This could be the catalyst for the expected uranium rally. After waivers for foreign companies working on Iranian nuclear were extended at the end of October, one of the four waivers were rescinded yesterday, because of the resumption of enrichment at the Fordow facility. Sanctions will come into affect for companies working at this facility on December 15th. It is estimated that the European, Chinese and Russian companies currently engaged in Iran’s nuclear program make up about ~20% of nuclear fuel supply. While companies that discontinue working at this facility would not be subject to sanctions, the potential exists for some impact on the nuclear fuel supply chain which we expect to push prices higher. This is only one of the potential near-term catalysts that we see pushing the uranium price higher in the near-term, as noted in our recent uranium update, in September. While we believe that the implementation of sanctions is likely to push the uranium price higher in the short-term, we continue to have a bullish outlook on the uranium sector and are expecting the tightening long-term supply-demand fundamentals to result in a significant uranium price increase.