They explore the dynamics of the spot market, the differences between short-term and long-term pricing, and the factors influencing supply and demand. Bram provides insights into the recent price fluctuations, the potential for a market bottom, and the future outlook for uranium prices, emphasizing the importance of long-term contracts and the challenges facing the industry. In this conversation, Bram and Jochen discuss the structural deficits, the potential of small modular reactors (SMRs), and investment strategies. They emphasize the need for higher incentive prices to stimulate production and address the challenges facing the industry. The discussion also touches on future price predictions and the importance of a balanced investment portfolio in uranium.