Clean-Energy Profits

Nuclear Resurgence Driving
Unprecedented Demand for Uranium

A new uranium bull market is underway…

…and best of all, it’s still early-innings, which means investors have not missed out on the coming profit windfall.

Nuclear energy is an essential and reliable zero-carbon technology that directly displaces fossil fuels and supports the growth of renewables by providing critical baseload to our grids.

Rising energy costs, power shortages, climate change initiatives, and blows to energy security worldwide — particularly as a result of Putin’s war-of-choice in Ukraine — are driving the narrative for the mass adoption of clean-burning nuclear power.

All it took was Russia cutting natural gas supplies to Europe to spark an energy crisis of unforeseen consequence along with a stark conversation about energy security worldwide.

Europe — which has now been plunged into its worst energy crisis in more than half a century at the whim of a rogue leader — is learning the hard way that having such an important resource at the mercy of an unfriendly nation only leads to pain for its citizenry.

Numerous nations not directly affected by Russia’s cutting of supplies have heard the warning shots loud and clear and, in turn, are laying out their own energy security plans calling for increased nuclear power generation in the years ahead.

So what started as a process for changing the way electricity is generated has suddenly become priority #1 for major economies around the globe.

As it stands now, nuclear power is set to work alongside renewables — such as wind, solar, and hydro — to help countries become more energy-independent.

The role nuclear is set to play will be critical not only in moving away from fossil fuels in the crucial fight against climate change but also in ensuring power generation is secure and not something that can be changed at the behest of a few bad actors.

The nuclear revival we’re bearing witness to today is setting up to be historic and has already kicked off a new uranium bull market that could last for years — if not decades.

Existing companies in the energy production sphere are transitioning to nuclear power technologies, and new companies that deal in these advanced technologies are popping up at the same time.

The nuclear industry as a whole is set to thrive as demand for next-generation nuclear reactors and SMRs (Small Modular Reactors) continues to grow, and that growth is translating to increased demand for the one fuel source that powers nuclear fission — uranium.

Already, we’re beginning to see investment in uranium miners take off alongside investment in the related technologies.

With nuclear power coming back in favor from Europe to North America to Asia, uranium — which is already in a structural deficit — is going to be one of the most highly sought-after resources on the planet in the coming years.

It’s yet another case study of supply being controlled by nations — such as Russia, Kazakhstan, Uzbekistan, China, and Namibia — that aren’t always on good terms with the rest of the developed world.

That’s why countries like the US, Canada, France and others are looking for safe and secure uranium sources in tier-one mining jurisdictions to pull from.

It all started with Europe kicking off 2022 declaring nuclear power as “environmentally sustainable,” paving the way for billions of dollars in clean energy subsidies.

It has since transformed into a global megatrend that’s set to drive substantial gains for foresighted investors who understand the market dynamics and the powerful tailwinds that are forming now in the nuclear energy space.

This Special Report details those converging forces and the best ways to safely invest in the sector.

 

Yellowcake Rising!

The profound double-impact of COVID-19 and Russia’s invasion of Ukraine on the global uranium market, coupled with a renewed acceptance of nuclear as “clean, emission-free, reliable energy” has kicked off events that are already seeing the uranium spot-price — and related equities and ETFs — ratcheting higher.

Currently, the price of uranium — or “yellowcake” as it is commonly referred — is around US$90 per pound.

It’s likely headed well above US$75 per pound soon — and this report details precisely why.

Over the next decade, the world will need ~200 million pounds of uranium annually.

Yet, there is only about 150 million pounds per year, globally, with all-in sustaining costs (AISC) below US$50 per pound — and 20% or more of that has been knocked offline due to COVID-related and other global supply disruptions.

Russia’s invasion of Ukraine is causing further alarm as Putin’s regime supplies — through its state-run firm Rosatom — about 15% of US uranium imports and 23% of the enriched uranium needed to power US commercial nuclear reactors.

The US has already placed a ban on imports of Russian oil and other energy products. Uranium may be next. And such a move would undoubtedly put additional upward pricing pressure on a commodity that’s already in constrained supply.

Additionally, the US Department of Energy has asked Congress for $4.3 billion to buy domestically sourced, low-enriched uranium as yet another key measure aimed at removing Russian uranium from the global supply chain.

Keep in mind also that, at today’s spot price, only around 100 million pounds of supply per year is economic or only about HALF of what the world needs. A spot price well above US$70 per pound will be needed — and is expected — over the next few years.

That reality has kicked off a new bull market in U3O8 prices and select large-cap uranium stocks and uranium-focused ETFs.

 

A Miniscule Market with
Immense Leverage to Rising Prices

One key aspect of the uranium market that investors need to understand is that it’s incredibly small as compared to most other commodities markets.

Kazakhstan alone produces roughly 45% of global supply. It does this through Kazatomprom, its national uranium company, which listed 25% of its shares on the London Stock Exchange in 2018.

Those shares have a market capitalization of nearly US$7 billion.

The next largest public pure-play is Cameco (NYSE: CCJ), which produces ~10% of annual global supply and has a market capitalization of around US$21 billion.

In other words, more than half of the world’s uranium production is represented by around US$20 billion in market cap. In contrast, Amazon alone has a market capitalization of almost US$2 trillion!

From there, the pure-plays get small very quickly. The “largest” uranium producer in the United States, for example, is Energy Fuels (NASDAQ: UUUU).

Largest is in quotes given it will likely only produce between 100,000 and 120,000 pounds of U3O8 this calendar year. Its market cap is around US$800 million.

If you were to look up the top holdings of the Global X Uranium ETF (NYSE: URA), you would see that Kazatomprom, Cameco, and Energy Fuels make up three some of the top holdings.

Two other mainstays are NexGen Energy (NYSE: NXE), with its world-class but undeveloped Arrow project in Saskatchewan, Canada, and Denison Mines (NYSE-Amer: DNN), with its large but also undeveloped Wheeler River project on the other side of Saskatchewan’s Athabasca Basin.

Those five companies make up over 40% of the sector ETF.

Hence, the uranium world is incredibly small, which is why even slight inflows into the sector can create such stark leverage reflected in the equities.

 

Utilities: A Major Contracting Cycle Underway

The biggest and most important buyers in the uranium space are the utilities. And here’s where it gets really interesting.

For years, the utilities have been able to lock-in uranium supplies at depressed prices.

That’s changing now.

The combination of supply cuts from the highest-margin producers and utilities coming back into the market will create what many experts agree will be the greatest uranium bull market anyone has ever seen.

You see, for utilities, price is secondary to securing supply. That’s because the price they pay for yellowcake makes up a very small portion of the total cost of operating a nuclear reactor.

And for mine start-ups and restarts to be economic, uranium prices need to be north of US$70 per pound. That’s the low-water-mark incentive price to build a new uranium mine in today’s economy.

The bottom line is that no developer can bring a new uranium mine from development to production at US$50 per pound uranium.

And that means we’re almost guaranteed to see higher contract prices in the near-term.

That’s why uranium bull markets are so powerful. It’s also why the profits can be so life-changing.

Whether the utilities pay US$50 per pound or US$150 per pound… THEY HAVE TO BUY.

With nuclear power providing some 15% of global baseload clean electricity… either the utilities buy uranium at higher prices… or the lights go out!

The utilities’ last major contracting cycle was in 2010. And when you look at the levels of uncovered reactor requirements starting next year and the year after that... every year, it gets larger and larger.

Not only is the biggest buyer starting to come back into the market… but governments that just years ago vowed to move away from nuclear energy are now realizing that there isn’t a cleaner, safer, more economic option in the world.

 

The World’s Largest Economies
Are Driving Uranium Demand

From North America to Europe to Asia… world leaders are coming to the stark realization that efforts to cool the planet through the attainment of net-zero emissions by 2050 is simply not going to be feasible without carbon-emission-free nuclear energy being an integral part of the global energy mix.

The global climate crisis — caused by the release of harmful fossil fuel emissions into the atmosphere — has reached such a tipping point that countries like Switzerland are now resorting to covering their precious glaciers with blankets during the summer months to slow the rate of ice melt!

They’re also quickly understanding that depending on unstable foreign regimes — like Russia and Kazakhstan — for their energy security is a clear losing bet with truly dire consequences.

Just ask the whole of Europe during the winter months!

You may also recall that Kazakhstan — the world’s largest uranium producer and former soviet republic — erupted into what’s now being dubbed ‘Bloody January’ at the start of 2022. That’s that type of geopolitical chaos that’s leading to increased energy insecurity around the globe, including in the US.

And hence, the writing is on the wall: The United States can no longer afford to rely on countries like Russia and Kazakhstan for its uranium requirements. And, to that end, we’re beginning to see signs of a sustainable return to the days when the US produced all the yellowcake it needed from American soil.

And it’s not just America that sees the light…

Europe, China, India, South Korea, and even Japan are now fully onboard with a cleaner energy future that will require vast amounts of uranium.

China recently approved the construction of six new reactors across three provinces with plans to build 150 new nuclear reactors over the next 15 years as part of their newly-enhanced decarbonization mandate.

That's more reactors than have been built in the last 35 years!

South Korea — which already gets about a third of its power from its fleet of 25 nuclear reactors — is aiming to complete construction of its Shin Hanul 3 and 4 reactors by 2033.

Even Japan — site of the 2011 Fukushima tsunami calamity — is seeing a dramatic resurgence in favorable sentiment toward nuclear power generation.

Prime Minister Fumio Kishida is pushing hard for a revamp of the country’s nuclear energy program, calling for a comprehensive government study focused on:

• Restarting 17 of 36 reactors
• Extending the life of current reactors
• Building new next-generation reactors, including Small Modular Reactors (SMRs)

Somewhat surprisingly, the public reaction among Japan’s citizenry has been overwhelmingly receptive to the proposed revamp.

In 2021, a poll showed only 44% in favor of the restarts. More recently, that favorable rating jumped to 53% with young people (age 18 to 39) showing resounding support at a 71% clip.

Key takeaways are the clear positive shift along with the “future direction” of public opinion showing growing support, especially among young people, for nuclear power in Japan.

That same positive narrative is taking hold all across the globe.

In Europe, France’s economy minister has doubled down on the need for a top-to-bottom overhaul of the electricity market saying, “there is no energetic transition without nuclear energy.” The nation has announced plans to construct a new generation of nuclear reactors for the first time in decades.

Germany has done a complete about-face with regard to nuclear… admitting that nuclear power needs to be a part of the energy mix going forward.

Poland also announced that it has selected Westinghouse Electric as its technology partner for the construction of three US-designed nuclear reactors as the nation seeks to phase out coal. Westinghouse was acquired by industry-leader Cameco [in partnership with Brookfield Renewable Partners] for a staggering US$7.88 billion.

Once operational, the reactors are projected to result in 26 million tons per year of CO2 emissions averted, marking a huge step forward for Poland in strengthening both its energy security and its climate change ambitions simultaneously.

In Canada — which currently gets about 15% of its electricity from nuclear — the government announced it will provide C$970 million in financing to develop a grid-scale SMR (Small Modular Reactor) — a new nuclear technology touted as a key part of the country’s plan to reduce carbon emissions.

The project, which is being developed by utility Ontario Power Generation, is a big part of the country’s initiatives to cut carbon emissions by 40%-45% below 2005 levels by 2030 on the way to net-zero emissions (aka, carbon-neutrality) by 2050.

The initial SMR will be situated next to an existing 3,500-megawatt station and will be the first of many similar projects that will eventually go up in other parts of the country.

In other words, strong global tailwinds are forming for the uranium sector at large with the United States showing strong commitment as well.

 

US to Become Major New Uranium Source

Here in the United States, the Biden administration is finally putting its money where its mouth is when it comes to nuclear power generation and the revitalization of the nation’s uranium production sector.

 

US Energy Secretary Jennifer Granholm revealed that the United States is developing a comprehensive uranium strategy focused on becoming self-reliant on domestic sources of yellowcake — following decades of underinvestment in uranium mining — for our own consumption, stating:

“The United States wants to be able to source its own fuel from ourselves, and that's why we are developing a uranium strategy both through the Defense Production Act as I mentioned, as well as seeking an additional large amount by the year end for a more fulsome strategy. We’ve got to develop our own supply chain in order for our existing reactors to continue to function as well.”

Part of that strategy may also include heavy sanctions or an all-out ban on Russia’s state-owned uranium firm Rosatom. As noted, the Biden administration has already placed a ban on the import of Russian fossil fuels; uranium may be next!

According to the US Energy Information Administration (EIA), Russia is the United States’ fourth largest source of uranium. In 2021, 14% of uranium imports to the US came from Russia. America’s top three sources of yellowcake are Kazakhstan (35%), Canada (16%), and Australia (15%).

In addition to the pending $4.3 billion for the revitalization of America’s domestic uranium sector, the administration has implemented of a $6 billion nuclear credit program to support the operation of reactors across the nation.

And earlier in 2022, the US Department of Energy awarded over $60 million for 74 US-based nuclear projects.

The recent advent of SMRs is becoming a key part of the US Department of Energy’s goal of developing safe, clean, and affordable nuclear power options.

The SMRs currently under development in the US represent a variety of sizes, technology options, capabilities, and deployment scenarios.

These advanced reactors — envisioned to vary in size from tens of megawatts up to hundreds of megawatts — can be used for power generation, heat processing, desalination, and other industrial uses.

SMRs offer numerous advantages over their larger and aging counterparts such as relatively small physical footprints, reduced capital investment, ability to be sited in locations not possible for larger nuclear plants, and provisions for incremental power additions.

A groundbreaking project by TerraPower — a privately held nuclear power innovator backed by Bill Gates — has the potential to rewrite the narrative on nuclear energy generation in this country and perhaps the world.

Called Natrium (see below), the plant’s state-of-the-art tech — which has been in design for years and is the result of an ongoing collaboration between TerraPower and GE Hitachi — greatly mitigates the risk of nuclear meltdown.

One thing you’ll notice right away is that Natrium does NOT have that ominous looking containment dome most nuclear reactors are known for.

That’s because Natrium utilizes a highly advanced low-pressure cooling system — which runs 24/7 and uses molten sodium instead of water — enabling the reactor to be shut down in less than a second should any unforeseen issues arise.

It’s also tiny by comparison, requiring a much smaller footprint than the giant nuclear reactors of yesteryear.

In other words, it’s not the proverbial eyesore we typically equate with nuclear power plants of past design.

Oddly enough, Natrium is being constructed in the small town of Kemmerer, Wyoming — a longtime hub for coal.

For that reason alone, you might expect Kemmerer’s townsfolk to be collectively against the arrival of Natrium to their tiny town. Yet, that doesn’t seem to be the case at all.

The locals there understand that nuclear power is the future of clean energy in the United States… and they see the project as a conduit to sustainable, high-paying jobs in an emerging energy-tech that’s going to be around for the next 100-plus years.

They’re also well aware that the burning of coal releases a deadly mix of toxins into the atmosphere — including mercury, lead, sulfur dioxide, and nitrogen oxides — which can lead to a whole host of health problems like heart disease, lung disease, cancer, and neurological problems… not to mention global warming and acid rain.

On the complete opposite side of the spectrum, nuclear energy powered by uranium — which currently accounts for 20% of total US electricity and 50% of America’s clean electricity — does not produce any greenhouse gas emissions or air pollution… just clean, carbon-emission-free power.

Hence, nuclear power… along with renewables such as wind, solar, geothermal, and hydro… is the future of clean energy for our country and for the world.

Best of all, nuclear fission — the process that powers nuclear plants — produces true “baseload” electricity as it is not reliant on variables such as the sun and the wind.

That means it's on all of the time.

The primary issue, really, in terms of the advancement of nuclear power in the United States has centered around negative public sentiment and difficulties with obtaining project approval for new plants.

Yet, due to growing concern over global warming and energy security, sentiment is rapidly shifting in favor of nuclear power… including the rare specter of bipartisan congressional support.

In fact, in Q1 2022, senators from multiple states introduced a bill to ban American imports of Russian uranium to punish Moscow for its invasion of Ukraine.

That bill came as the Biden administration weighed sanctions on Russian nuclear power company Rosatom — a major supplier of fuel and technology to power nuclear plants around the globe.

 

Senator John Barrasso from Wyoming — the ranking member of the Senate Committee on Energy and Natural Resources who introduced the bill — said:

“Banning Russian uranium imports will further defund Russia’s war machine, help revive American uranium production, and increase our national security.”

 

Fellow Wyoming senator Cynthia Lummis added:

“It is absolutely imperative that we cut off all Russian imports, including uranium. Every dollar we send to Russia is a dollar used to continue to attack innocent people in Ukraine. Wyoming has more than enough uranium to fill this gap, and we can mine it in a more environmentally friendly and safe way.”

No matter the outcome of the bill, it is clear that the United States government understands the grave national security concern of maintaining an overreliance on uranium imports from unstable regimes and is committed to increasing domestic supply.

All of this points to increased uranium demand for the foreseeable future.

 

Uranium Supply: A Structural Deficit

With any commodity that has seen a stark underinvestment in mining over an extended period of time — you have to start looking at supply and demand.

With uranium, what we arrive at is a market that’s consuming close to 200 million pounds annually — yet producing only around 135 million pounds.

That equates to a 65-million-pound structural deficit this year… which, when compounded over the next seven or eight years to the end of the current decade, balloons to a jaw-dropping 400 million-plus pounds.

That’s a staggeringly large deficit and underpins the need for new domestic uranium sources reaching the supply chain.

And then there’s the retail speculator who, until now, hasn’t had a viable vehicle to buy physical uranium with the press of a button or by placing a phone call.

That’s all changing now too…

In 2021, Sprott Inc. launched what amounts to a new uranium ETF by taking over Uranium Participation Corp.

The formation of the Sprott Physical Uranium Trust is a big deal. In fact, we believe Sprott's 200,000-plus investors will look at this as a way to directly purchase physical pounds without having to take delivery, which Sprott will do for them.

They’ve done it with gold. They’ve done it with silver. And now they’re doing it with yellowcake!

It had an initial investment of over US$1.3 billion and has since grown to over $3 billion. That will likely continue to grow over the coming quarters.

After its formation, the Kazakhs quickly followed suit with their own US$500 million physical uranium fund.

Those two funds are combining to tighten an already strained uranium supply market… resulting in the first upward leg of the new uranium bull market with U3O8 prices surging from US$25 per pound to currently slightly above US$50 per pound.

We also discussed the utilities. They’re starting to enter now.

Historically, it is the utilities that have been the main driver for higher uranium prices.

A new contracting cycle is just now underway with utilities entering the market to secure their next long-term U3O8 contracts.

As that cycle continues to gather momentum, we could eventually see uranium prices surge to record highs above US$140 per pound.

Could we see US$200 uranium in the not too distant future? We believe so!

And while that high a price would likely be unsustainable over the longer-term — it won’t matter.

That’s because any surge above US$75 per pound could send the share prices of select uranium firms much higher… resulting in substantial gains for well-positioned investors.

 

The Smartest & Safest Way to Invest

In terms of investment strategies in the uranium space, we believe that the established players are the best way to get involved at this early stage of the uranium boom.

The large, diversified producers stand to benefit from strong uranium pricing going forward, carry far less risk than the pure exploration plays, and, because of their long-life mining operations, can typically withstand multiple commodity price cycles.

 

Cameco (NYSE: CCJ)(TSX: CCO)

Cameco is one of the largest providers of uranium and nuclear fuel products to the global nuclear power industry.

Cameco’s uranium assets are located on three continents — North America, Asia, and Australia — with operations spanning the nuclear fuel cycle from exploration to fuel manufacturing.

The well-diversified mining firm has interests in tier-one uranium mining and milling operations with licensed capacity to produce more than 30 million pounds of uranium concentrates annually.

The majority of Cameco’s operating experience is in the Athabasca Basin of northern Saskatchewan, Canada — home to the world’s largest, high-grade uranium deposits.

The basin hosts high-grade uranium reserves with ore grades up to 100 times the world average. Cameco’s operations in the basin include the two highest-grade uranium mines on the planet: Cigar Lake and McArthur River/Key Lake.

The company’s production capacity is backed by more than 450 million pounds of proven and probable mineral reserves.

Cameco is also a leading global supplier of uranium refining, conversion, and fuel manufacturing services.

Adding to its diversification, the company [in partnership with Brookfield Renewable Partners] bought Westinghouse Electric — a servicer to nuclear power plants — for $7.88 billion, including debt.

Cameco owns 49% of the joint venture.

The landmark acquisition makes a lot of sense: Cameco sits at the front-end of the nuclear cycle with a focus on uranium mining and conversion while Westinghouse produces and supplies nuclear fuel to nearly half of the light-water nuclear reactors around the world.

As a well-diversified uranium miner with a focus on energizing a clean-air world, Cameco is well-positioned to continue to lead the uranium industry in the coming years as the global nuclear power trend intensifies.

The company also pays a solid annual cash dividend of US$0.12 per common share.

 

Energy Fuels (NYSE-Amer: UUUU)(TSX: EFR)

Energy Fuels is America’s leading uranium producer.

The well-diversified firm is also a producer of vanadium and is an emerging player in the commercial rare earth metals business where it is working to reestablish a fully integrated US supply chain.

The company boasts more uranium production capacity, licensed uranium mines and processing facilities, and in-ground uranium resources than any other US producer:

• White Mesa Mill, Utah: only uranium and vanadium mill in the United States.
• Pinyon Plain Mine, Arizona: licensed and substantially developed high-grade uranium mine; ore to be processed at the White Mesa Mill.
• Alta Mesa Mine, Texas: 4.6 million lbs U3O8 produced to-date with significant resources plus exploration potential.
• Nichols Ranch Mine: 1.2 million lbs U3O8 produced to-date with 34 licensed wellfields providing long-term production profile.

Energy Fuels offers uranium purchasers — such as the major US utilities — a reliable, low-cost source of US-mined U3O8 with an excellent track record of on-time, on-budget uranium deliveries and production.

The company entered into three long-term uranium sales contracts for a base quantity of 3.0 million lbs of total U3O8 deliveries over the next 8 years starting in 2023; up to a total of 4.2 million lbs if all options are exercised.

Energy Fuels has also submitted a bid to the US Department of Energy (DOE) to supply US-mined uranium to the DOE for the new US Uranium Reserve.

The DOE expects to purchase up to 1 million lbs U3O8 inventory from up to four qualified US uranium producers, of which Energy Fuels believes it meets all of the requirements for direct participation.

The company has been focused on processing stockpiled ores for its recent uranium production and anticipates being in production at one or more of its uranium mines soon.

With solid diversification and multiple long-term contracts with US nuclear utilities under its belt, Energy Fuels is well-positioned to lead America’s resurgent uranium exploration and production sector.

 

Sector ETFs & Trusts

For investors seeking broad exposure to the uranium industry without having to select specific stocks — a uranium-focused ETF (Exchange Traded Fund) or Trust may be the perfect vehicle.

In a rising uranium market like we have today, and which we expect to continue in the coming years, we like the Global X Uranium ETF (NYSE: URA) at current prices.

The ETF — which has been around for more than a decade — is a targeted play on uranium mining and the production of nuclear components, including those in extraction, refining, exploration, and the manufacturing of equipment for the uranium and nuclear industries.

As an alternative to selecting individual equities in the uranium space for investment, URA offers investors efficient access to a basket of companies involved in the uranium industry in a single trade.

Five of the ETF’s top-ten holdings include Cameco, Sprott Physical, Kazatomprom, NexGen, Energy Fuels, and Denison Mines — all of which were covered to some extent in this Special Report.

Cameco is currently the largest single holding at just under 25%.

We also like the Sprott Physical Uranium Trust (US OTC: SRUUF)(TSX: U.U) at current price levels.

What you’re getting with Sprott is a group of highly experienced commodity fund managers with over $10 billion in physical commodity funds.

The Sprott Physical Uranium Trust — the largest and only physical uranium fund currently in the marketplace — invests and holds substantially all of its assets in uranium in the form of U3O8.

As the world’s largest physical uranium fund, the trust provides a secure and convenient exchange-traded investment alternative for investors interested in holding physical uranium.

The trust currently holds just over 61 million lbs U3O8 for a total net asset value of around $3.4 billion.

 

In Summary…

A worldwide nuclear energy renaissance is underway.

As it stands today, there are some 60 nuclear reactors under construction across the globe with over 100 more in the advanced planning stages.

Combine that with the more than 300 proposed plants and 400-plus reactors already in operation — and it’s impossible to ignore an emissions-free nuclear-powered future fueled by uranium.

To that end, a widening supply gap is expected in the global uranium sector over the next several years as major economies turn to clean-burning nuclear power to combat climate change and to reduce energy insecurity in the face of rising geopolitical turmoil.

That imbalance is expected to keep upward pricing pressure on the metal, resulting in a robust investment climate for select uranium miners going forward.

In this Special Report, we covered two distinct ways to participate: uranium producers (Cameco and Energy Fuels) and sector ETFs/Trusts (Global X Uranium ETF and Sprott Physical Uranium Trust).

In terms of specific stocks, and in addition to Cameco and Energy Fuels, those taking a long-term value approach by establishing positions in select, well-diversified uranium-focused miners with solid projects in safe mining jurisdictions should be well-rewarded over the longer-term.

As always, establish your positions incrementally and look for opportunities to buy the dips.

 

— Daily Profit Cycle Research