Hi Zeus,

Thanks for your questions.

First, there are certainly variations in the spot uranium price internationally, as delivery location can impact the final price. However, most standard spot transactions specify delivery at one of the three Western uranium conversion facilities. These are ConverDyn's plant in Metropolis, IL, USA, Cameco's Blind River refinery in Ontario, Canada, and AREVA's COMURHEX plant in Malvesi, France. Thus, the standard uranium spot price reflects only deliveries at the three Western converters. If a buyer wants to take delivery in another location, then they usually have to pay extra. For example, spot deals for Chinese deliveries at the Port of Shanghai have a surcharge due to added shipping/logistics costs.

UxC collects uranium market and price data on a constant basis from all sorts of buyers and sellers. In addition to utilities and producers, we speak to the brokers, traders, banks, and other intermediaries. We have numerous confidentiality agreements to ensure that we receive accurate information from our contacts. Our published weekly spot price reflects the most competitive offer price of which we are aware at time of delivery. Thus, we are not inferring a price, but rather publishing what the lowest sales price available is at time of publication. The price is published for subscribers in our Ux Weekly publication. For more information on the Ux Weekly and our prices, please visit www.uxc.com.

Best regards,

Jonathan Hinze