L2 Capital Podcast #12: Chat with William Sheriff – Energy Metals and SWU


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In today's episode, Marcelo spoke with Bill Sheriff, chairman of enCore Energy Corp., a uranium exploration company with mining assets exclusively in the USA.

Sheriff, who has worked as a geologist, a broker and a market maker, begins by talking about the history of Energy Metals, a company he founded with a market capitalization of US$1 million and sold a few years later for US$1.5 billion.

Bill Sheriff talks about the importance of having a properly qualified team at the helm of a uranium company, with technical expertise in the entire nuclear fuel cycle and presents the credentials of the enCore team.

Sheriff highlights the advantages of operating in the US, mainly in a historical context of the country as a consumer and producer of the raw material for the generation of nuclear energy.

When asked by Marcelo López about the expectations regarding the petition filed by his competitors under section 232, requesting market reserve for local uranium producers, Bill Sheriff comments on his vision and that of the company, how this would affect enCore as well as its expectation around the commodity price.

Following on, Sheriff comments on current market conditions, what he expects in terms of new projects worldwide, about his perception of market participants' sentiment and compares the current scenario to the one observed in 2004- 2007, along with a personal projection for the price of uranium in the coming years.

Bill Sheriff explains what the SWU is and what the role of this unit of measurement in the uranium universe represents, together with its relevance to industry analysis.

Asked about the mining restrictions on the outskirts of the Grand Canyon, Sheriff details what the current situation is, what may change in the near future, what impact it has on enCore operations and what they have to do with section 232.

Bill still talks about the latest technological innovations and the main risks he sees in the industry.

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36 episodes