So the underlying premise here is we want to grow a significant business in domestic U.S. uranium production. Welcome, ladies and gentlemen, to a new online interview here on Commodity TV. Today, I would like to speak with Phil Williams, the CEO of ISO Energy, about a transformational deal with a U.S. uranium technology company, about the progress on the La Roque East project in Canada, and also about his plans for Australia. Phil, good morning to beautiful Canada. Great to have you here for an update. Good morning. Thanks for having me. You're always welcome. Before we begin, we must disclose that this interview is being produced, published and paid for on behalf of ISO Energy and that I'm also a shareholder of the company. Yeah, Phil, as I mentioned at the beginning, you recently announced that you have entered into an agreement with Dysa Technologies to establish Dyser Uranium Corporation, a new, more technology-driven U.S. uranium company. The plan is to contribute your portfolio of your U.S. formerly mines Tony M., Daenerys and RIM and also the Sage Plain project and the Flatiron project to this new company, Dizer Uranium, while Dizer will bring in its uranium processing technology and also its remediation and recovery business. First of all, could you please give us some brief background information on this deal and also on Dysart and on this special technology? Yeah, for sure. So, look, we're very excited about this new company, Dysa Uranium. And really, it all starts from the premise of the U.S. needs a lot more domestic production of uranium. And that is an inevitable truth. And we've spent a lot of time, of course, in the United States, in Washington, D.C., talking to the federal government. They're trying to onshore critical mineral production, uranium being one of those. And there's a massive disconnect today between the demand for uranium in the U.S., which is about 50 million pounds per year, and production 2 million pounds. OK, so the underlying premise here is we want to grow a significant business in U.K. domestic uranium production. In our portfolio, we had these great projects in Utah. You mentioned them by name, past producing conventional mines in the United States, in production in the past, tremendous amount of infrastructure, etc. And as part of advancing those projects, we've been working on economic studies, mine plans, etc., and one of the things that we've been looking to do was reduce operating costs. And that's what all of our peers would be trying to do. And we stumbled across the DISA Technologies guys. And what they have, and you mentioned off the top, this proprietary patented technology, which effectively upgrades the ore of tonium, for example. And then we ran some tonium samples through the technology, and it dramatically increase the grade of the ore before we send it to the mill. So we looked at that technology and we said, wow, this is potentially game-changing for conventional uranium mining. And when we dug into DISA Technologies, we became so impressed with the company, the team, and what they built. And so you mentioned their remediation business. And really what that is, is the history of uranium mining in america goes back to the 40s and the 50s post-war when they started when they started uranium mining and and from then till now thousands of piles of uranium uh mine waste sit on surface and uh and they contain a tremendous amount of uranium but they also sit as as environmental potential environmental liabilities and the distant guys using their technology figured out that they can clean those waste piles, recover the uranium, and in fact, now become one of, I think, what's going to ultimately be one of the most important new sources of uranium supply to meet that domestic requirement. So they already had that business, they have the technology, that business. They have an NRC license, and they're going along their way. What they didn't have until this transaction was a strategy around conventional uranium mines. And so when we met with them spent time with them understand the technology understand the team we said we should put these businesses together create a a new u.s uh uranium platform driven by the technology with the above ground remediation business and and and now a growing and expanding conventional business so so that was really the the premise for it and what we're able to do by virtue of the transaction is is in fact uh unlock some of the value of these assets which we didn't think were being ascribed to the company up until this point. So the transaction itself, we basically, we're putting that entire portfolio of projects in Utah into the company. We're also making an investment in the company of $33 million US dollars, which is part of a larger financing that's being undertaken. They're raising $105 million with some of the most brand named investors in the world both in the mining space so the the financing is led by a company a private equity firm called tembo capital also bhp is in there and then a series of of leading vc funds in the in the united states and global globally who have uh have previously invested in the company because of this technology this remediation business um net net when we when the dust settles, we'll have a business that has about a 505 million US equity value based on the price of the financing. And ISO will be the largest shareholder with 33%. We'll have two people on the board, including myself and our chairman, Richard Patricio. And so I think that value being ascribed to the cash plus the assets is greater than, we know it's greater than what analysts have been valuing those assets for in their target prices and what we think the market is paying for. So super exciting. Checks a lot of boxes for us. Yeah, that was also a question from a shareholder. You mentioned it, that you were investing these 33 million US dollars in cash into the new company. And the question was, why was this additional capital commitment necessary, really necessary and what internal value did you assign to your Utah portfolio in connection with the transaction? Yeah, so necessary. Look, the reason that we were allocating the cash, one, because we think that this business has tremendous potential. We think that the number that we see in terms of what the investment came at is just the beginning of where it could go. So we obviously we see a lot of upside as this business moves forward. But if you look at it in the past, so we raised capital in January. We took in $57 million from institutional investors and next year put in $25 million. These are Canadian dollars. A big part of that capital was allocated towards the Utah portfolio. And so we thought that it made sense not only to invest in the business, but to have that capital that was allocated and invested by our shareholders for the Utah assets to go with the Utah assets and, and advance those and move those assets ahead. So the business plan that we had for those assets is being continued in disuranium using the funds that we're contributing as part of the financing. But again, we're not standing alone in this financing. It's backed with significant other investors, including those, those funds that I mentioned. Okay. You mentioned that this HSSPA technology is more for waste rock stuff. So does that mean that this new diesel uranium corporation is more on the waste rock part of the mines? Or do they aim or do you aim with this corporation to also get the mines back into production? Yeah, so that's a great question. And they started the business based on waste rock, but the rock piles that we're talking about sitting on surface are basically, in some cases, not in all cases, some of them would be processed waste piles, but others would be simply piles of ore that had been taken from underground and moved to surface. So the technology does not distinguish between a waste pile or a fresh ore. It really just works on both. I think what I was trying to highlight is that as they started the business, they focused on those waste piles because they saw a tremendous opportunity there where already above ground mined ore containing millions and millions of pounds of uranium exists today that they could get their hands on quite easily. What's harder to get your hands on, of course, are the bona fide uranium deposits and past producing mines like we have in ISO. And so I think what you're going to see here is that this transaction with ISO is really the beginning of building out that conventional mining business inside of Disa Uranium. So, yeah, that's a great question to sort of try to explain that this is kind of the two heads of this business are now the above ground remediation and the conventional business. okay what are then now the next steps for um the dice are uranium what comes after um you have brought in your projects into the project or into the new corporation yeah look so so a number of things happen and and uh as i said we're gonna they're gonna continue the business plan for our project and what that looks like is is updating the preliminary economic assessment on tony m including the hipster technology so expect those numbers to come out sort of circa the end of the year if not early 2027 continue the exploration programs in fact expand on the exploration programs on our properties we've been we just completed a relatively small exploration program on the flat iron project behind that we have significant uh exploration plans for many of the other projects they're gonna they're going to launch those programs in the in the not too distant future and then on the on the distance side the previous their business there's two remediation programs that are planned this year um one on a on a waste pile in the on the Navajo territory and one not uh so so more information and the results from those programs will be forthcoming to the market and then then the third part of the strategy is we believe collectively there is an opportunity potentially to build a new mill in the United States. So the story of U.S. domestic conventional production, when we're talking back in the 50s, there were over 20 conventional uranium mills in the U.N. that were processing material and ultimately generated enough uranium production to satisfy domestic requirements. Today, there's one. and that mill is the energy fuels white mason mill it is a very strategic asset it is the leading uranium production source in the country but it's just one mill we think there's an opportunity to to build another one and and a modern one so the mills that that mill is is decades old and and and of course energy fuels has done a tremendous job with it but but we see there's an opportunity to build another one and to support the flow of material coming from those waste piles and our projects. And so information will come out on that and that strategy will unfold in the next three to six months. Okay, Phil, after the Utah projects will be brought into Disa Uranium and the transaction will be completed, Then your main focus will be on Baroque East in Canada. The latest drill results were, again, your world-class results, including 11,000 cps over 3.5 meters and also 43,000cps over half a meter. And nice to know is the fact that these results were not obtained within the known world- class hurricane deposit, but rather in the area of the so-called hurricane south trend. Given this high level of radioactivity, what would you say, could this be a second hurricane? Could a second Hurricane be emerged here? Or do you view the South Trend more as a potential extension of the main devil city? Yeah, look, I think it's too early to say whether there's a second Hurricanes. Definitely, this looks like an extension of The Resource. The south trend, as you point out, I mean, the interesting thing about the south trend and just to step back for a second is it's an area that hadn't seen a lot of historic drilling. And then in in the winter of this year or so early this year, we we made a breakthrough in the sense that we were able to to find high grade on that south trend. And so we've been spending a lot of time, a lot of drill holes, drilling that south trend out from the resource itself. We now have mineralization as far as 550 meters away. We continue to explore on that trend. So those results that we put out were just the first couple of holes of the summer program. We have a 20-hole program planned. We're about two-thirds of the way complete, or maybe 75% of theway complete as we speak here today. Again, all focused really on that self-trend and lots of encouraging results. We'll have those results out to the market as soon as the program completes. Again, as I said, it's too early to say whether we have another hurricane. We firmly believe that the potential for that exists. We don't want to get ahead of ourselves, though. We want to focus on the drilling on the self-trend, seeing what else we can find there. Again, there's a long distance of strike. That 500 meters is two or three times longer than the ore body itself and lots of room to explore there. So I don't want to get too far ahead of ourselves. We're very encouraged by these results. We'll continue to drill there and we'll bring the market up to speed on the balance of those results and plans for the future in due course. good at least phil um let's come to australia um in june 2025 i believe you completed the acquisition of toro energy um what are your current development plans for the veluna project and also for your other australian projects yeah and and look the velona just represents the the toro acquisition and the velena project just represent i think a continuation of this business plan that we have, which is take kind of mispriced assets, bring them into the fold, advance them, and obviously look to accrete value to our business and our shareholders. The Waluna project, it stood out for us as a globally significant project, 75 million pounds of uranium, historic federal and state permits to bring the project into production. It never moved ahead because market conditions weren't right at the time, but tremendous amount of economic and technical information on the project. We've now completed the transaction, as you pointed out. Our team has been down there several times now, and we're working up our business plan, which really, really is a 2027 program of drilling, infill drilling of the resource, doing a pilot plant to test some of the metallurgical processing that they've had good success on a bench scale on a much larger scale and ultimately updating an economic assessment our target is in in 2027 to have all of those pieces done and and and this year so this year the balance of this year is really a prep a preparation mode getting permits in place engaging with the traditional owners and and doing some some background work in preparation for what we think is going to be a very big big program in 20 27 and we think that dove that that timing really should dovetail with the increasingly positive signals that we're getting from Australia around uranium mining. Australia is a tremendous jurisdiction, right? So it's a mining-friendly country, tremendously well-resourced, endowed, but has this rocky history with uranium. There's no nuclear power in Australia. And so uranium, where in America, they have the most number of reactors in the world or in America. So they definitely get the need for uranium production. Canada, Ontario, where I am, we have reactors today and we're building out our fleets of Canada also gets it. Australia, although very well endowed, in fact, the largest amount of uranium anywhere in the word exists in Australia. Again, as I said, they have this little checkered task with uranium development. They have mines there today. We think there's going to be a lot more mines. We think that politicians, both at the federal and the state level, continue to get more positive towards uranium. And I think that's going to really, really shine in 2027, just as we're delivering updated numbers and economics around this project. So again, unlocking value here. We bought it at what we think is going to be cycle bottom prices and tremendous upside. So we are very, very focused on this business, on those assets and moving them ahead. Quite rapidly, actually. That's great to hear, Phil. Thank you very much for these insights. Yeah, and we keep all fingers crossed for the Deezer transaction. And of course, we are eagerly waiting for new, big, great results, hopefully from Canada. Thank you so much for your time today. Yeah, thank you, Tim. Great to talk to you. Thanks a lot. Yeah, ladies and gentlemen, that was Phil Williams, the CEO of IsoEnergy. And you heard it. They are in a transformational stage at the moment. They are a little bit reorganizing their projects here. And yeah, we are awaiting a lot of progress and results here from Serverfronts in the next weeks and months. We can only encourage you to have a look on this very exciting company. Thanks for watching and bye bye from Switzerland and from Toronto, of course. Thank you.