Uranium stocks had another bad week. Is it time to panic and sell everything? Gjermun Groven, a Norwegian money manager who is 80% in uranium, says "nope". This clip is part of the free weekly newsletter that is published on https://resourcetalks.com Like Justin Huhn said in his Uranium Market Minute; "it's easy to deal with corrections". (https://www.youtube.com/watch?v=NrDbOGveka8) Call it a cliche, but I learn under people like Rick Rule, who tells me that - in the long-term - the uranium market will go higher. How could he know something like that? Easy. Rick has taught me that a market that can go up, and must go up, will go up. Obviously, these are the financial markets. Nobody knows nor can give you guarantees of what will happen. Rick is exaggerating for effect. What he's saying is that when something (a natural resource) is set up in a way where the price must go up or the supply perishes - which is what's happening in uranium right now - and if there is room for the price to run - which is definitely true for uranium - then the probability of a move to the upside is rather large. Rick being Rick, likes building his life around probabilities, which is why he recently told me he's enjoying the lower prices and betting big on uranium. My recent conversation with Rick Rule:https://resourcetalks.com/podcast/rick-rule-on-uranium-platinum-stocks-in-2022/ To be able to stomach the volatility, though, Rick tells me that one needs to exercise patients and prudence before going into the trade. Making sure that you're able to be patient starts by understanding the thesis and building your own conviction. That way, when prices drop, you will know that is only temporary and that the market - as pointed out above - can and must go up. Making sure you're prudent is very personal. Think about it in terms of risk/reward. What will happen if this market does a 10X from here on? What if it falls another 90%? Do you make a couple of dollars from the 10X but lose your house from a 90% drop? That might not be a great risk-reward. That could make sure that you're missing the prudence part, and it could fail you in this trade. Nassim Taleb’s general trading strategy is very interesting to share in this instant. He says that he aims to win only 1 out of 10 times but win big, while losing just a very tiny bit the other 9 times. This was discussed more in-depth in the video, and Gjermund gave his contribution as well. To be clear, I'm not saying uranium will go straight up from here. It won't. Nothing ever does. Nobody can foresee it either, even if it did. Nobody knows where uranium is going over the short term. However, the probability of uranium being higher over the long term is rather large, as pointed out above. Again, I don't know when that might happen, which is why I don't bother with shorting, options nor margin, but the probabilities of that happening are rather high. This doesn't mean uranium is a sure thing. Let that be loud and clear. Nothing is a sure thing in the markets. Also, I've no idea what I'm talking about since I started in natural resources about 2 years ago and have a lot to learn. IMPORTANT WARNING Nevada King, Eloro Resources, and FireFox are paying customers of Resource Talks. Antonio Atanasov is not an investment advisor. The information provided in this publication - and all other publications by Resource Talks - is impersonal in nature and meant for general information purposes only. Before taking any action on any investment, it is imperative that you consult with multiple licensed, experienced, and qualified investment advisors. Get numerous opinions before taking your own decision in the end. The minimum risk on any investment mentioned in this publication is 100% loss of capital. Shortly: you can lose all of your money if you listen to talking heads on the internet. Especially if they have orange hair and no experience (me). Readers are cautioned that this presentation contains forward-looking statements about expected future events and the financial and operating performance of the company discussed herein. Reality often varies from management's expectations. Readers are encouraged to read the Cautionary Note on Forward-Looking Information and to consult the Company’s Annual Information Form, which is available on www.sedar.com. timestamps: 00:00 Important warning 00:20 How & why I stay calm during corrections in uranium 09:10 Fund manager's approach to uranium 29:00 Closing thoughts

I had the chance of speaking with Rick Rule on May 9, 2022. View the entire conversation for free: https://resourcetalks.com/podcast/rick-rule-on-uranium-platinum-stocks-in-2022/ Rick told me that he hasn’t sold all of his uranium stocks, but as a speculator, he has taken profits where profits were given to him easily, he told me. Most of his positions are already de-risked. He is also not yet buying, though. Rick Rule also told me that “there will be a time to go all-in”. He gave me a very interesting example of a time when he went all-in on an investment. It involved oil, and not uranium, but it was a good example nonetheless. Rick has been known to call Kazatomprom “the best” from a risk-reward perspective. Given that Kazatomprom has underperformed its peers and even the ETF in the last six months, I had to ask him about that as well and he said “Absolutely”, when I asked him in KAP is still his favorite risk-reward play. When it comes down to picking exploration stocks, Rick told me that “you make money by employing new ideas in old places or old ideas in new places, but never by employing old ideas in old places”. Antonio Atanasov is not an investment advisor. The information provided in this publication – and all other publications by Resource Talks – is impersonal in nature and meant for general information purposes only. Before taking any action on any investment, it is imperative that you consult with multiple licensed, experienced, and qualified investment advisors. Get numerous opinions before taking your own decision in the end. The minimum risk on any investment mentioned in this publication is 100% loss of capital. Shortly: you will lose all of your money if you listen to talking heads on the internet. Especially if they have orange hair and no experience (me). Readers are cautioned that this presentation likely contains forward-looking statements about expected future events and the financial and operating performance of any companies potentially discussed herein. Reality often varies from people’s expectations. Managements like over-promising and under-delivering. If a manager was speaking in here, beware. Readers are encouraged to read the Cautionary Note on Forward-Looking Information and to consult the Company’s Annual Information Form, which is available on www.sedar.com. Reading the full disclaimer on the disclaimer page on this website is mandatory. timestamps: 00:00 important warning 00:10 How does Rick Rule pick uranium exploration stocks? 02:50 Very early-stage explorers 05:30 Does the team matter? 07:20 Is Kazatomprom still Rick's #1 pick? 09:15 Where to look for investments? 11:15 Does Rick Rule care about sentiment? 13:00 Closing thoughts

I had the chance of speaking with Rick Rule on May 9, 2022. Rick Rule and I talked about what’s happening with uranium, and the uranium stocks, how he picks exploration companies, which his favorite uranium stock is, and we discussed Rick’s stance on platinum investing in 2022. View the entire conversation for free: https://resourcetalks.com/podcast/rick-rule-on-uranium-platinum-stocks-in-2022/ When asked “Are uranium stocks done crashing?” Rick Rule answered this: “My suspicion is that there was some reflexes-selling around the failure of Sprott to be able to list the SPUT on the NYSE. I was disappointed, but not surprised. However, I think that investors – as usual – have taken a very short-term view, which I think is incorrect”. Rick Rule believed that the uranium equities had gotten ahead of themselves and because he think the value of the equities is going higher over the long term, he is happy to see short-term selling, which he thinks comes from the failure of SPUT to list on the NYSE, as well as a general push to sell from the market correction. His suspicion is that margin calls have also added to the recent pain in uranium stocks. Rick told me that he hasn’t sold all of his uranium stocks, but as a speculator he has taken profits where profits were given to him easily, he told me. Most of his positions are already de-risked. He is also not yet buying, though. Rick Rule also told me that “there will be a time to go all-in”. He gave me a very interesting example of a time when he went all-in on an investment. It involved oil, and not uranium, but it was a good example nonetheless. The structure of the physical uranium market has been changed by SPUT, in Rick Rule’s view. He believes that to be very bullish over the long term and remains invested in uranium stocks, although he alleged to already have taken some profits in an effort to de-risk his position. Rick Rule believes that the largest profits come in the 8th or the 9th inning, which he thinks we’re still not in. He told me that he expects the biggest profits in uranium to be in front of us rather than behind us. Rick has been known to call Kazatomprom “the best” from a risk-reward perspective. Given that Kazatomprom has underperformed its peers and even the ETF in the last six months, I had to ask him about that as well and he said “Absolutely”, when I asked him in KAP is still his favorite risk-reward play. When it comes down to picking exploration stocks, Rick told me that “you make money by employing new ideas in old places or old ideas in new places, but never by employing old ideas in old places”. Antonio Atanasov is not an investment advisor. The information provided in this publication – and all other publications by Resource Talks – is impersonal in nature and meant for general information purposes only. Before taking any action on any investment, it is imperative that you consult with multiple licensed, experienced, and qualified investment advisors. Get numerous opinions before taking your own decision in the end. The minimum risk on any investment mentioned in this publication is 100% loss of capital. Shortly: you will lose all of your money if you listen to talking heads on the internet. Especially if they have orange hair and no experience (me). Readers are cautioned that this presentation likely contains forward-looking statements about expected future events and the financial and operating performance of any companies potentially discussed herein. Reality often varies from people’s expectations. Managements like over-promising and under-delivering. If a manager was speaking in here, beware. Readers are encouraged to read the Cautionary Note on Forward-Looking Information and to consult the Company’s Annual Information Form, which is available on www.sedar.com. Reading the full disclaimer on the disclaimer page on this website is mandatory. timestamps: 00:00 important warning 01:10 Are uranium stocks done crashing? 06:25 Will the uranium equities outperform the spot price over the long term? 11:30 Are the largest gains in uranium stocks still ahead of us or are they behind us? 15:10 Are we in the 6th inning with uranium stocks? 18:30 When does Rick Rule go all in? 24:00 When will Rick Rule sell all of his uranium stocks? 28:00 What matters most in uranium right now? 29:00 Why Japanese restarts matter so much for uranium

I sat down with James Sykes, uranium geologist, CEO & founder of Baselode Energy, and an overall funny guy, to have a conversation about uranium exploration stocks. It became something much larger than I thought, so I thought it deserved a fancy name and I'm calling it a masterclass. Is it really a masterclass on uranium exploration stocks, though? Probably not, but it's a good discussion nonetheless. James Sykes took me all the way through the exploration process in this conversation. Starting from the idea, to staking ground, to doing geophysical work, to drilling, interpreting drill results and selling the project. Although I don't normally upload the full conversations on YouTube as most viewers prefer the snippets, I think this is an important conversation that should be re-watched and taken notes of, so I'm making it more easily accessible. For more content, consider visiting https://resourcetalks.com. Antonio Atanasov owns and has been buying shares of Baselode energy recently. Antonio Atanasov is not an investment advisor. The information provided in this publication - and all other publications by Resource Talks - is impersonal in nature and meant for general information purposes only. Before taking any action on any investment, it is imperative that you consult with multiple licensed, experienced, and qualified investment advisors. Get numerous opinions before taking your own decision in the end. The minimum risk on any investment mentioned in this publication is 100% loss of capital. Shortly: you can lose all of your money if you listen to talking heads on the internet. Especially if they have orange hair and no experience (me).Readers are cautioned that this presentation contains forward-looking statements about expected future events and the financial and operating performance of the company discussed herein. Reality often varies from management's expectations. Readers are encouraged to read the Cautionary Note on Forward-Looking Information and to consult the Company’s Annual Information Form, which is available on www.sedar.com.