Executive Chairman & Founder of Ocean Wall Merchant Bank and Ocean Wall Corp (US), Chairman of Chorus Intelligence, Founding Chair ALMT
Mayfair
Joined January 2009
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Compute is limited by power, not chips. Fermi has the land, the grid, the gas and a path to nuclear in one place.
$FRMI
Why Fermi, why now?
Fermi CEO Lee McIntire joins Ocean Wall’s Nick Lawson to discuss Project Matador, 6 GW of permitted capacity, 2.2 GW of turbines secured, and what comes next.
The ultimate measure of progress? Electrons delivered.
Watch the conversation.
youtu.be/GncyKZJMxM8
Met coal has quietly repriced from $224 to $282 a tonne, and the market is still treating it like a short squeeze in an unloved sector. It isn't. This is India rebuilding its blast furnace capacity from 99 million tonnes to 197 million by 2030, and supply that spent years starving under ESG pressure now can't respond. The India story is just starting.
My piece in @MoneyWeek this weekend, with names I'd be buying into
Cornwall’s finally got a growth story that isn’t EU subsidy. Lithium, tin, the West’s biggest tungsten resource, and Britain’s first deep geothermal plant. Real rock, real jobs. My take in this week’s MoneyWeek
Ocean Wall's Chairman & Founder Nick Lawson writes the Opinion piece in this week's MoneyWeek that Cornwall has finally got a growth story after 25 years of EU-funded stagnation, and it’s built on real rock: lithium, tin, the West’s biggest tungsten resource, plus Britain’s first deep geothermal plant.
China’s tungsten export squeeze (APT price up 10x since early 2025) just made Redmoor and Hemerdon strategically vital, not just geologically interesting. But Imerys shelving St Austell after France threw €50m at a rival project is the real lesson: geology never wins funding battles, state cheques do.
The National Wealth Fund has backed the right projects (Cornish Lithium, Cornish Metals) but its remit is too broad to act like an anchor investor.
Britain needs one properly scaled processing hub and a tungsten stockpile, framed as national security, not regional aid. Otherwise Kazakhstan or France gets there first.
reader.moneyweek.com/2026/07…
#Uranium in 2006: $19 to $143/lb in 7 months. Not an anomaly, it’s inelasticity. Reactors can’t switch fuels. Utilities can’t defer forever.
Same setup now: term structure climbing, Saudi deal locked, DOE loans confirmed, supply breaking.
There is no substitute, no workaround, no patience. Uranium either arrives or it does not, and when is does not, prices do not rise gently. They spike.
Uranium: Positioned for the biggest rally on record. Ocean Wall's Nick Lawson diving in to the current opportunity in Uranium. Read it below on the @masterinvestor Substack.
open.substack.com/pub/master…
Nick Lawson retweeted
Uranium: Positioned for the biggest rally on record. Ocean Wall's Nick Lawson diving in to the current opportunity in Uranium. Read it below on the @masterinvestor Substack.
open.substack.com/pub/master…
My op-ed published in MoneyWeek today on helium. The commodity nobody talks about is quietly underpinning the space race, AI chips and the NHS. One third of global supply was wiped out overnight when Iranian strikes shut Ras Laffan. Spot prices doubled. SpaceX’s own S-1 doesn’t even mention it as a risk, despite Musk admitting there isn’t enough helium on Earth for his Starship ambitions. The UK has no domestic production, no reserve, and no critical minerals designation. That gap won’t stay invisible much longer.
reader.moneyweek.com/2026/06…
"The global helium market is a structural oligopoly. Even if the Strait of Hormuz opens tomorrow, expect 18+ months of disruption to aerospace and semiconductors. Historical shortages run 2-3 years. This is not a blip."
Full piece in @gasworld 👇
SpaceX burns 15% of the world's daily #helium supply in a single Falcon 9 launch. Qatar just went offline. There is no stockpile. There is no substitute. The commodity nobody covers is the one underpinning the space race.
barrons.com/articles/spacex-…
Four commodities will power the new Industrial Revolution reader.moneyweek.com/2026/03…
Section 232 is the major catalyst. A decision is expected within weeks. Scott Melbye highlights rising geopolitical risk and growing defence grade #uranium demand, with political support to expand the Strategic Uranium Reserve.
Section 232: The Most Important Uranium Catalyst Nobody Is Talking About
open.substack.com/pub/thehoo…
In @oceanwall2 The Hoot - Kazakhstan has moved to reset the #uranium rules. New laws give Kazatomprom 90% of all future JVs and at least 75% of new discoveries. China and Russia are not exempt, so their JVs will be first tested as contracts roll off toward 2030. Kazakhstan, which supplies 40% of global uranium, is now behaving more like a uranium OPEC. Expect western assets to trade at a security premium.
China National Uranium surged up to 280% on debut, raising about $628m to boost domestic output. With 34 reactors under construction and only 10% of its uranium needs met at home, China will keep expanding its global uranium footprint, especially in Africa.
Kazakhstan tightens its grip on uranium supply: New legislation grants Kazatomprom 90% ownership of future JVs and at least 75% of new discoveries, effectively shifting the country toward an “uranium OPEC.” With ~40% of global primary supply now under stricter state control, Western utilities face rising geopolitical and procurement risk.
open.substack.com/pub/thehoo…
amzn.eu/d/gpFs4mL
Nothing to do with uranium or nuclear but yesterday my fantasy fiction novel
“Lazaroo and the Realm of Chaos” was published. All proceeds go to the almt.org/
“Created as the ultimate goblin weapon, Lazaroo’s mission to steal a human king goes disastrously wrong. Stranded in the Realm of Chaos, he is forced into an uneasy alliance with King Bruan as monsters, legends, and the dark wizard Malakar rise to swallow their world.
Together they battle dragons, sea beasts, and their own darkest truths in a race to stop Malakar’s ascent or lose everything to the coming darkness.
Lazaroo must decide whether to follow the destiny he was made for, or forge one of his own.”
In this week’s @oceanwall2 The Hoot- #Uranium term demand is tightening. November contracting jumped 31 Mlbs, taking YTD term volume to 74.9 Mlbs, one of the biggest monthly increases this cycle. Utilities are buying for security as term prices reach $86 per lb, with Cameco now signalling $125 per lb ceilings for new long term offers.
China is pulling more supply east. Kazatomprom disclosures show China now represents about 60% of KAP revenue, and its domestic reactor build out could absorb around 187 Mlbs over time. This eastward pull adds to long term structural tightness for Western utilities.
This week’s Hoot explores Britain’s nuclear reality check, where planning delays and spiralling costs have made the UK the world’s most expensive place to build reactors. Term contracting surges, China now takes ~60% of Kazatomprom’s revenue, tightening supply just as Western utilities rush to secure lbs.
open.substack.com/pub/thehoo…
This week in @oceanwall2 The Hoot - Sprott’s URNM rule change has smashed the smaller #uranium names, with the “removed” basket dropping about 30% versus the “remaining” group since mid-October. This is a technical wash out, not fundamentals, and has clearly over shot.
Elsewhere Skyharbour lands a CAD 61.5m deal with Denison and consolidates full control of Russell Lake. Constellation gets a USD 1bn DOE loan to restart Three Mile Island, backed by a long dated Microsoft offtake. Another big federal push for nuclear. EU planning a central critical minerals stockpile as the US hoovers up supply. US Army selects nine sites for its Janus microreactor rollout. Oklo signs with Siemens Energy to lock in the power conversion kit for its first Aurora plant. Japan set to approve the restart of Kashiwazaki Kariwa, bringing 2.7 GW back online in phase one.
Click below to read this week's Hoot🦉☢️: URNM’s New Index Rules Create an Oversold Basket
open.substack.com/pub/thehoo…
This week’s @oceanwall2 The Hoot is free for all.
The sharp pull-back in #uranium reflects profit-taking after one of the sector’s strongest runs in years.
But beneath the short-term volatility, the story hasn’t changed. As we explore iWestern supply remains tight, policy momentum is accelerating, and the fundamental drivers behind this cycle are more intact than ever.
Uranium goes Critical ☢️
The Hoot this week is free for all to read! We cover the latest developments as the US is placing its biggest energy bet in decades on nuclear
open.substack.com/pub/thehoo…
A incredibly busy @oceanwall2 The Hoot this week. Washington’s $80 billion Westinghouse deal marks a historic push to rebuild America’s nuclear base, just as Big Tech’s $400 billion AI-power boom makes firm energy the new frontier.
NextEra’s clean-power pact with Google underscores the fusion of AI and nuclear, while Yellow Cake’s raise and SPUT’s #uranium buying power tighten supply.
With Illinois lifting its nuclear-build ban and Premier American Uranium advancing its Cebolleta PEA, momentum across the atomic economy is accelerating fast.
This week in The Hoot: Washington’s $80 billion Westinghouse deal marks a historic push to rebuild America’s nuclear base, just as Big Tech’s $400 billion AI-power boom makes firm energy the new frontier.
open.substack.com/pub/thehoo…
This week in @oceanwall2 The Hoot. The U.S. Department of Energy takes a landmark step toward fuel independence, converting 19 tonnes of weapons-grade plutonium into reactor fuel and ushering in a new era of circular nuclear power. We spotlight Quantum Leap Energy’s Creber Units, a breakthrough that turns nuclear waste into reusable fuel and high-value materials. Finally, we unpack the recent pull-back in #uranium, nuclear, and rare-earth equities after their record run, and what it signals for the next phase of the sector.
This week in the Hoot: Washington cracks open the Cold War vault, offering 19 tonnes of weapons-grade plutonium to reactor developers in a move for nuclear fuel independence. We unpack what it means for advanced reactors, uranium supply, and security policy.
open.substack.com/pub/thehoo…