio allowing you to have a piece of not one company, but a bunch of great companies. I mean, you’re looking at Cameco, you’re looking at UEC Orano, you’re looking at Paladin, encore Energy, western Uranium Energy, fuels, anfield Energy, and you have a piece of all of these.

This is the pure play. Uranium it’s almost like why even throw your money into an ETF? I mean, this is the ETF here and they’re about to start generating tens of millions of free cash flow from its royalties. Talking about Cameco producing and MacArthur River they’re generating money and it’s going to get bigger and bigger and bigger. I love the fact I really do love the fact I said this earlier that the diehards are about to give up on the industry. It’s one of the strongest bullish sentiment indicators that you’ll ever see, and I know that because I’m speaking from experience, because there’s times when you buy a stock. This is the greatest tip I can give you and it’s a feeling it’s not a fundamental you can point to when you’re buying a stock and you’re nervous about it. It’s the greatest feeling in the world.

If you’re buying a stock and you’re 100% convinced, do yourself a favor. Talk to people. Talk to anyone that doesn’t like the stock, just to talk you off the ledge a little bit. Trust me, it’s going to help, because when you have that much conviction, that’s when the biggest mistakes are made and that’s when you usually go all in and lose the most money. Sometimes you’ll be right, I get it, but you get really excited and your emotions get involved. And now, when people have been in your reign for so long and they’re giving up, at a time when I’m like, man, this is great and we’re just starting to get into some of these names and we own told you all these names a long time ago you’re doing well and, yes, they pull back from their highs, and I get it, but the landscape for uranium has never been greater. It’s never been greater. Okay, it’s. You’re looking at a Trump administration right now. Who’s going to give you the green light? Uh, we’re going to see massive production united states for the first time since the 80s and we never had that and it was this political backlash. Iranian was terrible. It’s horrible. It’s there. Yeah, let’s talk to scott. We’re one of the biggest producers uranium. This isn’t like, hey, we think we could fight. We know exactly where it is. We know exactly who it is.

I actually went with amir nani and he has boxes of handwritten notes picture 50 to 100 boxes in a library and you just open up and they’re notebooks and they’re all marked in pencil right From the 70s and 80s I’m not even kidding you From companies that he’s taken over since 2017, showing, like you know, exxon and where all the uranium is and where they have to produce. So we know where it is. It was just a matter of the red tape, right. It was a matter of getting through politically and bureaucracy, and now you have the green light for that. So now we’re going to be a major producer here and we need it. The hyperscalers are in dire need for it and this is just sitting there 24-7, basal power, cheap, clean. There’s no excuse now. So the way this company’s positioned is unbelievable. Probably more. But you’re in a secular growing industry with a company that’s done everything perfectly up to this point. Starting a royalty company in 2017, you’re out of your mind. I don’t know what Amir was thinking, but holy shit, what a great idea, because you’re getting all the assets dirt cheap and you’re just sitting there and waiting and now you’re going to see these cash flows coming in and it gives you optionality. I mean, they could be buying more uranium. They could just like how Michael Saylor is buying Bitcoin. Right, they could do that with the cash coming in. So it’s just the producers like these projects that are in a very well vetted projects. I mean, because you’re talking about the experience of 20, 30, 40 years that I showed you. It’s really incredible what these guys have put together. The only thing is left. They got the hardest part done. The only thing left is you’re going to see Iranian prices go high and when they do, all these projects are going to pay off tremendously. They could spin them off. They can do whatever they want with them, with the royalties. It’s really incredible. So you know they don’t own the actual properties, but there’s so much that you could do within those royalties and structures and you could leverage. You could buy more. It’s unbelievable.

Leverage is a great thing if you control your leverage. I’m not. You know credit crisis, 30x leverage and you know the whole housing crisis is done. But leverage is great. That’s why Warren Buffett is truly one of the richest people in the world because of his leverage from insurance companies. Okay, he took out a ton of leverage. People think, oh, he just bought, you know, bank of America and held the dividends and reinvested. Fuck that. No Massive leverage Geico, all the insurance companies I mean of pools of money you really never have to pay out and you’re taking that and you’re giving it to the greatest investor in the world who can generate massive returns. Okay, that’s how you make a fortune in the markets. That’s how real estate gets developed. Right, because you’re leveraging, you’re taking a piece off of your assets and building that. You don’t want to take. You know three, 10, 50 times leverage. But leverage is a good thing and that’s the position this company is going to be in with that kind of optionality.

Real, like this name here. I think it’s fantastic. I love Scott. Let me know what you thought about it, do you? Frankkerzerresearchcom. Quick note before I go we’re running a blowout sale. We’re running a blowout sale to the end of the year with our three biggest selling products, which retail for over $3,500 each. These three products you’re familiar with definitely familiar with if you listen to this podcast.

We have an AI newsletter. That’s done very well. I started this newsletter. I’m very, very proud of it, because the stocks that are in there are companies that you probably never heard of. I think people are going to hear about them. This isn’t recommending NVIDIA. That’s not what this newsletter is about. It’s really digging in and it’s really cool. It’s called Curzio AI. Curzio Venture Opportunities is our flagship product. I launched that when I launched this company in 2017. Small caps it focuses on really, really great names Again, a lot of names in that portfolio you probably never heard of and also our crypto intelligence newsletter.

Our performance in all three of these newsletters it has been very, very good. We could always do better okay, of course, I could do better. I love seeing my subscribers make money, though, and they definitely made a lot of money this year on all three of those products, and, if you notice, in January, february, when I offered a deal for one of these products, or whatever, and discounted the price, I did it because there was an incredible opportunity for you to make money, and even when you came into crypto and it took a few months and we saw some of the crypto portfolio is 20 plus names in there. Some are down, 40%, 30%, whatever. There’s not a name in the portfolio, it’s not up now and some are up, some are 100% and telling you throughout that time May, June, July, August saying, hey, we’ve seen this before, if you believe bitcoin is going 100 grand. Uh, a lot of these names, these underlying technologies, are unbelievable. They’re unbelievable and they’re not like stocks.

When it comes to crypto intelligence, the names in these newsletters where stocks were at 52-week highs, some of them at all-time highs, and then you got the trump bump these names are still 56 off their highs and they’re starting to ramp higher, and it’s such an opportunity to alter these products, even small cap companies. You’re looking at tariffs. It’s going to be very good, right, because that’s going to be more business in the US. We have a lot of great companies set up in there and also the AI portfolio is really, really cool. The AI portfolio is awesome. I really love it and it’s a great product. I think we only put it on sale once and and we have a bunch of names in our portfolio, but one name in particular that I really love. That’s under $2. That is a pure play AI and it’s not a bullshit company. This company is sitting on a massive amount of cash on its balance sheet. Their assets are worth three times.

Just nobody knows about it. I mean, nobody knows about it. So much so that I’m trying to work with this company to get a consulting deal and a marketing deal, because and that’s why I went to Miami twice to meet them it’s a fascinating company that nobody knows about and it’s this pure play, run by just a great management team and being the CEO, he’s such a great guy, but they just don’t understand the marketing, which I like. I don’t care about that. As a CEO, it’s tough to market your company. It’s always tough to market your company Because if you’re wrong at the wrong time, your stock goes lower. People are never going to trust what you say. So a lot of times when I go to these CEOs, I’m like do what you do best, operate, be a great operator, do what you’re doing. And he built this amazing company. They own assets. They own their own assets, their own energy assets, their own power plants.

Think about that and think about AI, data centers. You hear a lot that, oh, we have this under three AI. This is like a legit great name that has limited downside risk because they have all these assets. They have great cash balance, they have a ton of Bitcoin in balance sheet, which is over 100,000 right now. But this company I really, really love and I’m going to start building a very, very big position in it, which I’m very excited about.

But all three of these newsletters were offering for $1,000. Okay, you could pick one and it’s $1,000 for the year instead of $3,500 for the year. So only one of those newsletters. So that’s an annual subscription, again, heading into next year, no-transcript. It’s also weird that small caps didn’t follow large caps up. That usually happens all the time and it didn’t. There was a big disconnect there. A they have been in AI for the last couple of years and those are the companies in this newsletter Small caps that are really seeing tremendous growth. That could become mid caps and large caps, and that’s how you make a fortune.

Crypto, too, is an incredible, incredible opportunity right now. It just really is. There’s just so many underlying technologies and it makes sense. You’re going to see Bitcoin continue to go higher. As Bitcoin goes higher, everyone’s going to want to learn more about these other technologies, which were totally off the radar before Trump got elected. Okay, Trump was really smart saying, hey, you know what? We’re going to support crypto. We’re going to support all this stuff. These technologies are so disruptive to finance you have no freaking idea and nobody wants to touch them because no one can really invest in them, because there was no structure around it, there was no regulatory framework. And now there’s going to be where it’s going to eliminate the bullshit and all the garbage out of the industry.

And then you have the next 100 to 150 cryptos and these names are still down. They’re starting to ramp higher, tremendously off their lows. They’re still 30, 40, 50% off their highs, and I think this is the opportunity that you can make an absolute fortune, gains that you can’t see in the stock market. Is it risky? Absolutely, I’m going to tell you. It’s 100% risky. So money you could afford to lose.

But how many times have you personally and send me an email, frank@curzioresearch.com, I’m curious that you saw a 10X winner, because we’ve had about eight of these. I mean, it’s amazing the gains that you could see in some of these things. And we’re not talking about buying meme stocks. So you know, all three of these newsletters are really well positioned and I like to sell my newsletters and discount them when it’s a great time to buy. Why? Because when we do really well, I’m going to ask you to pay full price next year. So you know, I like to discount because this is a show me industry and if I don’t show you good gains and you’re not going to subscribe to my newsletter, so $1,000 each for the next what 10, 12 days at the end of the year.

I talked about my marketing team and if you want that offer, just go to curzioresearch.com. It’s going to be a pop-up that comes on. Just click it. It’s the only place you can get it, so it’ll be available to you, to listeners and stuff like that of our file. We’re not marketing this outside of the file. So if you want to subscribe, do it in the next 10, 12 days, because we are changing our entire price structure. You’re going to see a lot of things, cool things that have been in the works for the past few months. We transitioned our company. We’re going to have more bundled offers. You’re going to see different price structures. So if you want to take advantage of this right now. I suggest you do so pretty much in the next 10 days or so, because after that it’s going to be a lot higher. But, yeah, it’s going to be different price structures and we’ve been working on this structure for a while and it’s really cool. So you’re going to see a lot of different things next year for Curzio Research going into the new year. It’s a lot of fun. But anyone who wants those products $ $1,000, just go to our site at curzioresearch.com and again, something will pop up. Just click it and you’ll have the form there. You fill it out and you have immediate access to all of our recommendations in that portfolio, and a lot of them are buys right now. So, guys, questions, comments, feel free to email me anytime, frank@curzioresearch.com.

Next week is a Wednesday and next week is going to be Christmas. So, happy holidays. We’ll have a podcast, probably, you know, maybe a past interview or something like that, something really cool for you, uh, for the 25th, uh, but again, I just wanted to wish all you guys happy holidays. I love you. Thank you so much for supporting us.

I’m really looking forward to 2025 because we finished this year very, very strong and uh, yeah, it’s really really good times over here. So exciting stuff and looking to share so much more with you next year, but I will talk to you probably after that. The 25th of the 1st, I think, also falls on a Wednesday, but I think Daniel and I might do one of those a lot. And, by the way, for those of you who are Wall Street Unplugged Premium subscribers, Daniel and I will see you tomorrow. We’re going to be breaking down the markets. We’ll share our biggest themes that we’re going to see for 2025, along with a lot of stock picks heading into the new year. So definitely give a listen to that podcast and again, question and comments from me. If you’re a friend, curzioresearch.com and I’ll see you guys tomorrow. Take care.

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