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SPUT raised $71.6m in Friday's trading session, closing at a premium to NAV of 2.82%. Yellow Cake is looking very cheap at a ~8% discount to NAV.

Another large volume trading day for SPUT and so far 1.5m shares have been traded today with 2.5 hours to go and most importantly the vast majority of shares have traded above the NAV of C$25.70. If I were to guess I would say a raise of $30-40m is on the cards today from their ATM.

Seeing this much capital being raised in recent weeks by SPUT, I am thinking it is only a matter of time before there is sufficient investor appetite to fund exercising Yellow Cake's Kazatomprom option.

Shorts have closed a good amount recently with a drop of 0.42% from 5.91% short 2 weeks ago to 5.49% as of Wed 17th September. It will be interesting to see if this trend continues.

US Looks to Boost Strategic Uranium Reserve for Nuclear Power - Financial Post

link - https://financialpost.com/pmn/business-pmn/us-looks-to-boost-strategic-uranium-reserve-for-nuclear-power

Https://www.bloomberg.com/news/articles/2025-09-15/us-looks-to-boost-strategic-uranium-reserve-for-nuclear-power?taid=68c85b3523276500015a3104&utm_campaign=trueanthem&utm_content=business&utm_medium=social&utm_source=twitter&embedded-checkout=true

Forbes article: "Uranium Marching Towards $100/lb As Supply Squeezed"

"$125/lb Peak Price Possible

Citi, another investment bank, is forecasting a price of $80/lb in the next three months and a rise to $100/lb next year, with a possible peak of $125/lb if a bull market develops, returning uranium to a level not seen since the boom year of 2007."

Link: https://www.forbes.com/sites/timtreadgold/2025/09/02/uranium-marching-towards-100lb-as-supply-squeezed/

I think the market is also not considering the potential size and scale of Northern Mauritania as a new emerging uranium province. They have the first mover advantage and they already have 91.3mlbs delineated with new tenement applications submitted 28 times the size of the leases they already have approved.

Page 14 of their recent presentation really hammers home just how large this new uranium district could be: https://api.investi.com.au/api/announcements/aee/35ea2f8f-515.pdf

- Significant production guidance cuts from the two major producers.

- Technical issues, delays and production misses from almost all the brownfield restart producers.

- Global Atomic's Dasa stuck in a funding quagmire following the 2023 coup.

- Greenfield projects stuck without sufficient price incentive to attract capital to start building their projects.

Where is the uranium going to come from? Price of uranium has to go higher to attract capital for new greenfield projects if there is any hope to balance this market.

YCA headed a lot higher.

Cameco cuts production forecast in 2025 for McArthur River/Key Lake operations 3-4mlbs below previous forecast of 18mlbs.

link: https://www.miningweekly.com/article/cameco-flags-2025-production-hit-amid-mcarthur-river-mine-transition-delays-2025-08-29

Big breakout over on the ASX for Aura, closing at A$0.19 (£0.0916) on high volume.

If I wasn't already fully positioned I would be taking full advantage of the 13% discount on the LSE Vs ASX.

"Sweden Seeks To Lift Ban On Uranium Mining In Nuclear Energy Push

The Swedish government wants to lift a ban on uranium mining to reduce its reliance on imports as it pursues its first nuclear power expansion in half a century, the environment minister said Wednesday.

The draft law is expected to be enacted by parliament, where the government has a majority, in January 2026."

Link: https://www.barrons.com/news/sweden-seeks-to-lift-ban-on-uranium-mining-in-nuclear-energy-push-c2d1cbb2

On Wednesday, August 27 at 1:00 p.m., Minister of Climate and Environment Romina Pourmokhtari invites you to a press briefing on the removal of the ban on uranium mining in Sweden.

Government press briefing: https://www.regeringen.se/pressmeddelanden/2025/08/pressbriefing-borttagande-av-forbud-mot-uranbrytning-i-sverige/

Nibbled a few more here last week.

Has anyone been watching the trend of shorts quietly closing out here?

District Metals is now trading at C$0.97 (C$152.5m / A$170m mcap).

Happy to accumulate a few more shares on the most recent pullback, especially when at a discount to the ASX:AEE listing.

Amazed to see that District metals (TSX:DMX) is now trading at a higher mcap than Aura with a mcap of C$133m (C$0.85 sp) vs Aura at C$131m (A$0.165 sp).

My investment thesis in Aura is focused around the Mauritania assets and any upside from the Swedish assets is just the cherry on top, but the value disconnect between Aura and District is astounding and I look forward to some of the Swedish assets starting to be reflected in Aura's valuation.

The market makers will be very happy today with some investors selling shares at a 10.5% discount for £0.071 (A$0.148) vs the closing price for ASX:AEE of A$0.165.

Also very interesting to see our Sweden uranium peer District Metals (TSX:DMX) trading up over 100% in the last 2 months, while we have only increased by 35% and our market cap is only marginally higher now with Aura at C$130m and District Metals at C$100. A lot of catching up to do and we are trading at the lowest SP vs District Metals going back to January 2021, when Aura was trading at £0.025.

Feels like the quiet before the storm.

It is amazing how much a protracted 18 month bear market can wear down investors as has been the case for Yellow Cake and uranium spot price. The euphoria of the peak quickly turns into doubt, boredom and despair as investors throw in the towel and the shorts take advantage pushing down the sector and promote negative narratives such as SPUT needing to sell lbs to avoid running out of cash.

Even when very bullish news arrives and the fundamentals keep improving on a daily basis, it feels like many investors have been so conditioned by the last 18 months bear market that they lack the imagination to picture this sector fully turning around and spot uranium returning to and eclipsing the January 2024 highs.

But when this sector runs, it is incredible how hard it runs and when I look back to 2019 when I first started investing in this space, the fundamentals are stronger than my most bullish scenarios I had for the investment thesis back then. Right tail risk is getting interesting now.

LSE:AURA up 8% today and still trading at the same huge discount because ASX:AEE is trading at A$0.17 (£0.082 equivalent), so the LSE listing 12% arb is still open.

Laughing this morning that ASX:AEE closed at A$0.16, which is the equivalent of £0.077p, but there are still shares trading on the LSE for £0.0675.

If I wasn't already fully loaded here, I would be buying and taking major advantage of the laughable 12% arb.