1P, 2P, and 3P reserve categories are something I'm quite familiar with and I have broadly invested in a long term increase in UO2 prices. Uranium is a fascinat

1P, 2P, and 3P reserve categories are something I'm quite familiar with and I have broadly invested in a long term increase in UO2 prices. Uranium is a fascinating basic material, and there are several ways to extract it. You have higher grade ore deposits that are directly mined. There are in situ leaching techniques, also. Increases in prices will make new techniques economically viable and 2P+ reserves will be reclassified to 1P. "My problem" is that there is a physical cap on this with fuel extraction: EROI. A trillion dollars a pound for ore will not matter if it takes more energy to recovery a resource than it takes to produce it. The seawater recovery part of this story is dubious at best at the recovery factors used in their calculations.