Member Info for MoreThanMe

Some really sizeable volume today, with the highest volume day in the last 18 months.

$76 spot

Source: https://www.yellowcakeplc.com/

$77 spot

Source: https://www.yellowcakeplc.com/

$75 spot

Source: https://www.yellowcakeplc.com/

Sprott Physical Uranium Trust Announces Upsized US$200 Million Bought Deal Financing

TORONTO, June 16, 2025 /CNW/ - Sprott Inc. (NYSE: SII) (TSX: SII) ("Sprott") on behalf of the Sprott Physical Uranium Trust (TSX: U.UN) (TSX: U.U) ("SPUT" or the "Trust") is pleased to announce that as a result of strong investor demand, the Trust has amended its agreement with Canaccord Genuity Corp. (the "Underwriter"), pursuant to which the Underwriter has agreed to purchase 11,600,000 units of the Trust (the "Units") at a price of US$17.25 per Unit (the "Offering Price") for aggregate gross proceeds of US$200,100,000 (the "Offering"). The net proceeds per Unit to be received by the Trust will be not less than 100% of the most recently calculated net asset value of the Trust per Unit prior to the determination of the pricing of the Offering.

The net proceeds of the Offering will be used by the Trust to acquire physical uranium in the form of uranium oxide in concentrates and uranium hexaflouride and related fees and expenses in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions.

Link: https://www.newswire.ca/news-releases/sprott-physical-uranium-trust-announces-upsized-us-200-million-bought-deal-financing-800308300.html

$73.50 spot

Source: https://www.yellowcakeplc.com/

Enter risk management for the shorts.

Sprott Physical Uranium Trust Announces US$100 Million Bought Deal Financing

TORONTO, June 16, 2025 /CNW/ - Sprott Inc. (NYSE: SII) (TSX: SII) ("Sprott") on behalf of the Sprott Physical Uranium Trust (TSX: U.UN) (TSX: U.U) ("SPUT" or the "Trust") today announced that it has entered into an agreement with Canaccord Genuity Corp (the "Underwriter") pursuant to which the Underwriter has agreed to purchase on a "bought deal" basis 5,800,000 units of the Trust (the "Units") at a price of US$17.25 per Unit (the "Offering Price"), representing total gross proceeds of US$100,050,000 (the "Offering"). The net proceeds per Unit to be received by the Trust will be not less than 100% of the most recently calculated net asset value of the Trust per Unit prior to the determination of the pricing of the Offering.

The net proceeds of the Offering will be used by the Trust to acquire physical uranium in the form of uranium oxide in concentrates and uranium hexaflouride and related fees and expenses in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions.

Link: https://finance.yahoo.com/news/sprott-physical-uranium-trust-announces-040400611.html

We have a massive supply deficit and the price isn't even high enough to bring on new greenfield supply yet the short positioning across this sector is unbelievably extreme.

There is huge shorting in the US stocks, YCA is one of the most shortest stocks in the UK and the ASX is extreme with a third of the top 20 most shorted stocks being uranium companies.

Why does YCA have 6.64% shorts at these uranium price?

I am guessing there will be conversations with risk management within these hedge funds this week.

2 Fantastic reads about this extreme short positioning within the uranium sector are:

Goehring and Rozencwajg Q1 2025 Market Commentary contains a great article on page 28 titled "A Uranium Short Squeeze?", where they compare the hedge fund short positioning in uranium right now to that of the short positioning in natural gas producers like Range Resources and Antero in late 2020.

Link: https://www.gorozen.com/commentaries/2025-q1

Trader Ferg also has a great commentary in his latest article where he states: "It is one thing to short select companies, but when the shorts are across the whole sector, which you know is in a deep deficit, it is just a matter of time before a spark sets off the reflexive cycle."

Link: https://traderferg.substack.com/p/squeezy

Numerco up to $70

source: https://www.yellowcakeplc.com/

Very happy to get my buy order filled today sub £4.50. I wasn't sure we would see these levels but had money set aside to take advantage of they did.

*production from Olympic Dam down 23%

Following on from the CGN production miss last week, in BHP's quarterly released today they have reported uranium production from Olympic Dam down 24% year to date (Dec 2024) vs the year before production results.

Yet another data point showcasing that producing uranium is hard, the last 12 months has been production miss after production miss.

Link: https://www.bhp.com/investors/financial-results-operational-reviews

Uranium results can be found on page 10 within: "BHP Operational Review for the half year ended 31 December 2024 - Release"

CGN's Q4 operational statement out today, with misses for production from their Ortalyk JV.

"Due to the continued restriction of sulfuric acid procurement in Kazakhstan, Ortalyk was unable to complete its annual production plan."

Link: http://www.cgnmc.com/en_cgnmc/c24123101/2025-01/14/3f68d929de544fa5a5a2784cf1cbc02c/files/554f19c50cb64dea9f7d5f42d1aecf0d.pdf

Utilities have been contracting for upstream services at replacement rate and the prices of conversion and enrichment have gone up many fold as a result. Natural U3O8 will need to be contracted at replacement levels as well in order to have enough material to fulfil those upstream service contracts and I can see U3O8 prices playing catch up.

I see YCA running to £10 in the next 2 years, I think there is a possibility of a flush out down to £4.50, before we have a big move up, but it is my belief that this move is coming and just a waiting game.

Brilliant talk from Cameco speaking at the Goldman Sachs Energy, CleanTech & Utilities Conference on Wednesday this week.

Grant Isaac did a great overview of the nuclear sector, honing in on the dramatic price rises in different services within the nuclear fuel cycle and explaining that conversion and enrichment are at replacement rate contracting levels now and that it is only a matter of time before the natural U3O8 required to supply these downstream service contracts starts to be contracted for.

Utilities can only stay out of the market for so long when it comes to U3O8 and once U3O8 starts to see replacement level contracting it will be very interesting to see where the price discovery takes it.

Link: https://event.webcasts.com/starthere.jsp?ei=1702610&tp_key=906045c40f

Nice opportunity to accumulate though, I have been building up a nice position here on pullbacks and when the discount to nav gets large enough.

94.25/96 @Uranium Markets

92.5/94 @Evolution Markets

92.5/93.5 @Uranium Markets

Interesting to see the 1 year cup and handle pattern breaking out on COPX, that shares a lot of similarities with XTR's share pattern. When the cup and handle breaks for XTR, it could surprise a lot of people.