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It is also important to remember that one of Sprotts primary goals will be to ensure the trust trades as close to NAV as possible to make it as attractive as possible to investors (particularly IIs). The recent 20-30% premium to NAV was an exception and likely a result of SPUT using up it's $300m ATM facility and waiting for the paperwork to complete to enable them to upsize the ATM to $1300m. During these few days it was unable to issue new units to absorb the buying and keep the premium to NAV to a few percent.

I think these few days gave the impression that SPUT would rise in an organic way, like most stocks, but in reality I can see the upwards movement only moving in a bumpy staircase manor, as the pricing of the underlying physical uranium changes and altars the NAV of the trust.

Great points made. The trading action of SPUT can be misleading when it is treading water, as Sprott will be absorbing all buying by issuing new units, bring money into SPUT for future purchases.

A much better indicator for how SPUT is trading I find is to watch the volumes instead of price action. If there is huge volume, SPUT is trading above NAV and price action is flat, you know that SPUT is issuing lots of units and bringing in big money into their trust. On good days like this the price can still move, but this most likely be when there is a change in the underlying price of physical uranium at which point the NAV will have changed and SPUT will now start to issue units at a price that reflects a premium to the new NAV value.

This is a very good take Tallchad. Big money will be positioning, if they hadn't already positioned over the summer correction. Dips will be opportunities for whales to accumulate the miners and physical. I think the writing is on the wall of where this market is going. There is too much money in the system and the uranium market is too small for a big investor not to jump onto the opportunity. Like you, I expect the physical market to get hit hard a little further down the line after said entities have accumulated all the shares of miners they can get their hands on.

YCA is definitely some of the best risk to reward on the market with no associated downside risk of permitting, operations, management that is associated with the miners. YCA is a pure commodity play and the downside risk to the potential upside is an excellent investment proposition.

Good call. I did find it strange that SPUT was trading at such a high premium vs YCA as it is easy money for someone to arb the two. But I guess it can take time for the difference to equilibrate in the market, especially with the volatility that there is right now.

If this drops any lower, I will be selling some uranium stocks to back the truck up here.

Really great podcast from Collin. I can feel his frustration that the market is sleeping on the Xtract portfolio of assets, any one of which justifies a substantial part of our market cap. But the market will recognise value, sometimes it just takes time or a catalyst and luckily for us shareholders, there are plenty of catalysts for a re-rate due in Q4.

Nice to see today's Crux interview with Empress Royalty saying that Manica is on target for starting revenue Q4 (13 mins in).

link: https://youtu.be/B54A_w1C0J4?t=775

Spot price is 4225/4275 with the mid point price between bid and ask at $42.50 / lb.

Never thought I would see the day when YCA is on the top risers board. That is bound to generate some interest by UK PIs, who for the most part are still sleeping on the uranium opportunity.

Any guesses for where we open? I think circa £3.35 open is on the cards and it could close substantially higher than this. The ASX just had an explosive Monday with the majority of uranium stocks docking double digit gains.

link: https://twitter.com/quakes99/status/1436356367481147399

Sprott has announced that it has raised the ATM limit from US$300M to US$1.3 Billion. That's an additional $1 Billion available for its At-the-Market facility to raise funds for buying more physical uranium. SPUT/U.UN is currently 18.6% up. It will be a very interesting open on Monday morning for YCA.

Big move in copper today up +4%. The chart is starting to look really attractive after the consolidation period since the ATH in May this year. Even with copper at ATHs, there is still huge demand for the metal and we may see a move up to break the wedge and make an attempt at the ATH in the next few months.

Another one. We used to be lucky to get one good article every few months, now we have handfuls in a week. Tides are turning.

- 10th sep - https://moneyweek.com/investments/commodities/energy/603830/uranium-price-rise-nuclear-power

Missed this article

9th sep - https://www.barrons.com/articles/uranium-is-a-winner-as-climate-change-boosts-nuclear-power-51631204868

Not to mention that the amount of people searching for "uranium price" through Google is is starting to spike to historic levels.
link: https://trends.google.com/trends/explore?date=all&q=uranium%20price

The story is starting to get out now, the financial press: FT, Bloomberg, ZeroHedge are all starting to report on the opportunity and I am sure this will lead to more interest in what has so far been a very niche and under the radar sector.

Here are some important recent articles in the past week:
- 10th Sep - https://www.ft.com/content/624e3ac6-ffb0-49ee-959f-e59c27e96c80
- 9th Sep - https://www.zerohedge.com/markets/it-has-arrived-uranium-etf-sees-record-inflows-amid-retail-buying-frenzy-
japan-hints
- 8th Sep - https://www.bloomberg.com/news/articles/2021-09-08/uranium-surges-to-six-year-high-as-fund-buys-up-physical-supply
- 3rd Sep - https://www.fool.com/investing/2021/09/03/why-shares-of-uranium-miner-cameco-rocketed-24-thi/
- 2nd Sep - https://www.zerohedge.com/markets/bitcoin-opportunity-uranium

This level of publicity is not normal for uranium over the last decade and is an indication of where the sector could go in the coming years.

URNM is a far better way to gain exposure to uranium than URA. URNM is a pure play uranium ETF whereas URA is 70% I think. But I would still say that physical uranium has some of the best risk to reward, so a high allocation of physical uranium is a good idea.

Anyone else excited for the US open tomorrow? They have had their labour weekend with plenty of time to spread the word of uranium read up on the sector and do some due diligence. Logically the sector should be starting to pull back and I would welcome a pull back at this point, but I have my doubts. The uranium thesis is so compelling and the bear market has completely wrecked the supply side of the industry, depriving exploration, development and production for years.

The gasoline has been soaking the sector for years, the match (SPUT) has just been lit.