Member Info for SEA7

HtTps://fnarena.com/index.php/2025/06/03/uranium-week-how-funds-cornered-the-market/#:~:text=In%20July%202021%2C%20spot%20U3O8,due%20for%20a%20price%20correction.

Citi also makes some interesting observations on the U3O8 markets.

The Citi analyst proposes similar dynamics, which signal a turning point is unfolding in reverse to the action around the recent peak in the U3O8 spot price during the first half of 2024.

With a decline in the conversion price to US$69/lb from US$80/lb and enrichment prices steady at US$185/SWU (SWU stands for Separative Work Unit, which is the standard unit used to measure the effort required to enrich uranium), the ratio of U3O8/SWU is around 0.36 from 0.35 in April. Citi infers this historically has indicated an inflection point with higher U3O8 prices to follow.

Citi highlights uranium is about to enter its next "bull phase" and suggests investors accumulate miners before replacement-rate contracting recommences in what is viewed as an under-supplied market.

Page 28..

During the 2024 reporting period, the Group received zero regulatory enforcement

notices. Many tanks were successfully removed from the prohibition notice in 2024

resulting in increased ullage and therefore removing the need for a shuttle tanker

to offload cargo every four to six days. The NOPSEMA Level 4 investigation into the

cargo tank 2C loss of containment continued during 2024. In May 2025, tank 2C was

brought back into service, while still being subject to the Montara Prohibition Notice

I usually look at sput here

https://sprott.com/investment-strategies/exchange-listed-products/physical-commodity-funds/uranium/

Sput nav was $17.28 yesterday at the close and todays market price is $16.88 up 8.42% - another couple of % uplift and they will be at par

The document i linked to has the units issued, on what day and at what price, as well as how the trust was trading at the time

At the market means that that whatever the prevailing price is on the day...sput say... if it moves 1% above the NAV of the company, they begin issuing units into the market.

this doc...kindly created by a poster on this board, shows details of when they bought pounds, how much the unit price was, against the value, units issued and how much raised et etc

https://docs.google.com/spreadsheets/d/1cH_2BM6T48FJDP8ShHBL9IRGFbR99ChH_SPSAWRGvt0/edit?gid=532762655#gid=532762655

Yes - YCA is the most shorted stock on the LSE. Sainsbury is a close second at 6.5%

It is an at the market mechanism...

Sales of Units through the Agents, acting as agent, will be made through “at the market” issuances on the Toronto Stock Exchange (“TSX”) or other existing trading markets in Canada at the market price prevailing at the time of each sale, and, as a result, sale prices may vary. The Agents may only sell Units on marketplaces in Canada.

The volume and timing of distributions under the ATM Program, if any, will be determined in the Trust's sole discretion

SPUT has a flywheel effect, when it moves into premium and issues units, then buys at spot, it pushes up the spot price and the subsequent value across the whole sector, it can move quite quickly when it is in effect

Canaccord reckons a base in the U308 term price at US$80/lb has been put in place over the last year and the “stage is set for the next leg up”.

The analyst suggests a stronger second half of 2025, including easing geo-political tensions, which should support more interest in contracting, as well as the entrance of large utilities into the market after a hiatus period.

Historically the sector can experience steep upward price moves after a period of consolidation and stability.

HtTps://fnarena.com/index.php/2025/05/20/uranium-week-europes-nuclear-about-face/#:~:text=The%20announcements%2C%20along%20with%20increased,of%202025%20by%20%2D6.6%25.

Kazatomprom delays pressure uranium outlook

In further positive news, Kazakhstan’s Budenovskoye uranium project, a joint venture between Kazatomprom (51%) and Russia’s Rosatom (49%), is experiencing significant delays, raising concerns about global uranium supply.

Initially, production from sections 6 and 7 was projected to reach 2,500 tonnes in 2024, with plans to scale up to 6,000 tonnes by 2026.

However, recent reports indicate 2024 production is now expected to be only 500 tonnes, with the 6,000-tonne target postponed to 2027.

The delays are attributed to a combination of factors, including disputes among shareholders over contractor selection, shortages of sulphuric acid essential for uranium extraction, and construction setbacks at the site.

These issues have led Kazatomprom to revise its 2025 production forecast downward by -17%, from an initial estimate of 30,500-31,500 tonnes to a range of 25,000-26,500 tonnes.

On akatara...

There is no deferred tax asset recognised at Akatara due to the structure of the PSC and its cost recovery mechanism. Under the PSC terms, operating losses carried forward are recovered directly through the cost recovery process rather than through future tax savings. Since acquiring the Lemang PSC in 2020, accumulated losses have been added to the cost recovery pool, which will be reimbursed from future production entitlements.

As of first gas on 1 July 2024, the cost recovery pool stood at US$288.0 million. These historical losses are recovered through production which is not taxable until the cost recovery pool is fully depleted. The PSC will only generate income tax after the cost recovery pool is fully depleted and so there is not sufficient certainty that future profits will be generated against which to utilise the losses.

Https://fnarena.com/index.php/2025/05/13/uranium-week-a-fundamental-disconnect/

Morgan Stanley also articulates supply-side constraints, with Peninsula Energy ((PEN)) recently downgrading US mine production for FY25-FY27 due to bad weather and supply chain problems.

Paladin has also experienced extreme wet weather impacts and delays in ramping up Langer Heinrich, while sulphuric acid challenges in Kazakhstan are impacting the Cameco-Kazatomprom JV in the country, which could affect the latter's ramp-up by over 6.6kt from 2024-2030.

The broker also does not believe NexGen's ((NXG)) Rook 1 will likely be online this decade.

6 May 2025 - Singapore: Jadestone Energy plc (AIM:JSE) (the "Company" and together with its subsidiaries, "Jadestone" or the "Group"), an independent upstream production and development company focused on the Asia-Pacific region, announces that its consolidated audited financial results for the year ended 31 December 2024 will be issued on Tuesday 20 May 2025.

Yep - and I have added a few more today

Yes - that removes all talk of them selling anything - and opens up the possibility that they would do further raises to simply buy more u308 if the stock persists at a discount to NAV

HtTps://www.bailliegifford.com/en/uk/intermediaries/literature-library/funds/oeics/pacific-fund/pacific-fund-quarterly-update/

Baillie gifford hold their Jadestone stake within this fund and it represents 0.2% of the fund. The fund itself has 4.8% allocated to energy, which is CNOOC 3.3%,Jse 0.2% and reliance industries 1.3%.

The total fund size is over £2.7 billion and their jadestone stake is worth a few million quid.

whilst they have reduced to 6.91% last month, it is only down from 7.17% this time last year.

Major shareholder changes as of 30th april..

Hargreaves up to 4.21% from 4.18%

UBS up to 3.27% from 3.25%

Interactive down to 3.05% from 3.08%

Bailie gifford down to 6.91% from 7.07%

More footage of the inauguration ceremony..only 2.49 mins but you see more of the site in this one

htTps://www.facebook.com/100080139887120/videos/bupati-tanjung-jabung-barat-drs-h-anwar-sadat-mag-peresmian-akatara-gas-processi/1235595651415550/

Local news on the same inauguration of akatara

https://indonesiabusinesspost.com/4113/investment-and-risk/government-inaugurates-us-130-million-akatara-gas-project-in-jambi