Stijn Schmitz welcomes Justin Huhn to the show. Justin Huhn is Founder & Publisher of Uranium Insider Pro. In this comprehensive discussion, Huhn provides an in-depth analysis of the current uranium market, highlighting its unique supply and demand dynamics. The uranium market is currently experiencing a significant bull run, with demand projections showing substantial growth. The World Nuclear Association's 2025 reference scenario indicates uranium demand could be 50% higher by 2040 compared to 2019. Key demand drivers include electricity growth, clean energy mandates, and energy security concerns, with nuclear energy capacity projected to grow at approximately 4% annually. On the supply side, the market faces critical challenges. Major producers like Kazatomprom are struggling to maintain production levels, with most existing mines experiencing declining output. Huhn emphasizes that the industry needs substantially higher prices - potentially over $100 per pound in the term market - to incentivize new project development. The market's structure is characterized by limited supply and rising prices, with trading volumes declining. Utilities remain cautious, often underestimating future price trajectories. Potential secondary demand drivers include financialization, strategic sovereign stockpiling, and utility inventory restocking. Huhn is bullish on uranium's long-term prospects, suggesting the market is still in early to mid-stages of its bull cycle. He recommends investors diversify their approach, potentially holding physical uranium through vehicles like Yellow Cake or Sprott Physical Uranium Trust, and maintaining a diversified portfolio of mining stocks. Regarding potential disruptors, Huhn is optimistic about thorium's long-term potential but doesn't see it impacting the current uranium cycle. He's also measured about small modular reactors, believing the focus should remain on building large, proven nuclear reactor designs. For investors interested in the sector, Huhn suggests carefully selecting companies with responsible management, strong capital positioning, and potential for future cash flow generation.